He added that bankers had reassured him that their willingness to lend would be unrelated to their own brokerage activities.
But Schwab was not engaged in the full range of brokerage activities.
Kemper has consolidated control of some important brokerage activities in Chicago in recent months.
Further cuts are expected, the company said, because it was discontinuing its retail brokerage activities.
He retired from active brokerage activities in 1982.
His brokerage activities, though they brought him comfortable profit, were not his most important job.
Wall Street firms earned $8 billion to $10 billion from prime brokerage activities last year.
However, the firm's stock suffered from concerns that recent market weakness would continue and form a seasonal summer slowdown in brokerage activity.
The company had over 29% of the market volume of brokerage activity in Colombia.
In fact, Federal and state laws and regulations force banks to establish distinct subsidiaries or affiliates for their brokerage activities.