Structural Unemployment and Cyclical Unemployment in the...

Introduction: The high and persistent levels of unemployment in the United States have become one of the most debated topics among economists, policy makers and the unemployed for more than a decade; especially its impact and best approach to resolving the increasing unemployment rates. It is important to note that as much of a global phenomenon unemployment it is, unemployment occurs in numerous forms, economists have broken down unemployment into three main types: Frictional, structural and cyclical. The in-cooperation of these forms is significant to this paper for better understanding of current trends and identifying characteristics of structural unemployment. ï‚ · Frictional Unemployment arises from the ever-present movement of†¦show more content†¦Ã¯â€š · Cyclical unemployment or Keynesian unemployment occurs when there is deficiency or decrease in the demand for goods and services in an economy5. It occurs when aggregate demand reduces and there aren’t enough jobs for people that wish to work. Cyclical unemployment is affected and caused mostly by market forces6; reduction in the demand for goods and services in an employer’s mind usually means fewer workers are needed so they adjust by temporarily laying off workers and cutting hours of employees retained to fill reduced product demand. Professor Feld man in his unemployment lecture said â€Å"Employers usually don’t start hiring immediately when demand begins to rise until they are confident that economic growth will continue the recall experienced workers or hire new ones† this is because of the fear of market instability or market fluctuations in a weak economy. 3 Ehrenberg,R.G.and Robert S.S. (2012).Modern Labor Economics:Theory and Public Policy,11thEdition.Boston,MA:Pearson Education,Inc. p 508 4 Valletta R. and Kuang K.â€Å"Is Structural Unemployment on the Rise?,†FRBSF Economic Letter, No. 2010-34, November 8, 2010, p. 3 5Nickell, S., (1987).A Historical Perspective on Unemployment: A Review Article.Journal of Political economy. Vol. 95, No. 4, p 857-869Show MoreRelatedThe Four Types Of Unemployment754 Words   |  4 PagesFour Types of Unemployment One of the scariest word for many individuals among the United States can be unemployment. Many families across America have had to deal with the hard blow that can come with losing a job, or not being able to find a job. Unemployment will always be around to snatch the job from any unwilling victim. While unemployment may seem like a broad term, there are actually four categories, or types, of unemployment. 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The Protection Of Personalized Data - 1963 Words

The protection of personalized data has been a major concern for insurers across the United States for many years. This concern has continued to grow due to an increase in the number of data breaches across all industries regarding medical health information. The passage of federal laws such as the Health Insurance Portability and Accountability Act as well as the passage of a variety of state legislation related to privacy breaches has changed the way in which firms deal with these issues, (Gatzlaff McCullough, 2012). During this research, there was a collection of data that connected to the instances of HIPAA violations within the United States. There are various cases that have been reported through patients and employees where very personal medical information has been exposed unlawfully for personal gain. These cases have not only put a company at reputational risk. But these cases can also place a patient and or healthcare company in a terrible financial stipulation. 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Human Resources Management in Health Care Operations

Questions: 1. Explain the factors that need to be considered when planning the recruitment of individuals to work at St. Patricks Nursing Home. 2. Explain how relevant legislative and policy frameworks of the home country influence the selection, recruitment and employment of individuals to work in St. Patricks Nursing Home. 3. Evaluate the different approaches that may be used to ensure the selection of the best individuals, and make recommendations for St. Patricks Nursing Home. 4. Explain the theories of how individuals interact in groups in relation to the types of teams that work in health and social care. 5. Evaluate the approaches that may be used by staff at different levels to develop and promote effective team working at St. Patricks Nursing Home. 6. Explain the ways in which the performance of individuals working in health and social care can be appraised. 7. Assessment of how individual training and development needs can be identified at St. Patricks Nursing Home. 8. Analyse the different strategies for promoting the continuing development of individuals in the health and social care workplace. 9. Explain theories of leadership that apply to the health and social care workplace. 10. Analyse how working relationships may be managed at St. Patricks Nursing Home. 11. Evaluate how your own development has been influenced by management approaches that you encountered in your own experience. Answer: Introduction: There is an important role played by the activities of the human resources management in the different operations of the healthcare organization. The significance of the human resources management was realized in the 2000 B.C. Despite considering the type of the operations, the use of human resources was applied to any type of organizational activities (Armstrong 2014). In this essay, there is a detailed discussion of the recruitment process of individuals in health care, strategies for the effective building of social care, promoting and monitoring of the individual in the health care and approaches taken for the management of people engaged in health care. 1. Factors that is to be Considered when Considering the Planning and the Recruitment of the Individual at St. Patricks Nursing Home: The important factors that is looked into when there is recruitment in the organization for the positions that are vacant involves a very comprehensive policy of the recruitment, overall aim of the recruitment , the main objectives of the organization , policies of organizational personnel , government policies , post legislation , cost of recruitment and implication of finances (Armstrong and Armstrong 2011). For St. Patricks Nursing Home, the factor that is considered very important is the defining of the requirements for the candidates to be recruited. Some opportunities are present that can replace the employee for achieving the requirements of the hospital (Valentine, Mathis and Jackson 2013). There is a need for the nursing home to justify and clarify it. There is a need for the vacant spaces to be filled by setting out of the person specification and the role of job. With the role of the profile, the capabilities and the skills with the working experience and the profile of th e job will help in the effective evaluation of the individual at the time of the interview. When the candidates are recruited in hospital then there is a need for understanding the technical skills and knowledge, overall behaviour, past experience, manual handling of the capabilities (Byars and Rue 2011). There is a need for the internal recruitment needs to be considered as crucial for the St Patricks Nursing Home. There is a need for the nursing home St Patricks to advertise in the newspaper, internet and many job centers. St. Patricks Nursing Home should make sure that it attracts more candidates that are capable. 2. Ways through which the Legislative and the Policy Framework Helps in Influencing Recruitment of the Individuals in St. Patricks Nursing Home There are different countries in the world they have their own policy and the legislative guideline for the recruitment, selection and employment of the individuals in the organization (DeCenzo, Robbins and Verhulst 2013). St Patricks Nursing Home is also strictly following this type of rules and the regulations. Under the UK law, there is equal opportunities and the rights provided regardless of the religion, race , language and gender. Some of the major law that is concerned with the process of recruitment are Sex Discrimination Act 1975, Employment Act 2008, The Race Relation Act 1976, Employment Policy and Legislation Employment Relations Act 2004. Employment Policy and Legislation Employment Relations Act 2004 helps in covering the resolution at the place of work. This helps in enhancing the tribunal methods and there is equal wage for all (Tracy 2014). Sex Discrimination Act 1975 helps to resolve discrimination against the individual. There are many time the job searchers they are faced with the direct and the indirect discrimination. Direct type of discrimination involves deciding not to hire, rejecting with the training and not providing with promotion for what they deserve. The Indirect type of discrimination arises from the procedures, practices and the policies of the organization. There are many issues under the UK labour law that has been reformed by the Employment Act 2008. This will help in the resolution of the conflict, strengthening of the standards of the minimum levels of wage and standards of the employment. The St Patricks Nursing Home helps in the recruitment of a diverse workforce (Torrington 2011). As a Human Resources Officer, there is a need for implementing all the above acts along with the Equality Act 2010 so that there is fair recruitment, selection and retention of the staffs in St Patricks Nursing Home. 3. Different Approaches to Ensure Selecting Best individual and Recommendation for the St Patricks Nursing Home: The selection of the candidates by St Patricks Nursing Home is done as per the ability to perform the job efficiently. There are three steps that is used for interview, psychometric test and assessment centers. Interview: The first step that is involved when there is selection of the candidate involves conducting of the interviews. The interviews can be done through the structured or the unstructured form like the common face-to-face interview or one to one interview (Dessler, 2013). This would be helping the recruiter to get a suitable candidate and then matching the curriculum vitae of the candidate with that of the job description. All the candidates they are given the equal opportunities so that they are shown suitability to the job (Rothwell et al. 2012). Interviewer during the time of interview talks about the impression of the candidate and then it can amend any type of the superficial elements. Psychometric Test: The numerical and literacy are used as the trait which is seen to use critical reasoning and intelligence which is not revealed through the interview. There is a fair assessment of the candidate is done for the suitability of the job as all of them are tested through the standardized test (Werner, Schuler and Jackson 2012). There can be increasing retention of the employees when the employers they can predict the performance of the future (Dessler 2013). There is a difficulty that the candidates they can write anything in order to please the employees. There is a problem of language barrier, which can create misinterpretation of the results. It is recommended that St Patricks Nursing Home should be selecting the individuals through the structured interview. This would help in following some type of criteria and would be helping in getting the right type of candidate. There is also a scope for the candidates to ask questions regarding the job profile, prospects of the job and training of the organization. 4. Theories on the Way Individuals Interact in the Groups in Comparison to the type of the Teams that is Working in the Health and the Social Care: A team mainly involves a number of persons who are working for the common goal. There are several theories that help the individuals to work as a team. There are a number of theories on the way the individuals they interact with the team namely Belbin and Tuckman. The development of the team at the first stage involves forming as per the Bruce Tuckman theory (1978). This is the stage when there is no identification of the role of the members. There is identification of the role but the progress is little and when they are tested, the leaders will be answering the questions (Price and Price 2011). There are arguments and differences involved during the time of brainstorming. The members who are competing for it take the positions. There is a struggle for the power and there is difficulty in making decisions. Norming is another step through which the group members the members they are frankly exchange of ideas and views and there is behavioral pattern adjustment and the attitude to towards each other for the developing of the work habit (Belbin 1993). In this particular type of phase, the team members they agree and work towards rules and values, professional attitude, exchange of the methods and others (Stone 2011). The supervisors and the mana gers they are seen to contribute more. The members they are able to understand the others better through this phase. The team development was analyzed through the mature team, consolidated team, experiment team and undeveloped team as per the theory of Wood Cock (1979). St Patricks Nursing Home can use the theory for the development of the team from a group of strangers to the making the member focus towards the common goal. The development of the team will be starting when the feeling of the members will be avoided. The leader will be take most of the decision. As a team of experimenting, the long hours of working and favoritism will be discussed openly and the members would be listening to each other. The team would be more self-examining. With a consolidated team, there will be interaction with the members in the cooperative bases, which would helps in enhancing the interpersonal skills. The opinions of the others will be respected. There would be clear objective of the tasks and would be defined properly. During the stage of the maturity, it is evident that there is higher degree of productivity , methods of working style and leadership contributory. The team would be recognizing the duty with rest of the organizations. Through the theory there will be development of a productive team which would be delivering high quality service which would help in the retention of the staff and the enhancing of the quality of care. 5. Approaches that could be Used by the Staff as the Different Levels to Promote and Develop Team Working in the St Patricks Nursing Home: Several types of approaches work collaboratively in a group or team. There is uniqueness in every team so there is a need for a collaborative process of working. The following are the approaches that can be taken by St Patricks Nursing Home, which is concerned about the working of the teams in the organization: There is a need for diversity in the personalities and the skills for the effective working of the team. The members of the team need to use their strengths so that the weak points are covered (Dessler 2014). There is a need for the core objective of the team is understood and is explicit. This needs to be learnt by the members (Wilton 2013). There is a need for transparency and understanding of the responsibility of every member.There is a need for the development of trust among the members of the team, which is done through spending of quality time in the open environment. The members should be given the space to talk on the different type of subject and making a conclusion on the topic. There is a need for providing additional opportunities of social time with the others in the open sort of communication environment (Dowling, Festing and Engle 2013). The concerns that helps to deeply rely on the pledge and group agreement, will help in trying to engage all the members of the group in the decision making process and the implementation. There is a need for the members of the group to be engaged in the activities of health and social care. While the group is managed, there is a need to see that there is no communication barrier (Gilmore and Williams 2013). There is need to recognize the interactive, relational and the social issues. This all issues need to be identified and recognized early.There is a need for authorising the members. There is a need to provide appreciation to the best work (Prescott and Rothwell 2012). There is a need for leading and arranging meetings in a group on the nursing home. There is a need for the development of different team for the various tasks. For example, Team A would arrange for the meetings, Team B for the maintenance, the supply, and many more. 6. The ways Through which the Performance of the Individuals in the Health and Social Care can be Appraised: There are a number of steps for the measurement of the performance of the individuals in the social and health care organization. The main type of approaches involves level of performance, finding for the domains where candidate improvement is weak, marking the level of performance of the individual and the fixing of the standards that would be helping in the accomplishment of the standards (Harzing and Pinnington 2011). The performance management helps in preparing of the plan by the employees and the managers to monitor and review of the contribution of the employees for the objectives and the targets (Ivancevich and Konopaske 2013). The management of the performance can be appraised through the observation, appraisal of performance, management through the objectives and 360-degree feedback. The performance appraisal in a six-month or the yearly evaluation helps in understanding the contribution of the employees to their present job and their potential for a good performance (Mondy and Mondy 2012). This will be helpful in the communication of two types, improves the level of the performance , there is equal effort made by all in the setting of the objectives and the goals , identifying the needs of training and support for a better type of job. The performance appraisal will be helping the workers of St Patricks Nursing Home to improve their overall performance, which would be evaluated against the set of objectives and targets. The performance of the employees from the various sources will help in getting views on the performance of the employees. 7. Assessing the Individual Training and Development needs can be identified at St Patricks Nursing Home: The performance management would involve where the employees and the manager they prepare to review and monitor the employees contribution to the objectives and the target. Performance management can be done through the 360-degree feedback, observation, appraisal of performance and management through the objectives. Performance appraisal is a six months or a yearly evaluation of the contribution of the employees to the present job and the potential to perform better. This would help in the two way communication, improvement in the performance, joint effort for setting up the goals, identification of the training needs and support required for better job (Noe 2014). The performance appraisal will help in benefiting the St Patricks Nursing Home in the overall performance will evaluate the set of the objectives and targets. The performance management will be done through the 360-degree feedback. The feedback provided and the view of the performance of the employees performance will be made from the different sources. This will help in the accurate and the genuine feedback. The 360 degree feedback tool will be used by the St Patrick Nursing Home so that there is unbiased views on the performance of the employees. The problem like the poor communication, lack of teamwork and poor attitude needs to be dealt. This will help in improving the quality of the work and enhancing the performance. Under management by objective performance is evaluation against the extent to which the goals are agreed by the employee and the manager to achieve. As the employees will be involved in the process so the utilization of the improved satisfaction and self-appraisal as they would be involved in the process. 8. Analysing the Strategies for Promoting the Development of the Individuals in Health Care and Workplace When there is continuous, development there would involve variety in the activities of learning. The strategies for the promoting of the development of the individual involve the following: On the job training is a type of training that is gathered in the place of work. An experienced individual in the working environment gives the training (Mondy and Mondy 2014). There is a need for the appropriate type of training and this will help in acquiring of enough skills before the carrying out of the work. The human resources officer should be choosing the most appropriate form of on the job training for the employees of SPNH. The employees can use the knowledge, learners decide how they want to learn and increase the productivity as the employees they will learn as they work. The quality of the training will be done based on the knowledge and skills of the work. Coaching will help in the identification of the individual capabilities and the skills and this gives them the support to use them for the achievement of the goals. There is also need for the manager to possess the necessary skills for coaching the members for the development of the team. The benefits of the coaching is that the person who will be able to identify the goals and way of achieving them through, inquiry, reflection and discussion. Coaching will help in the acquiring of the skills. The lack of the resources will affect the development of the individuals. Mentoring: This helps in the continuous development. There is a long-term relationship established between the employees who are less experienced and the experienced employees through mentoring. The level of productivity also increases (Mondy and Mondy 2013). The high performing team will be established when the manager they have mentoring skills. Mentoring will help in enhancing the growth and productivity through the assessment of the feedback, which gives the mentee the sense of achievement. 9. Theories of Leadership Healthcare Applicable to the Health and Social Care Workplace: There are two types of leadership theories that can be used and they are Situational and the Functional Theory Model. Functional Theory: The functional theory focuses on the working of the leaders towards meeting the needs of the team. The leader will be aiming at achieving the cohesion and effectiveness of the team. The leader in such a case function participates actively, coaches the subordinates , motivates the others , organizes the task and monitors. This theory will be applicable for SPNH as there is no team work present. Through the active participation, the manager will be able to identify the weakness of the members of the team. Motivation will help in the retention of the staff and the through the system of monitoring. The errors will be will be identified and eliminated. Situational Leadership Model: The patterns and styles of the leadership depend on the level and the position. The situational theory helps in ascertaining the best leadership patterns. It has been believed that there are certain types of leadership applicable to the different situations. When the leader deals with the skilled expert groups then the authoritarian leadership is applicable to the less skilled workers. The style of leadership will be determined by the situational variable. This theory would be applicable for SPNH as the problems related to the staff turnover, poor teamwork, communication and quality would be resolved. 10. Managing of Working Relationship at St Patricks Nursing Home: Ivancevich and Konopaske (2013) has argued that the individuals they are able to achieve better results for the work done through participative , collaborative and person centred approach. The ground rules , respect and rights will be used for managing the work in SPNH. This would help in the resolving of the bad behavior and resolving the conflicts. The promotion of the rights by the members must be done for example the right to be respected. The members need to work in cooperation so that there is effective communication. There is a need for the employees to listen. A member will be only listening attentively through the body language, good eye contact, giving feedbacks and asking questions to the mentor (Valentine, Mathis and Jackson 2013). The views of the other staff will be accepted and staff will not impose their opinion in the others. The relationship at work can be better managed through the when there is allocation of the task done suitably in the organization. There is a need for all the members in the organization to understand and be fully aware of the responsibilities and the jobs .Apart from this there are some features and attributes that is to be incorporated through the working of the relationship. The people who share their opinions very honestly about their failure and the successes will be helping the co-workers to be motivated. St Patricks Nursing Home employees should consider and be aware of the relationship at work, as this will help in opening of the concept and new thoughts. When there is respect among the co-workers, there would be a valuable approach for managing the work relationship at St Patricks Nursing Home. The managing of the workplace relationship can be done through the interaction of the skills and communication. The managing of the conflict will help in resolving the friction and the disagreements among the employees which will be threatening the relationship at work. The differences in the opinion of the team members must be resolved within the team (Gilmore and Williams 2013). The staff will be able to bring in productive outcomes when they will be developing situational sensing. 11. Influence of the Management Approaches on own Development Encountered while Working: There are different types of skills and knowledge acquired though the development and training. This has led to meeting of individual need of the user. I gained the confidence for running my own duties. I was able to work well with the others when giving training to the workers. It helps me to build a strong relationship with the colleagues. There were times when I could not learn during the short phase of time. Training is also funded in my organization so that the cost can be cut. My manager helped me to learn about the approaches of training. I have developed myself throughout the course of my work as my manager allotted tasks to me. The experience and the knowledge that she held was passed on to me, which developed my profession. I clarified by queries along the course of my work. There were times when I received the criticism for my opinions. I have developed tremendously. My manager was approachable and flexible. There has been proper training and coaching received by my mentor. Working in the team has helped me to identify my fallacy. Team members have helped me to learn in group. Working independently has made me learn more from the experiences but it would be even better to work under someone for the proper guidance. For starting of a business, I would be recruiting the person who is capable for the post and proper training and guidance would be provided so that they turn out to be productive for the organizations (Gilmore and Williams 2013). I would be transformational leader who would be incorporating the changes in the organization as per the changes in the current scenario. Conclusion: Thus, it can be concluded that the management of the human resources is very important for the health and social care. The goals of the organization are dependent upon the people working in the organization. Human resource is one of the three principles of the inputs with the other two types of major inputs being the consumables and physical capital. There is a lot of planning and the controlling of the activities of the human resources so that efficient level of performance is done while meeting the objectives of the organization. References: Armstrong, M. (2014).Armstrong's Handbook of Human Resource Management Practice. London: Kogan Page. Armstrong, M. and Armstrong, M. (2011).Armstrong's handbook of strategic human resource management. London: Kogan Page. Belbin, R. (1993).Team roles at work. Oxford: Butterworth-Heinemann. Byars, L. and Rue, L. (2011).Human resource management. New York: McGraw-Hill/Irwin. DeCenzo, D., Robbins, S. and Verhulst, S. (2013).Fundamentals of human resource management. Hoboken, NJ: John Wiley Sons. Dessler, G. (2013).Fundamentals of Human Resource Management. Harlow: Pearson Education. Dessler, G. (2013).Human resource management. Boston: Prentice Hall. Dessler, G. (2014).Fundamentals of human resource management. Boston: Pearson. Dowling, P., Festing, M. and Engle, A. (2013).International human resource management. Andover: Cengage Learning. Gilmore, S. and Williams, S. (2013).Human resource management. Harzing, A. and Pinnington, A. (2011).International human resource management. London: SAGE. Ivancevich, J. and Konopaske, R. (2013).Human resource management. New York, NY: McGraw-Hill Irwin. Mondy, R. and Mondy, J. (2012).Human resource management. Boston: Prentice Hall. Mondy, R. and Mondy, J. (2013).Human resource management. Mondy, R. and Mondy, J. (2014).Human resource management. Boston: Pearson. Noe, R. (2014).Fundamentals of human resource management. New York, NY: McGraw-Hill/Irwin. Prescott, R. and Rothwell, W. (2012).The encyclopedia of human resource management. Hoboken: John Wiley Sons. Price, A. and Price, A. (2011).Human resource management. Andover: Cengage Learning. Rothwell, W., Prescott, R., Lindholm, J., Yarrish, K., Zaballero, A. and Benscoter, G. (2012).The encyclopedia of human resource management. San Francisco: Pfeiffer. Stone, R. (2011).Human resource management. Milton, Qld.: John Wiley. Torrington, D. (2011).Human resource management. Harlow, England: Financial Times/Prentice Hall. Tracy, B. (2014).Leadership. New York, NY: AMACOM. Tuckman, B. (1978).Conducting educational research. New York: Harcourt Brace Jovanovich. Valentine, S., Mathis, R. and Jackson, J. (2013).Human resource management. Werner, S., Schuler, R. and Jackson, S. (2012).Human resource management. Australia: South-Western Cengage Learning. Wilton, N. (2013).An introduction to human resource management. London: SAGE. Woodcock, M. (1979), Team Development Manual, Gower

J.P. Morgan Essays - House Of Morgan, JPMorgan Chase, Morgan Family

J.P. Morgan John Pierpont Morgan is considered one of the founding fathers of the modern United States economy. He was an industrial genius that is accredited with the founding of many companies including General Electric and AT&T. However, Pierpont is looked upon as a saint and demon the same. He received a honorary degree from Harvard university that read: Public citizen, patron of literature and art, prince among merchants, who by his skill, wisdom and courage, has twice in times of stress repelled a national danger of financial panic. But Robert LaFollette, the Wisconsin progressive, saw him as a beefy, red-faced thick-necked financial bully, drunk with wealth and power. Despite conflicting opinion on his persona, his influence and character shaped the business world more so than any other person at the turn of the century. Morgan was a banker, railroad czar, industrialist, financier, philanthropist, yachtsman, and ladies' man. He was king to a handful of millionaire barons who controlled th e country's wealth in an era of little government regulation. The wealth of the Morgan family did not begin with Pierpont but with his grandfather Joseph Morgan. Joseph prospered as a hotelkeeper in Hartford, Connecticut. He helped to organize a canal company, steamboat lines and the new railroad that connected Hartford with Springfield. Finally he became one of the founders of the Aetna Fire Insurance Company. Joseph's first son was Junius Spencer Morgan, also destined for the life of a businessman. He spent a number of years as a dry-goods merchant before moving to Boston and into the foreign trade business. Junius was invited to join the firm of George Peabody & Co. in 1854. In 1864 Junius took over the Peabody Company and changed the name to J.S. Morgan & Co. John Pierpont Morgan was born on April 17, 1837 in Hartford, Connecticut. He was nicknamed Pip by his childhood friends. The family prospered in Hartford until Junius moved the family to Boston where Pip began Boston English High. He did well in the prestigious high school and then in his second high school in Vevey, Switzerland. The family moved to London and John transferred to the University of Gottingen in Germany. John continued to excel in his studies and majored in mathematics. He began to become interested in business affairs as he started and investing club amongst his friends and kept strict records of his own finances. In 1857, Junius Morgan decided to broaden his son's experience by sending him to New York. The firm of Duncan, Sherman & Co. was the American representation of the George Peabody Company. He wrote to the company asking for a position for his son and advertising the fact that his son had many admirable qualities for a worker To the company, J.P brought an energetic and enterprising spirit, mathematical wisdom, great confidence and a useful tie with the English banking world. In less than three years Morgan went from clerk to cashier in the company. Although, he was denied a promotion when his father requested one, he did receive a promotion in the firm later in his career. In 1860 Morgan left Duncan, Sherman and founded J. P. Morgan and Company to act as an agent for his father's business. Young Morgan had his hands full at time putting through sales of American securities on behalf of his fathers anxious English clients, who doubted if the Union would survive and wanted to unload the ir American holdings in. In 1864 Morgan joined up with another former businessman of Duncan, Sherman & Company. Charles Dabney and Morgan started their own company named Dabney, Morgan & Co. Morgan's business continued to grow as he intensively involves his company in more trade and commerce transactions. In 1871 Dabney retired and Anthony J. Drexel became Morgan's new senior partner. Drexel was already the head of the Philadelphia investment bank Drexel & and Company. The new company Drexel Morgan & Co. became one of the largest and most successful companies on Wall Street. The firm also became the predominant force in US government funding. When Junius Morgan died in 1890, J.P. became head of the London house. Pierpont now was able to control all the dealing between the New York