he Dow's high for the year was 891.66, there were long lines at the gas pumps, and Goldman Sachs, Morgan Stanley, and Lehman Brothers were essentially one-office firms. "Most of us who went into banking thought it was going to be a demanding and exciting career path," says one member of the Class of 1974, "but we anticipated that the majority of our work would be relatively small-scale and client-oriented. I don't think anyone was ready for the amazing ride we've had."

Ready or not, those 1974 classmates who entered the world of finance after graduation have been swept up in a powerful wave of change. The unprecedented flood of mergers and acquisitions, the advent of the global marketplace, the stock market's dizzying rise, and the capricious fortunes of technology-based companies have made financial services a fascinating trade during the last quarter of the 20th century.

To capture an insider's view of the action, the Bulletin asked five members of the class who have been involved in a variety of banking endeavors to share some personal and professional insights and to reflect on the lessons, losses, and phenomenal gains of their industry over the last 25 years.

by Deborah E. Blagg

Kevin W. Kennedy	Stephen M. Waters	James A. Stern	William J. Kneisel	Donald H. Layton