Cover Story -- The Best Managers: Top Managers of 1996

DOUGLAS `SANDY' A. WARNER III

DOUGLAS "SANDY" A. WARNER III, CEO of J.P. Morgan, earned his investment banker's suspenders in 1996. Warner's maverick strategy of pushing the venerable commercial bank into the big leagues of U.S. debt underwriters finally paid off. Morgan muscled its way up to No.4 in a market dominated by six securities firms. Warner, 50, is making Morgan a player in mergers and acquisitions as well.