(Bloomberg) -- John Gutfreund, who was proclaimed the "King of Wall Street" in 1985 for harnessing the egos and fiefdoms of Salomon Brothers into one of the most profitable investment-banking firms, only to be deposed after a 1991 trading scandal, has died. He was 86.

He died Wednesday at New York Presbyterian/Weill Cornell Medical Center in New York, his son, John Gutfreund, said in a telephone interview. The cause was pneumonia.

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