This article examines the stance of J. P. Morgan & Co. and the House of Morgan in European affairs from 1933 to 1939. Within the firms, two conflicting themes were apparent. The first drew on the traditional involvement with Europe and sought solutions to problems in using an international approach. The second was a growing tendency to place the US perspective ahead of an internationalist outlook. The essay argues that in considering transnationalism and private bankers, emphasis needs to be placed on the centrality of personal ties.