Why Wall Street won't disappear.(John Chalsty)(Interview)

At a time when securities firms have been dropping left and right to eager buyers like Bankers Trust New York Corp. and NationsBank Corp., the firm that commercial banks would probably love to acquire most is New York-based Donald- son Lufkin & Jenrette. Seventy-three-percent owned by The Equitable Cos., which in turned is 61%-owned by giant French insurer AXA-UAP, DLJ has been the subject of speculation for nearly two years that its parent companies might sell part or all of the firm. (A small piece was sold off to the public in 1995.) In early September, for example, it was report