From January 1969 Milken worked for the New York investment bank Drexel Harriman Ripley, after whose merger for Drexel Burnham Lambert. He was responsible for high -interest bonds and generated capital returns of up to 100 %. In 1976 he had an estimated income of $ 5 million a year. In 1978 Milken moved his department to California.
Milken expanded the business with high-profitable high-interest bonds at Drexel Burnham Lambert and was one of the triggers for the large number of foreign corporate purchases (Leveraged Buy-Outs) in the 1980s. Due to the trust placed in him, he was able to place extensive bonds on the financial markets for his customers. He contributed significantly to Drexel Burnham Lambert's business success. The company took four billion dollars of fees in 1986 and was the most profitable US investment bank. In the same year, Milken received $ 550 million in salary and bonus.