Samuel Sachs

Samuel Sachs
Born (1851-07-28)July 28, 1851
Maryland
Died March 2, 1935(1935-03-02) (aged 83)
New York City
Occupation Investment banker
Known for Name partner of Goldman Sachs
Spouse(s) Louisa Goldman (m. 1882)[1]
Children Paul J. Sachs (1878–1965)
Walter E. Sachs (1884–1980)

Samuel Sachs (/zɑːks/; July 28, 1851 – March 2, 1935) was an American investment banker.

Early life

Samuel Sachs was born on July 28, 1851 in Maryland. His parents were Jewish immigrants from Bavaria, Germany.

Career

Sachs, along with his longtime friend Philip Lehman of Lehman Brothers, pioneered the issuing of stock as a way for new companies to raise funds.

Sachs then joined his father-in-law Marcus Goldman's firm which prompted the name change to Goldman Sachs in 1904. Together they underwrote securities offerings for such large firms as Sears, Roebuck and Company. During this time Goldman Sachs also diversified to become involved in other major securities markets, like the over-the-counter, bond, and convertibles markets which are still a big part of the company's revenue today. Sachs retired in 1928.

Philanthropy

Sachs donated US$50,000 (equivalent to $699,000 in 2016) to Harvard University in 1924.[2]

Personal life

Sachs married Louisa Goldman, the youngest daughter of close friends and fellow Bavarian immigrants.[3] They resided at The Pierre.[4]

Death

Sachs died on March 2, 1935 in New York City.[4][5]

See also

References

  1. ↑ McCraw, Thomas K. (2010). "Immigrant Entrepreneurs in U.S. Financial History, 1775–1914". Capitalism and Society. 5 (1): Article 3. SSRN 2208682 Freely accessible. doi:10.2202/1932-0213.1070.
  2. ↑ "Harvard Fund Given $100,000 By N.Y. Bankers". The Brooklyn Daily Eagle. Brooklyn, New York. June 19, 1924. p. 36. Retrieved June 1, 2016 – via Newspapers.com.
  3. ↑ Kappner, Cordula (2008-03-12). "Marcus Goldmann und der amerikanische Traum". Mainpost (in German).
  4. 1 2 "Samuel Sachs, Banker, Philanthropist, Dies.". The Oakland Tribune. Oakland, California. March 3, 1935. p. 1. Retrieved June 1, 2016 – via Newspapers.com.
  5. ↑ "Veteran Banker Dead". The Ogden Standard-Examiner. Ogden, Utah. March 3, 1935. p. 2. Retrieved June 1, 2016 – via Newspapers.com.
Business positions
Preceded by
Marcus Goldman		 Chairman and CEO, Goldman Sachs
1894–1928 		Succeeded by
Sidney Weinberg
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