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Sidney Weinberg (1942)

Sidney James Weinberg ( October 12, 1891 - July 23, 1969 ) was an American banker and long-time head of the Wall Street company Goldman Sachs . He got the nickname "Mr. Wall Street ” of the New York Times and“ Director of Directors ”of Fortune Magazine. In a "From dishwasher to millionaire" biography, he rose from assistant to the caretaker with a salary of US $ 3 per week to CEO.

Early years of life

Weinberg's biography is in stark contrast to the traditional backgrounds of Ivy League Wall Street dealers. Weinberg was born as one of eleven children of a Jewish beverage wholesaler. His family was an active member of the Baith Israel Anshei Emes Congregation in Brooklyn when its synagogue was still on Boerum Place and stayed with the community when it moved to Cobble Hill . Sidney's mother, Sophie, was the Sisterhood President from 1912 to 1913, his father Pincus was the ward president from 1919 to 1921, and all children attended Sunday School and the Talmud Torah . Sidney married Helen W. Livingston in 1920.

Weinberg's academic career ended at junior high school , which he left with a letter of recommendation from one of his teachers.

Goldman Sachs careers

Weinberg started his career at Goldman Sachs as an assistant janitor with a weekly salary of $ 3. His tasks included dusting the hats of the company partners and cleaning their overshoes . The grandson of the company's founder, Paul Sachs, took a liking to the boy and promoted him to the post office, which Weinberg was reorganizing. To improve young Sidney's education, Sachs sent him to Brooklyn Browne Business College.

Weinberg served in the First World War for a short time in the US Navy . After this time he became a stock trader . Goldman Sachs bought Weinberg a seat on the New York Stock Exchange in 1925 .

Weinberg became a partner at Goldman Sachs in 1927 and was responsible for running investment companies, including Goldman Sachs Trading Corp. He co-managed the corporate division with Waddill Catchings , who is responsible for the market value of Goldman Sachs Trading Corp. shrunk from $ 500 million to less than $ 10 million. At that time, Weinberg took over sole management of the division and became a senior partner in 1930. Also in 1930 he was appointed head of Goldman Sachs and saved the company from bankruptcy. He remained at the helm of the company until his death in 1969.

family

Weinberg has two children: John Livingston Weinberg and Sidney J. "Jim" Weinberg, Jr. Both later became partners at Goldman Sachs .

Individual evidence

  1. ^ Whitman, Alden. "Sidney J. Weinberg, Known as' Mr. Wall Street, 'Is Dead at 77' , The New York Times , July 24, 1969, p. 1.
  2. ↑ a b c Malcolm Gladwell . "The Uses of Adversity" , The New Yorker , November 10, 2008.
  3. ↑ Barton, Evan. "Brooklyn's Oldest Synagogue Celebrates Its 150th Anniversary" , Brooklyn Eagle , June 22 of 2006.
  4. ↑ Levin, Carol. "The Weinberg Family: Leaders during the Synagogue's Golden Age," Kane Street Synagogue, March 17, 2006.
  5. ^ A b "Business: Everybody's Broker Sidney Weinberg" , TIME , December 8, 1958.

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personal data
SURNAME Weinberg, Sidney
ALTERNATIVE NAMES Weinberg, Sidney James (full name)
BRIEF DESCRIPTION American manager, CEO of Goldman Sachs
DATE OF BIRTH October 12, 1891
DATE OF DEATH July 23, 1969