Siegmund Warburg (banker)

Siegmund Warburg (born April 4, 1835 in Hamburg ; † May 13, 1889 there ) was a German banker .

Live and act

Siegmund Warburg grew up as the eldest son of Abraham (Aby) S. Warburg (1798-1856) and his wife Sara (1805-1884) in Hamburg. In addition to the sisters Marianne, Malchen, Rosa and Jenny, he had a three years younger brother named Moritz M. His father, who died on July 8, 1856, ran the MMWarburg & CO . After the death of her husband, Sara Warburg took over the management of the institute together with the “gender curator” August Sanders. On July 23, 1856, she appointed her son Siegmund as general representative, but remained dominant in the company's business until she left in 1865.

The Warburgs' banking house survived the economic crisis of 1857 , which also led to numerous bankruptcies in Hamburg, in particular due to the help of Paul Schiff, who had married Siegmund Warburg's sister Rosa in 1856. Sara Warburg appointed her son Siegmund as a partner in the banking and bills of exchange business on January 1, 1859 due to the successful management of the company.

In 1862 Siegmund Warburg married Theophilie Rosenberg (1840–1905), whose father worked as a wealthy and respected businessman in the southern Russian sugar industry and had extensive contacts that were useful to the bank and significantly promoted the business. On January 1, 1863, the younger brother Moritz M. joined the company as a further partner, and through his wife Charlotte Oppenheim (1805–1884) important business relationships with major banks in Frankfurt am Main were established.

Siegmund Warburg, who had been a major Hamburg citizen since February 1862, played as a musician in the citizens' military until the end of July 1868. The Hamburg Chamber of Commerce appointed him several times in the syndicate for securities trading from 1869 onwards . From 1870 he sat repeatedly in the deputation for indirect taxes and duties at the behest of the Hamburg Senate . From 1867 Warburg was a member of the representative college of the German-Israelite community in Hamburg. In this position he redesigned the tax liability that Hamburg Jews had to pay.

Siegmund Warburg managed the bank's business for more than 30 years. The brothers no longer limited themselves to pure commission business, but increasingly also issued securities. Due to the economic boom between 1865 and 1872, the bank's business developed well. After the stock market crash from 1873 to 1876, the bank had to record considerable losses, but these were not as severe as those of comparable institutions. After surviving the crisis, the brothers acquired a neighboring property at Ferdinandstrasse 75 in 1881, where they had a representative building erected in 1913.

family

Siegmund and Theophilie Warburg owned a large house on Alsterufer 18. Their descendants were therefore later called Alsterufer-Warburgs , Moritz M.'s descendants were called Mittelweg-Warburgs after his residence . The son Aby S. Warburg (1864–1933) joined the MM Warburg bank as a partner after the death of his father.

literature

• Ina Lorenz : Warburg, Siegmund . In: Franklin Kopitzsch, Dirk Brietzke (Hrsg.): Hamburgische Biographie . tape 3 . Wallstein, Göttingen 2006, ISBN 3-8353-0081-4 , p. 400-401 .