Samuel Sachs

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Samuel Sachs
Born(1851-07-28)July 28, 1851
DiedMarch 2, 1935(1935-03-02) (aged 83)
OccupationInvestment banker
Known forName partner of Goldman Sachs
Spouse(s)
Louisa Goldman (m. 1882)
[1]
ChildrenPaul J. Sachs (1878–1965)
Arthur Sachs (1880-1975)
Walter E. Sachs (1884–1980)
Ella Sachs (1886-1918)
Parent(s)Sophie and Joseph Sachs
FamilyJulius Sachs (brother)
Bernard Sachs (brother)
Marcus Goldman (father-in-law)

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

Early life[edit]

Samuel Sachs was born on July 28, 1851 in Maryland, the son of Sophie (née Baer) and Joseph Sachs, both Jewish immigrants from Bavaria, Germany.[2] He has one older sibling, Julius Sachs, and three younger siblings, Emily Sachs, Henry Sachs, and Bernard Sachs.[2]

Career[edit]

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[edit]

Sachs donated US$50,000 (equivalent to $731,000 in 2018) to Harvard University in 1924.[3]

Personal life and death[edit]

Sachs married Louisa Goldman, the youngest daughter of Marcus Goldman, also Bavarian Jewish immigrants.[2][4] They resided at The Pierre.[5] They had four children: Paul Joseph Sachs, Arthur Sachs, Walter Edward Sachs, and Ella S. Sachs.[2]

Sachs died on March 2, 1935 in New York City.[5][6]

See also[edit]

References[edit]

  1. ^ McCraw, Thomas K. (2010). "Immigrant Entrepreneurs in U.S. Financial History, 1775–1914". Capitalism and Society. 5 (1): Article 3. doi:10.2202/1932-0213.1070. SSRN 2208682.
  2. ^ a b c d Hendrickson III, Kenneth E. (July 14, 2015). The Encyclopedia of the Industrial Revolution in World History, Volume 3. Rowman & Littlefield Publishers. p. 815. ISBN 9780810888883.
  3. ^ "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. open access publication – free to read
  4. ^ Kappner, Cordula (2008-03-12). "Marcus Goldmann und der amerikanische Traum". Mainpost (in German).
  5. ^ a b "Samuel Sachs, Banker, Philanthropist, Dies". The Oakland Tribune. Oakland, California. March 3, 1935. p. 1. Retrieved June 1, 2016 – via Newspapers.com. open access publication – free to read
  6. ^ "Veteran Banker Dead". The Ogden Standard-Examiner. Ogden, Utah. March 3, 1935. p. 2. Retrieved June 1, 2016 – via Newspapers.com. open access publication – free to read

External links[edit]

Business positions
Preceded by
Marcus Goldman
Chairman and CEO, Goldman Sachs
1894–1928
Succeeded by
Sidney Weinberg