William Salomon

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William Salomon Jr.
BornApril 2, 1914
New York City, New York, United States
DiedDecember 7, 2014(2014-12-07) (aged 100)
New York City, New York, United States
OccupationManager
of Salomon Brothers[1]

William Salomon Jr. was an American businessman.[2]

Biography[edit]

Salomon was born into the family business and joined the Salomon Brothers firm aged 19 in 1933, soon after the Wall Street crash. He became a managing partner in 1963 and turned the firm into one of the "fearsome foursome that took on the elite white shoe banks such as Morgan Stanley and First Boston".[3]

He retired in 1978, passing the leadership to John Gutfreund, but regretted it when the latter led the partners into selling the firm for $554m in 1981 to Phibro, a commodities trading house. He had prized the discipline of partnership, creating a structure in which partners were paid salaries and bonuses but had to retain 95 per cent of their capital in the business until they left. [3]

He died in 2014 at the age of 100.[4]

References[edit]

  1. ^ "History of Salomon Inc. – FundingUniverse". www.fundinguniverse.com.
  2. ^ Huang, Daniel (December 10, 2014). "William R. Salomon Dies at 100". WSJ. Retrieved January 11, 2018.
  3. ^ a b "Subscribe to read". Financial Times. September 7, 2017. Retrieved January 11, 2018.
  4. ^ "William Salomon, Who Modernized Family's Firm, Dies at 100". Bloomberg.com. December 9, 2014. Retrieved January 11, 2018.