Alden Winship "Tom" Clausen
World Bank, Accessed November 27, 2010. (February 17, 1923 – January 21, 2013) was President of the World Bank from 1981 to 1986. He was also president and CEO of

Bank of America The Bank of America Corporation (Bank of America) (often abbreviated BofA or BoA) is an American multinational investment banking, investment bank and financial services holding company headquartered at the Bank of America Corporate Center in ...

in 1970 and again in 1986.

Education

Clausen was born in

Hamilton, Illinois Hamilton is a city in Hancock County, Illinois, Hancock County, Illinois, United States. The population was 2,753 at the 2020 census, a decline from 2,951 in 2010. The city is located directly across the Mississippi River from Keokuk, Iowa. Hami ...

to a family of Norwegian and German ancestry. He was the son of Morton Clausen, owner, editor and publisher of the ''Hamilton Press'', the town's weekly newspaper. His mother was Elsie Emma Kroll. He graduated from Carthage College in 1944 with a BA (and was awarded an honorary LLD in 1970), from the University of Minnesota Law School in 1949 with a LLB, and attended the

Harvard University Harvard University is a Private university, private Ivy League research university in Cambridge, Massachusetts, United States. Founded in 1636 and named for its first benefactor, the History of the Puritans in North America, Puritan clergyma ...

's six-week Advanced Management Program in 1966.

Bank of America

Clausen was certified to practice law after graduating from the University of Minnesota Law School, but instead he got a job at the

Los Angeles, California Los Angeles, often referred to by its initials L.A., is the List of municipalities in California, most populous city in the U.S. state of California, and the commercial, Financial District, Los Angeles, financial, and Culture of Los Angeles, ...

. He became vice president in 1961, senior vice president in 1965, executive vice president in 1968, vice chairman of the board in 1969, and president and CEO in 1970.

World Bank

In 1981 Clausen was appointed president of the

World Bank The World Bank is an international financial institution that provides loans and Grant (money), grants to the governments of Least developed countries, low- and Developing country, middle-income countries for the purposes of economic development ...

. He was replaced 5 years later by Barber Conable. His term as

president saw the massive scaling up of structural adjustment lending that had been introduced under his predecessor

Robert McNamara Robert Strange McNamara (; June 9, 1916 – July 6, 2009) was an American businessman and government official who served as the eighth United States secretary of defense from 1961 to 1968 under presidents John F. Kennedy and Lyndon B. Johnson ...

Return to Bank of America

Clausen returned to Bank of America as chairman and CEO in 1986 but stepped back from an active executive role in 1990 to be chairman of the executive committee. During his time at the bank he helped it grow to be the biggest

commercial bank A commercial bank is a financial institution that accepts deposits from the public and gives loans for the purposes of consumption and investment to make a profit. It can also refer to a bank or a division of a larger bank that deals with whol ...

in the

United States The United States of America (USA), also known as the United States (U.S.) or America, is a country primarily located in North America. It is a federal republic of 50 U.S. state, states and a federal capital district, Washington, D.C. The 48 ...

. Clausen was also a member of the Advisor Council of

SRI International SRI International (SRI) is a nonprofit organization, nonprofit scientific research, scientific research institute and organization headquartered in Menlo Park, California, United States. It was established in 1946 by trustees of Stanford Univer ...

and was on the board of governors of United Way.

Legacy

*In 1980, Clausen received the Golden Plate Award of the American Academy of Achievement presented by Awards Council member Stephen Bechtel Sr. *A.W. Clausen Center for World Business at Carthage College in

Kenosha, Wisconsin Kenosha () is a city in Kenosha County, Wisconsin, United States, and its county seat. It is the List of cities in Wisconsin, fourth-most populous city in Wisconsin, with a population of 99,986 at the 2020 United States census, 2020 census. S ...

, is named in his honor. *Clausen Center for International Business and Policy at the Haas School of Business,

University of California, Berkeley The University of California, Berkeley (UC Berkeley, Berkeley, Cal, or California), is a Public university, public Land-grant university, land-grant research university in Berkeley, California, United States. Founded in 1868 and named after t ...

was endowed by a gift from Peggy and Tom Clausen in 1995.

References

World Bank Project Water Supply Scheme VPO Mattersham group (HISAR HARYANA INDIA) Inaugurated by Mr. A.W.CLAUSEN (PRESIDENT WORLD BANK) ON 20TH.JANUARY 1982 This Information add by SD STUDY

External links

Official World Bank Biography of Alden Winship Clausen
* 1923 births 2013 deaths 20th-century American businesspeople American bank presidents American people of Norwegian descent California lawyers Carthage College alumni People from Hamilton, Illinois Presidents of the World Bank Group University of Minnesota Law School alumni 20th-century American lawyers {{US-business-bio-1920s-stub