Samuel Sachs (; July 28, 1851 – March 2, 1935) was an American

investment banker Investment banking is an advisory-based financial service for institutional investors, corporations, governments, and similar clients. Traditionally associated with corporate finance, such a bank might assist in raising financial capital by unde ...

. He is most known for co-founding

Goldman Sachs The Goldman Sachs Group, Inc. ( ) is an American multinational investment bank and financial services company. Founded in 1869, Goldman Sachs is headquartered in Lower Manhattan in New York City, with regional headquarters in many internationa ...

along with

Marcus Goldman Marcus Goldman (born Marcus Goldmann; December 9, 1821 – July 20, 1904) was a German American investment banker, businessman, and financier. He was the founder of Goldman Sachs, which has since become one of the world's largest investment ban ...

. He is noted for changing the nature of merchant banking by underwriting of the flotation of many major companies through the use of these sales to raise funds.

Early life

Samuel Sachs was born on July 28, 1851, in

Maryland Maryland ( ) is a U.S. state, state in the Mid-Atlantic (United States), Mid-Atlantic region of the United States. It borders the states of Virginia to its south, West Virginia to its west, Pennsylvania to its north, and Delaware to its east ...

, the son of Sophie (née Baer) and Joseph Sachs, both

Jewish Jews (, , ), or the Jewish people, are an ethnoreligious group and nation, originating from the Israelites of History of ancient Israel and Judah, ancient Israel and Judah. They also traditionally adhere to Judaism. Jewish ethnicity, rel ...

immigrants from

Bavaria Bavaria, officially the Free State of Bavaria, is a States of Germany, state in the southeast of Germany. With an area of , it is the list of German states by area, largest German state by land area, comprising approximately 1/5 of the total l ...

Germany Germany, officially the Federal Republic of Germany, is a country in Central Europe. It lies between the Baltic Sea and the North Sea to the north and the Alps to the south. Its sixteen States of Germany, constituent states have a total popu ...

. The family fled Germany to avoid the crises in the country that led to the revolutions of 1848. Sachs had one older sibling,

Julius Sachs Julius Sachs (July 6, 1849 – February 2, 1934) was an American educator, founder of the Sachs Collegiate Institute who belongs to the Goldman–Sachs family of bankers. Sachs was born on July 6, 1849, in Baltimore. After taking his A.B. at ...

, and three younger siblings, Emily Sachs, Henry Sachs, and Bernard Sachs.

Career

Sachs, along with his longtime friend Philip Lehman of

Lehman Brothers Lehman Brothers Inc. ( ) was an American global financial services firm founded in 1850. Before filing for bankruptcy in 2008, Lehman was the fourth-largest investment bank in the United States (behind Goldman Sachs, Morgan Stanley, and Merril ...

, pioneered the issuing of

stock Stocks (also capital stock, or sometimes interchangeably, shares) consist of all the Share (finance), shares by which ownership of a corporation or company is divided. A single share of the stock means fractional ownership of the corporatio ...

as a way for new companies to raise funds. Sachs then joined his

father-in-law A parent-in-law is a person who has a legal affinity (law), affinity with another by being the parent of the other's spouse. Many cultures and legal systems impose duties and responsibilities on persons connected by this relationship. A person i ...

Marcus Goldman's firm which prompted the name change to

in 1904. Together they underwrote securities offerings for such large firms as

Sears, Roebuck and Company Sears, Roebuck and Co., commonly known as Sears ( ), is an American chain of department stores and online retailer founded in 1892 by Richard Warren Sears and Alvah Curtis Roebuck and reincorporated in 1906 by Richard Sears and Julius Rosen ...

. During this time, Goldman Sachs also diversified to become involved in other major securities markets, like the

over-the-counter Over-the-counter (OTC) drugs are medicines sold directly to a consumer without a requirement for a prescription from a healthcare professional, as opposed to prescription drugs, which may be supplied only to consumers possessing a valid pres ...

, bond, and convertibles markets which are still a big part of the company's revenue today. Sachs retired in 1928.

Philanthropy

Sachs donated US$50,000 (equivalent to $ in ) to

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 ...

in 1924.

Personal life and death

Sachs married Louisa Goldman, the youngest daughter of

, also Bavarian Jewish immigrant. They resided at

The Pierre The Pierre is a luxury hotel located at 2 61st Street (Manhattan), East 61st Street, at the intersection of that street with Fifth Avenue, in Manhattan, New York City, facing Central Park. Designed by Schultze and Weaver, Schultze & Weaver, th ...

. They had four children: Paul Joseph Sachs, Arthur Sachs, Walter Edward Sachs, and Ella S. Sachs. Sachs died on March 2, 1935, in New York City.

References

{{DEFAULTSORT:Sachs, Samuel 1851 births 1935 deaths American investment bankers American people of German-Jewish descent Businesspeople from Maryland Businesspeople from New York City Chairmen of Goldman Sachs Chief Executive Officers of Goldman Sachs Jewish American bankers

Early life

Career

Philanthropy

Personal life and death

See also

References