Samuel Sachs
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Samuel Sachs (; July 28, 1851 – March 2, 1935) was an American
investment banker Investment banking pertains to certain activities of a financial services company or a corporate division that consist in advisory-based financial transactions on behalf of individuals, corporations, and governments. Traditionally associated with ...
.


Early life

Samuel Sachs was born on July 28, 1851 in
Maryland Maryland ( ) is a state in the Mid-Atlantic region of the United States. It shares borders with Virginia, West Virginia, and the District of Columbia to its south and west; Pennsylvania to its north; and Delaware and the Atlantic Ocean to ...
, the son of Sophie (née Baer) and Joseph Sachs, both
Jewish Jews ( he, יְהוּדִים, , ) or Jewish people are an ethnoreligious group and nation originating from the Israelites Israelite origins and kingdom: "The first act in the long drama of Jewish history is the age of the Israelites""The ...
immigrants from
Bavaria Bavaria ( ; ), officially the Free State of Bavaria (german: Freistaat Bayern, link=no ), is a state in the south-east of Germany. With an area of , Bavaria is the largest German state by land area, comprising roughly a fifth of the total lan ...
,
Germany Germany,, officially the Federal Republic of Germany, is a country in Central Europe. It is the second most populous country in Europe after Russia, and the most populous member state of the European Union. Germany is situated betwe ...
. He 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 Bernard Sachs (January 2, 1858 – February 8, 1944) was an American neurologist. Early life and education After graduating with a B.A. from Harvard in 1878, Sachs travelled to Europe and studied under some of the more prominent physicians o ...
.


Career

Sachs, along with his longtime friend Philip Lehman of
Lehman Brothers Lehman Brothers Holdings Inc. ( ) was an American global financial services firm founded in 1847. Before filing for bankruptcy in 2008, Lehman was the fourth-largest investment bank in the United States (behind Goldman Sachs, Morgan Stanley, a ...
, pioneered the issuing of stock 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 Goldman Sachs 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 founded in 1892 by Richard Warren Sears and Alvah Curtis Roebuck and reincorporated in 1906 by Richard Sears and Julius Rosenwald, with what began ...
. During this time Goldman Sachs also diversified to become involved in other major
securities markets A capital market is a financial market in which long-term debt (over a year) or equity-backed securities are bought and sold, in contrast to a money market where short-term debt is bought and sold. Capital markets channel the wealth of saver ...
, 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 prescr ...
,
bond Bond or bonds may refer to: Common meanings * Bond (finance), a type of debt security * Bail bond, a commercial third-party guarantor of surety bonds in the United States * Chemical bond, the attraction of atoms, ions or molecules to form chemica ...
, 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 Ivy League research university in Cambridge, Massachusetts. Founded in 1636 as Harvard College and named for its first benefactor, the Puritan clergyman John Harvard, it is the oldest institution of high ...
in 1924.


Personal life and death

Sachs married Louisa Goldman, the youngest daughter of
Marcus Goldman Marcus Goldman (born Marcus Goldmann; December 9, 1821 – July 20, 1904) was a Jewish American investment banker, businessman, and financier. He was the founder of Goldman Sachs, which has since become one of the world's largest investment b ...
, also Bavarian Jewish immigrants. 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.


See also

*
Goldman–Sachs family The Goldman–Sachs family is a family of Ashkenazi Jewish descent known for the leading investment bank Goldman Sachs. Marcus Goldman, while attending classes at the synagogue in Würzburg, met Joseph Sachs, who would become his lifelong friend. ...


References


External links

* {{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