Samuel Sachs
Born(1851-07-28)July 28, 1851
Maryland, U.S.
DiedMarch 2, 1935(1935-03-02) (aged 83)
New York City, U.S.
OccupationInvestment banker
Known forName partner of Goldman Sachs
Spouse
Louisa Goldman
​
(m. 1882)​
[1]
ChildrenPaul J. Sachs (1878–1965)
Arthur Sachs (1880-1975)
Walter E. Sachs (1884–1980)
Ella Sachs Plotz (1886-1922)
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. He is most known for co-founding Goldman Sachs along with Marcus Goldman.[2] 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.[3]

Early life

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.[4] The family fled Germany to avoid the crises in the country that led to the revolutions of 1848.[3] Sachs had one older sibling, Julius Sachs, and three younger siblings, Emily Sachs, Henry Sachs, and Bernard Sachs.[4]

Career

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

Sachs donated US$50,000 (equivalent to $854,000 in 2022) to Harvard University in 1924.[5]

Personal life and death

Sachs married Louisa Goldman, the youngest daughter of Marcus Goldman, also Bavarian Jewish immigrant.[4][6] They resided at The Pierre.[7] They had four children: Paul Joseph Sachs, Arthur Sachs, Walter Edward Sachs, and Ella S. Sachs.[4]

Sachs died on March 2, 1935, in New York City.[7][8]

See also

References

  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. S2CID 154826977. SSRN 2208682.
  2. ^ "Marcus Goldman & Samuel Sachs". www.jewishvirtuallibrary.org. Retrieved 2023-06-07.
  3. ^ a b III, Kenneth E. Hendrickson (2014-11-25). The Encyclopedia of the Industrial Revolution in World History. Lanham, MD: Rowman & Littlefield. p. 815. ISBN 978-0-8108-8888-3.
  4. ^ 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.
  5. ^ "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 icon
  6. ^ Kappner, Cordula (2008-03-12). "Marcus Goldmann und der amerikanische Traum". Mainpost (in German).
  7. ^ 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 icon
  8. ^ "Veteran Banker Dead". The Ogden Standard-Examiner. Ogden, Utah. March 3, 1935. p. 2. Retrieved June 1, 2016 – via Newspapers.com. Open access icon
Business positions Preceded byMarcus Goldman Chairman and CEO, Goldman Sachs 1894–1928 Succeeded bySidney Weinberg
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