Samuel Sachs (born 1851)

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Samuel Sachs

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Samuel Sachs

Born

July 28, 1851

Maryland, US

Died

March 2, 1935 (aged 83)

New York City, US

Occupation

Investment banker

Known for

Name partner of Goldman Sachs

Spouse(s)

Louisa Goldman (m. 1882)

[1]

Children

Paul J. Sachs (1878–1965)

Arthur Sachs (1880-1975)

Walter E. Sachs (1884–1980)

Ella Sachs (1886-1918)

Parent(s)

Sophie and Joseph Sachs

Family

Julius Sachs (brother)

Bernard Sachs (brother)

Marcus Goldman (father-in-law)

Samuel Sachs (/zɑːks/; July 28, 1851 – March 2, 1935) was an American investment banker.

Contents

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.[2] He has one older sibling, Julius Sachs, and three younger siblings, Emily Sachs, Henry Sachs, and Bernard Sachs.[2]

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 $731,000 in 2018) to Harvard University in 1924.[3]

Personal life and death

Sachs married Louisa Goldman, the youngest daughter of Marcus Goldman, also Bavarian Jewish immigrants.[2][4] They resided at The Pierre.[5] They had four children: Paul Joseph Sachs, Arthur Sachs, Walter Edward Sachs, and Ella S. Sachs.[2]

Sachs died on March 2, 1935 in New York City.[5][6]