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Marcus GoldmanAmerican banker of Jewish origin
Date of Birth: 09.12.1891
Country:  USA |
Content:
- Early Life and Emigration
- Business Ventures in Philadelphia
- Move to New York and Founding of Goldman Sachs
- Partnership and Expansion
- Philanthropy
- Legacy
Early Life and Emigration
Marcus Goldman was born to Jewish parents, Wolf and Ella Goldman, in Burgpreppach, Germany, in the mid-1800s. Amidst the revolutions of 1848, he immigrated to the United States at the age of 27.
Business Ventures in Philadelphia
Initially, Goldman worked as a traveling salesman. In the 1850s, he established himself in Philadelphia, where he owned a clothing store. It was during this time that he met his future wife, Bertha Goldman, a fellow Bavarian immigrant who earned her living through embroidery and sewing.
Move to New York and Founding of Goldman Sachs
By 1860, the Goldmans had five children and amassed considerable assets. In 1869, they relocated to New York City, where Marcus Goldman founded a brokerage firm dealing in promissory notes from jewelry store customers. His annual revenues amounted to roughly $250,000.
Partnership and Expansion
Goldman operated his firm without partners for thirteen years. However, in 1882, as his firm's turnover exceeded $30 million, he invited his son-in-law, Samuel Sachs, to join as a partner. The firm was renamed M. Goldman & Sachs.
In 1885, Goldman's son Henry and another son-in-law, Ludwig Dreyfuss, joined the business, and the company became known as Goldman, Sachs & Co.
Philanthropy
Marcus Goldman was a generous philanthropist, notably supporting efforts to aid Russian immigrants who arrived in the United States with limited resources.
Legacy
On July 20, 1904, Marcus Goldman passed away, leaving behind a legacy of financial success and social responsibility. Goldman Sachs continues to be a leading global investment bank today, embodying the values and principles established by its founder.
