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Samuel SachsAmerican banker
Date of Birth: 28.07.1851
Country:  USA |
Content:
- Early Life and Family Background
- Siblings and Marriage
- Joining M. Goldman & Sachs
- Leadership of M. Goldman & Sachs
Early Life and Family Background
Samuel Sachs was born into a Jewish family in Maryland, the son of Joseph Sachs, a Bavarian immigrant who earned a living through tutoring. Joseph's marriage to one of his students, the daughter of a wealthy jeweler named Bayer, prompted their flight to America. The couple had five children.
Siblings and Marriage
After his parents' passing, Samuel Sachs was forced to work at the tender age of 15. His older brother, Julius, married a daughter of Marcus Goldman. The arranged marriage proved to be fortuitous, and the Goldmans subsequently proposed marriage between their younger daughter, Louisa, and another Sachs, Samuel.
Joining M. Goldman & Sachs
In 1882, Marcus Goldman offered Samuel Sachs a partnership in his firm. Sachs accepted his father-in-law's offer, sold his clothing store, borrowed $15,000 from Goldman for his partnership contribution, and joined the company, which was renamed M. Goldman & Sachs.
Leadership of M. Goldman & Sachs
Upon Marcus Goldman's passing in 1904, Sachs became the head of the company, a position he held until the onset of the Great Depression. He was known for his extensive use of stock issuance to bolster the firm's capital.
