Quick Facts
LeoBiography
Samuel Sachs (; July 28, 1851 – March 2, 1935) was an American investment banker.
Early life
Samuel Sachs was born on July 28, 1851 in Maryland. His parents were Jewish immigrants from Bavaria, Germany.
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 $699,000 in 2016) to Harvard University in 1924.
Personal life
Sachs married Louisa Goldman, the youngest daughter of close friends and fellow Bavarian immigrants. They resided at The Pierre.
Death
Sachs died on March 2, 1935 in New York City.