Marcus Goldman facts for kids
Quick facts for kids
Marcus Goldman
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| Born |
Mark Goldman
December 9, 1821 Trappstadt, Bavaria, Germany
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| Died | July 20, 1904 (aged 82) |
| Nationality | American |
| Occupation | Investment Banker, businessman, financier |
| Spouse(s) | Bertha (née Goldman; m. 185?) |
| Children | Julius Goldman Rebecca Dreyfuss (married to Ludwig Dreyfuss) Rosa Sachs (married to Julius Sachs) Louisa Sachs (married to Samuel Sachs) Henry Goldman (1857–1937) |
Marcus Goldman (born December 9, 1821 – died July 20, 1904) was a very important German-American businessman. He was an investment banker, which means he helped companies and governments raise money.
He was born in Trappstadt, a town in Bavaria, Germany. In 1848, he moved to the United States.
Marcus Goldman is famous for starting Goldman Sachs. This company grew to become one of the biggest investment banks in the world.
Marcus Goldman's Early Life
Marcus Goldman was born Mark Goldmann on December 9, 1821. His family was Jewish. His father, Wolf Goldmann, was a farmer and sold cattle. His mother, Bella Katz Oberbrunner, had five children from a previous marriage.
When he was young, Marcus met Joseph Sachs at a synagogue in Würzburg. Joseph Sachs became his friend for life.
In 1848, Marcus Goldman moved to the United States from Frankfurt am Main, Germany. Many Jewish people moved to America around this time. They were leaving Germany because of big changes happening there.
When he arrived in America, his name was changed to Marcus Goldman by the US immigration officials.
Building a Business
When Marcus Goldman first came to America, he worked as a peddler. He used a horse and cart to sell goods. Later, he opened a small shop in Philadelphia. He rented a room there that his friend Joseph Sachs had used before.
In 1869, Goldman moved to New York City. He opened his own business on Pine Street in Manhattan. He called his company "Marcus Goldman & Co." He started by buying and selling IOUs. An IOU is a paper that says someone owes money.
Marcus Goldman was very good at his job. He could handle up to $5 million worth of business papers each year. Even though he was successful, his business was smaller than other big bankers at the time.
In 1882, Marcus Goldman asked his son-in-law, Samuel Sachs, to join his business. They changed the company's name to M. Goldman and Sachs. Their business grew very quickly. Soon, they were handling $30 million worth of papers every year.
In 1885, Goldman's own son, Henry, and another son-in-law, Ludwig Dreyfuss, also joined the company. The firm then got its current name, Goldman Sachs & Co. In 1896, the company became a member of the New York Stock Exchange. This meant they could trade stocks and bonds there.
When Marcus Goldman retired, his son Henry Goldman and his son-in-law Samuel Sachs took over the company. Later, in 1904, two of Samuel Sachs' sons also joined the firm after finishing college.
Family and Later Years
Marcus Goldman married Bertha Goldman, who was eighteen years old. She had also moved from Germany. They had five children together.
His youngest daughter, Louisa, married Samuel Sachs. Samuel was the son of close family friends who were also from Bavaria. Marcus's older daughter and Samuel's older brother had already married each other.
Marcus Goldman passed away in Elberon, New Jersey, in the summer of 1904.
