Samuel Sachs facts for kids
Quick facts for kids
Samuel Sachs
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|---|---|
| Born | July 28, 1851 Maryland, US
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| Died | March 2, 1935 (aged 83) New York City, US
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| Occupation | Investment banker |
| Known for | Name partner of Goldman Sachs |
| Spouse(s) |
Louisa Goldman
(m. 1882) |
| 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 was an important American investment banker. He was born on July 28, 1851, and passed away on March 2, 1935. He is best known for being a key partner in the famous company Goldman Sachs.
Contents
Early Life of Samuel Sachs
Samuel Sachs was born in Maryland on July 28, 1851. His parents, Sophie and Joseph Sachs, had moved to the United States from Bavaria, a region in what is now Germany. Samuel had an older brother named Julius Sachs. He also had three younger siblings: Emily, Henry, and Bernard Sachs.
Samuel Sachs's Career in Finance
Samuel Sachs became a very important person in the world of finance. He worked as an investment banker. This means he helped companies get the money they needed to grow.
Helping Companies Grow
Samuel Sachs worked with his good friend Philip Lehman, who was from another big company called Lehman Brothers. They came up with a new way for companies to raise money. They helped companies sell stock to people. When you buy stock, you own a small part of that company. This was a new and smart way for businesses to get funds.
Joining Goldman Sachs
Later, Samuel Sachs joined the company owned by his father-in-law, Marcus Goldman. Because Samuel joined, the company's name changed to Goldman Sachs in 1904.
Together, Samuel Sachs and Marcus Goldman helped big companies like Sears, Roebuck and Company sell their stocks and bonds. They also helped Goldman Sachs get involved in other important securities markets. These markets include:
- The over-the-counter market, where people buy and sell stocks directly.
- The bond market, where companies borrow money and promise to pay it back with interest.
- The convertibles market, which deals with special bonds that can be changed into stock.
These different types of markets are still a big part of Goldman Sachs's business today. Samuel Sachs retired from his work in 1928.
Giving Back: Philanthropy
Samuel Sachs believed in giving back to the community. In 1924, he gave a large donation of US$50,000 to Harvard University. This money would be worth a lot more today, showing his generous spirit.
Family Life and Passing
Samuel Sachs married Louisa Goldman. She was the youngest daughter of Marcus Goldman, who was also from Bavaria. Samuel and Louisa lived in The Pierre, a well-known building in New York City.
They had four children together:
- Paul Joseph Sachs
- Arthur Sachs
- Walter Edward Sachs
- Ella S. Sachs
Samuel Sachs passed away in New York City on March 2, 1935.
