Sidney Weinberg
Encyclopedia
Sidney James Weinberg was a long-time leader of the Wall Street
firm Goldman Sachs
, nicknamed “Mr. Wall Street” by The New York Times
and "director's director" by Fortune magazine. In a rags-to-riches story, he rose from a janitor's assistant, making $3/week, to CEO.
Wall Street
er. Weinberg was one of eleven children of a Jewish wholesale liquor dealer. His family were active members of Congregation Baith Israel Anshei Emes in Brooklyn
, joining when the synagogue
was on Boerum Place, and remaining with it when it moved to Cobble Hill
. Sidney's mother, Sophie, was sisterhood president from 1912 to 1913, his father, Pincus, served as president from 1919 to 1921, and the children all attended the Sunday school and Talmud Torah
. Sidney married Helen W. Livingston there in 1920.
Weinberg never got farther than junior high school at P.S. 13, dropping out, but with letters of recommendation from one of his teachers.
. The grandson of the firm’s founder, Paul Sachs, liked Weinberg, and promoted him to the mailroom, which Weinberg reorganized. To improve Weinberg's penmanship, Sachs sent him to Brooklyn's Browne's Business College.
Weinberg did a stint in the U.S. Navy in World War I
, and afterwards became a securities trader
. Goldman Sachs bought Weinberg a seat on the New York Stock Exchange
in 1925.
Weinberg became a Goldman Sachs partner
in 1927 and helped run the investment trusts, including Goldman Sachs Trading Corp. He co-ran the division with Waddill Catchings, who shriveled the market value of Goldman Sachs Trading Corp. from $500 million to less than $10 million. At this point, Weinberg took over the division, and became a senior partner in 1930. He became head of the firm in 1930, saving it from bankruptcy, and held that position until his death in 1969.
and Sidney J. "Jim" Weinberg, Jr. Both would serve as partners of Goldman Sachs
.
Wall Street
Wall Street refers to the financial district of New York City, named after and centered on the eight-block-long street running from Broadway to South Street on the East River in Lower Manhattan. Over time, the term has become a metonym for the financial markets of the United States as a whole, or...
firm Goldman Sachs
Goldman Sachs
The Goldman Sachs Group, Inc. is an American multinational bulge bracket investment banking and securities firm that engages in global investment banking, securities, investment management, and other financial services primarily with institutional clients...
, nicknamed “Mr. Wall Street” by The New York Times
The New York Times
The New York Times is an American daily newspaper founded and continuously published in New York City since 1851. The New York Times has won 106 Pulitzer Prizes, the most of any news organization...
and "director's director" by Fortune magazine. In a rags-to-riches story, he rose from a janitor's assistant, making $3/week, to CEO.
Early life
Weinberg's background contrasted sharply with that of the traditional Ivy LeagueIvy League
The Ivy League is an athletic conference comprising eight private institutions of higher education in the Northeastern United States. The conference name is also commonly used to refer to those eight schools as a group...
Wall Street
Wall Street
Wall Street refers to the financial district of New York City, named after and centered on the eight-block-long street running from Broadway to South Street on the East River in Lower Manhattan. Over time, the term has become a metonym for the financial markets of the United States as a whole, or...
er. Weinberg was one of eleven children of a Jewish wholesale liquor dealer. His family were active members of Congregation Baith Israel Anshei Emes in Brooklyn
Brooklyn
Brooklyn is the most populous of New York City's five boroughs, with nearly 2.6 million residents, and the second-largest in area. Since 1896, Brooklyn has had the same boundaries as Kings County, which is now the most populous county in New York State and the second-most densely populated...
, joining when the synagogue
Synagogue
A synagogue is a Jewish house of prayer. This use of the Greek term synagogue originates in the Septuagint where it sometimes translates the Hebrew word for assembly, kahal...
was on Boerum Place, and remaining with it when it moved to Cobble Hill
Cobble Hill, Brooklyn
Cobble Hill is a neighborhood in the New York City borough of Brooklyn, USA. Bordered by Atlantic Avenue on the north, Hicks Street to the west, Smith Street on the east and Degraw Street to the south, Cobble Hill sits adjacent to Boerum Hill and Brooklyn Heights with Carroll Gardens to the south...
. Sidney's mother, Sophie, was sisterhood president from 1912 to 1913, his father, Pincus, served as president from 1919 to 1921, and the children all attended the Sunday school and Talmud Torah
Talmud Torah
Talmud Torah schools were created in the Jewish world, both Ashkenazic and Sephardic, as a form of public primary school for boys of modest backgrounds, where they were given an elementary education in Hebrew, the Scriptures , and the Talmud...
. Sidney married Helen W. Livingston there in 1920.
Weinberg never got farther than junior high school at P.S. 13, dropping out, but with letters of recommendation from one of his teachers.
Career at Goldman Sachs
Weinberg started with Goldman Sachs as a $3/week janitor's assistant, where his responsibilities included brushing the firm’s partners’ hats and wiping the mud from their overshoesGaloshes
Galoshes , also known as boat shoes, dickersons, or overshoes, are a type of rubber boot that is slipped over shoes to keep them from getting muddy or wet. The word galoshes might be used interchangeably with boot, especially a rubberized boot...
. The grandson of the firm’s founder, Paul Sachs, liked Weinberg, and promoted him to the mailroom, which Weinberg reorganized. To improve Weinberg's penmanship, Sachs sent him to Brooklyn's Browne's Business College.
Weinberg did a stint in the U.S. Navy in World War I
World War I
World War I , which was predominantly called the World War or the Great War from its occurrence until 1939, and the First World War or World War I thereafter, was a major war centred in Europe that began on 28 July 1914 and lasted until 11 November 1918...
, and afterwards became a securities trader
Stock trader
A stock trader or a stock investor is an individual or firm who buys and sells stocks in the financial markets. Many stock traders will trade bonds as well...
. Goldman Sachs bought Weinberg a seat on the New York Stock Exchange
New York Stock Exchange
The New York Stock Exchange is a stock exchange located at 11 Wall Street in Lower Manhattan, New York City, USA. It is by far the world's largest stock exchange by market capitalization of its listed companies at 13.39 trillion as of Dec 2010...
in 1925.
Weinberg became a Goldman Sachs partner
Partner (business rank)
A partner in a law firm, accounting firm, consulting firm, or financial firm is a highly ranked position. Originally, these businesses were set up as legal partnerships in which the partners were entitled to a share of the profits of the enterprise. The name has remained even though many of these...
in 1927 and helped run the investment trusts, including Goldman Sachs Trading Corp. He co-ran the division with Waddill Catchings, who shriveled the market value of Goldman Sachs Trading Corp. from $500 million to less than $10 million. At this point, Weinberg took over the division, and became a senior partner in 1930. He became head of the firm in 1930, saving it from bankruptcy, and held that position until his death in 1969.
Family
Weinberg had two children, John Livingston WeinbergJohn Weinberg
John Livingston Weinberg was an American banker and businessperson, running Goldman Sachs from 1976 to 1990.- Biography :...
and Sidney J. "Jim" Weinberg, Jr. Both would serve as partners of Goldman Sachs
Goldman Sachs
The Goldman Sachs Group, Inc. is an American multinational bulge bracket investment banking and securities firm that engages in global investment banking, securities, investment management, and other financial services primarily with institutional clients...
.