William Salomon

William Roger Salomon
BornApril 2, 1914
New York City, New York, United States
DiedDecember 7, 2014(2014-12-07) (aged 100)
New York City, New York, United States
OccupationManaging partner of Salomon Brothers[1]
SpouseVirginia Foster
Children2
ParentPercy Salomon

William Salomon (1914-2014) was an American businessman who served as managing partner of Salomon Brothers.[2]

Biography

Salomon was born to a Jewish family[3] in New York City, the son of Percy Salomon who co-founded Salomon Brothers with his brothers, Arthur and Herbert. William joined the firm aged 19 in 1933, soon after the Wall Street crash. He became a managing partner in 1963 and turned the firm into one of the "fearsome foursome" with Lehman Brothers, Merrill Lynch and Blyth and Company, that took on the elite white shoe banks such as Morgan Stanley and First Boston".[4]

He retired in 1978, passing the leadership to John Gutfreund, but regretted it when the latter led the partners into selling the firm for $554 million in 1981 to Phibro, a commodities trading house. He had prized the discipline of partnership, creating a structure in which partners were paid salaries and bonuses but had to retain 95 per cent of their capital in the business until they left.[4]

Personal life

In 1937, Salomon married Virginia Foster; they had two children, Dr. Peter F. Salomon and Susan Salomon Neiman.[5][6] He died in 2014 at the age of 100.[5]

References

  1. ^ "History of Salomon Inc. – FundingUniverse". www.fundinguniverse.com.
  2. ^ Huang, Daniel (December 10, 2014). "William R. Salomon Dies at 100". WSJ. Retrieved January 11, 2018.
  3. ^ "Hard to be Rich - The Rise and Fall of the Gutfreunds". New York Magazine. January 11, 1988.
  4. ^ a b "William Salomon, bond trading pioneer, 1914-2014". Financial Times. September 7, 2017. Retrieved January 11, 2018.
  5. ^ a b "William Salomon, Who Modernized Family's Firm, Dies at 100". Bloomberg.com. December 9, 2014. Retrieved January 11, 2018.
  6. ^ "Miss Jane Ann London Bride Of Dr. Peter Foster Salomon". The New York Times. June 7, 1964. Miss Jane Ann London, daughter of Mr, and Mrs. Howard John London, was married this afternoon to Dr. Peter Foster Salomon, son of Mr. and Mrs. William Roger Salomon of New York. The Rev. Robert Nelson Back performed the ceremony in St. Luke's Protestant Episcopal Church.


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