Samuel Sachs

Samuel Sachs was an American investment banker. He is most known for co-founding Goldman Sachs along with Marcus Goldman. He is noted for changing the nature of merchant banking by underwriting of the stock issuance to raise funds for new corporate entities.

Early life

Samuel Sachs was born on July 28, 1851, in Maryland, the son of Sophie and Joseph Sachs, both Jewish immigrants from Bavaria, Germany. The family fled Germany to avoid the crises in the country that led to the revolutions of 1848. Sachs had one older sibling, Julius Sachs, and three younger siblings, Emily Sachs, Henry Sachs, and Bernard Sachs.

Sachs, along with his longtime friend Philip Lehman of Lehman Brothers, pioneered the issuing of company shares 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.

Sachs donated US$50,000 to Harvard University in 1924.

Sachs married Louisa Goldman, the youngest daughter of Marcus Goldman, also Bavarian Jewish immigrant. They resided at The Pierre. They had four children: Paul Joseph Sachs, Arthur Sachs, Walter Edward Sachs, and Ella S. Sachs.
Sachs died on March 2, 1935, in New York City.