June 23, 2021

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James Wolfensohn

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During the Nineteen Eighties and Nineteen Nineties, he was the chairman of the Carnegie Hall and later of the Kennedy Center. At each of those locations, he’s credited with stabilizing the cultural organizations’ funds and managing their price range shortfalls. At the Kennedy Center he pushed for a shift in programming towards “attention-grabbing” applications together with Andrew Lloyd Webber’s Phantom of the Opera and Cats. Clashes with this method prompted employees just like the inventive director Marta Istomin to stop in 1990.[5]

In 1980, he grew to become a naturalized citizen of the United States, after it was rumored that he was a candidate to succeed Robert McNamara as president of the World Bank. He renounced his Australian citizenship presently.[15] He subsequent established his personal funding agency, James D. Wolfensohn, Inc., together with companions together with Paul Volcker. Upon accepting his nomination to function president of the World Bank in 1995, Wolfensohn divested of his possession curiosity in James D. Wolfensohn, Inc. The agency was later purchased by Bankers Trust.[16] The agency had a various shopper which included Ralph Lauren Corporation and Mercedes-Benz.[5]

He then returned to Australia, the place he labored for varied banking establishments, together with Darling & Co. In the late Sixties, he grew to become a director of Darling’s main shareholder J. Henry Schroder & Co, a London-based funding financial institution.[4] He was a senior govt within the London workplace earlier than turning into managing director of the financial institution’s New York City workplace from 1970 to 1976. He later grew to become a senior govt at Salomon Brothers. In 1979, along with Chrysler Corporation’s then chief govt officer Lee Iacocca after which President of the New York Fed Paul A. Volcker, who later grew to become Chairman of the Board of Governors of the Federal Reserve System, Wolfensohn helped orchestrate the rescue of Chrysler from the verge of chapter.[14] In what has been described as the biggest company bailout at the moment, along with his banking abilities he’s famous to have performed a job in smoothening a cultural rift between Lee Iacocca and Japanese Bankers, who went on to speculate greater than $600 million within the firm.[5]

Before attending Harvard, Wolfensohn was a lawyer within the Australian legislation agency of Allen, Allen & Hemsley in Sydney (now Allens Arthur Robinson). Upon graduating from Harvard Business School, Wolfensohn labored briefly for Swiss cement big Holderbank (now Holcim).[12] He additionally labored for an air-conditioner firm requiring him to journey throughout India, Nigeria, Greece, Mexico, Latin America, and different growing international locations. He wrote in his memoir in regards to the poverty and inequity, “The inequity was so hanging that I may hardly take up what was in entrance of me. I had identified what to anticipate intellectually, however, the fact was a shock. It left an indelible mark that will affect my later life.”[13]

Wolfensohn was a member of the Australian fencing group on the 1956 Summer Olympics in Melbourne, taking part within the Men’s Team Épée [9][10] and an officer within the Royal Australian Air Force.[11]

Wolfensohn grew up in a two-bedroom flat in Edgecliff. His father struggled financially, and in his autobiography, A Global Life, Wolfensohn described how financial insecurity was a truth of life from childhood and defined that he was all the time on the lookout for a cushion to guard himself from it.[4] Wolfensohn attended Woollahra Public School,[4] after which Sydney Boys High School. He entered the University of Sydney on the age of 16, graduating Bachelor of Arts (BA) and Bachelor of Laws (LLB). In 1959 he earned a Master of Business Administration (MBA) from Harvard Business School.[6][7] In his 2010 memoirs he revealed that he failed a number of college courses, together with English, and was a “late developer”.[8]

Wolfensohn was born on 1 December 1933 in Sydney, New South Wales, Australia. His father Hyman, generally known as Bill, was born in London to Austrian-Jewish immigrants, whereas his mom Dora was born in Belgium to Polish mother and father.[1][2] His father was a “extremely smart however failed businessman”[3] who had beforehand labored for the Rothschild banking household. Wolfensohn’s mother and father arrived in Australia in 1928. He was named after James Armand de Rothschild, his father’s former employer, whose birthday he shared.[4] His mom sang with Australian radio and gave him piano classes, instilling in him a love of the symphony. In highschool, he was famous to have taken half in operas, together with taking part in feminine roles in Gilbert and Sullivan operettas.[5]

He was born in Sydney, Australia, and was a graduate of the University of Sydney and Harvard Business School; he was additionally an Olympic fencer. He labored for varied corporations in Britain and the United States earlier than forming his personal funding agency. Wolfensohn grew to become an American citizen in 1980 and renounced his Australian citizenship, though he ultimately regained it in 2010.

Sir James David Wolfensohn KBE AO (1 December 1933 – 25 November 2020) was an Australian-American lawyer, funding banker, and economist who served because the ninth president of the World Bank Group (1995–2005). During his tenure on the World Bank, he’s credited with the concentrate on poverty alleviation and a rethink on improvement financing, incomes him recognition as a banker to the world’s poor. In his different roles, he’s credited with actions that introduced Chrysler Corporation again from the brink of chapter, and in addition bettering the funds of main United States cultural establishments, together with Carnegie Hall and the Kennedy Center. He served two phrases as President of the World Bank on the nomination of U.S. President Bill Clinton, and thereafter held varied positions with charitable organizations and coverage think-tanks together with the Brookings Institution.

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