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 overshoes. 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.
Read more about this topic: Sidney Weinberg
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