Early Life and Education
Gutfreund grew up in a Jewish family in Scarsdale, a suburb of New York City. His father, Manuel Gutfreund, was the owner of a prosperous trucking company. In 1951, Gutfreund graduated from Oberlin College in Ohio with a degree in English. He considered teaching literature but instead joined the Army. In 1953, he was discharged. His father belonged to the Century Country Club in Purchase, New York (which was at the time a center for the German Jewish establishment) where he often golfed with William (Billy) Salomon, the son of Percy Solomon, one of the three founding brothers of Salomon Brothers. At Billy Salomon's invitation, the young Gutfreund joined Salomon Brothers as a trainee in the statistical department.
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