SIDNEY Weinberg Jr, a scion of the banking family whose members led Goldman Sachs for the best part of the last century, has died aged 87.
Weinberg Jr joined the firm in 1965, moving up to lead its investment banking division for ten years between 1978 and 1988. He had been a senior director since 1999.
He was also deeply committed to philanthropy, having set up his own charity – the Sidney J. Weinberg Jr Foundation – in 1971 to support the arts, children and youth projects, education, environmental causes and health organisations.
His father, Sidney J. Weinberg, had previously started work at Goldman in 1907 at just 16, working his way up from the position of janitor’s assistant to become chief executive of the firm by 1930. He led the bank for nearly four decades until his death in 1969, during which time his power and influence earned him the nickname “Mr Wall Street”.
Weinberg Jr’s brother, John Weinberg, was also formerly a chief executive of the bank between 1976 and 1990. He died in 2006.