George David Woods
Encyclopedia
George David Woods was a U.S. banker. He served as President
of World Bank
from January 1963 to March 1968.
was born in Boston, Massachusetts in 1901. After completing high school he was employed as an office boy at Harris, Forbes & Co., an underwriting firm. At the company's urging, he attended night school in banking, and later became a buyer in the underwriting department. By the age of 26 he had been promoted to a vice president position. In 1930 the firm was acquired by Chase Bank, and Woods was made vice president of the new firm; he later became vice president and member of the board of First Boston Corporation, a newly formed securities company.
First Boston became one of the largest investment banking firms in the United States, and Woods played a major role in it. In 1947 he became one of two executive vice presidents, then in 1948 became chairman of the executive committee. Then, in 1951 Woods became chairman of the board.
Under his tenure, the International Centre for Settlement of Investment Disputes
(ICSID) was established, which provided assurance for nervous private investors.
Woods was also leader of the World Bank during the effort to assist India, which resulted in the devaluation of the rupee in 1966.
President
A president is a leader of an organization, company, trade union, university, or country.Etymologically, a president is one who presides, who sits in leadership...
of World Bank
World Bank
The World Bank is an international financial institution that provides loans to developing countries for capital programmes.The World Bank's official goal is the reduction of poverty...
from January 1963 to March 1968.
Biography
George WoodsGeorge Woods
George Woods may refer to:*George David Woods , USA banker and World Bank President*George E. Woods , U.S. federal judge*George Lemuel Woods , USA Oregon State and Utah Territory governor...
was born in Boston, Massachusetts in 1901. After completing high school he was employed as an office boy at Harris, Forbes & Co., an underwriting firm. At the company's urging, he attended night school in banking, and later became a buyer in the underwriting department. By the age of 26 he had been promoted to a vice president position. In 1930 the firm was acquired by Chase Bank, and Woods was made vice president of the new firm; he later became vice president and member of the board of First Boston Corporation, a newly formed securities company.
First Boston became one of the largest investment banking firms in the United States, and Woods played a major role in it. In 1947 he became one of two executive vice presidents, then in 1948 became chairman of the executive committee. Then, in 1951 Woods became chairman of the board.
World Bank Service
Woods tenure at the World Bank accompanied its transformation into a more global institution, One emphasis he had was to work to correct the disparity between rich and poor, and North and South. Under Woods, there was an increasing focus on economic analysis in determining root causes for constrained growth in developing nations, and less focus on the basis determination of country creditworthiness.Under his tenure, the International Centre for Settlement of Investment Disputes
International Centre for Settlement of Investment Disputes
The International Centre for Settlement of Investment Disputes , an institution of the World Bank Group based in Washington, D.C., was established in 1966 pursuant to the Convention on the Settlement of Investment Disputes between States and Nationals of Other States...
(ICSID) was established, which provided assurance for nervous private investors.
Woods was also leader of the World Bank during the effort to assist India, which resulted in the devaluation of the rupee in 1966.