James David Wolfensohn KBEThe Most Excellent Order of the British Empire is a British order of chivalry established on 4 June 1917 by King George V. The Order includes five classes in civil and military divisions...
,
AOThe Order of Australia is an order of chivalry established by Elizabeth II, Queen of Australia on 14 February 1975 "for the purpose of according recognition to Australian citizens and other persons for achievement or for meritorious service"....
(born 1 December 1933) was the ninth president of the
World Bank GroupThe World Bank Group is a family of five international organizations that makes leveraged loans, generally to poor countries. The Bank came into formal existence on 27 December 1945 following international ratification of the Bretton Woods agreements, which emerged from the United Nations Monetary...
.
Wolfensohn was born in
SydneySydney is the largest city in Australia, and the state capital of New South Wales. Sydney has a metropolitan area population of approximately 4.34 million and an area of approximately 12,000 square kilometres. Its inhabitants are called Sydneysiders, and Sydney is often called "the Harbour City"...
,
AustraliaAustralia , officially the Commonwealth of Australia, is a country in the Southern Hemisphere comprising the continental mainland , the island of Tasmania, and numerous smaller islands in the Indian and Pacific Oceans...
on 5 December 1933, to Jewish parents who had immigrated from England during the
Great DepressionThe Great Depression was a severe worldwide economic depression in the decade preceding World War II. The timing of the Great Depression varied across nations, but in most countries it started in about 1929 and lasted until the late 1930s or early 1940s...
.
He was educated at
Sydney Boys High SchoolSydney Boys High School is an academically selective secondary school for boys, located in the City of Sydney, Sydney, New South Wales, Australia, with 1,140 students, from years 7 to 12...
, studied
artsBachelor of Arts , from the Latin artium baccalaureus, is a bachelor's degree awarded for an undergraduate course or program in either the liberal arts, the sciences or both....
(BA) and
lawThe Bachelor of Laws is an undergraduate, or bachelor, degree in law offered in most common law countries as the primary law degree and which originated in England. It was established as a liberal arts degree, which requires that the student undertake a certain amount of study of the classics...
(LL.B) at the
University of SydneyThe University of Sydney is the oldest university in Australia. It was established in Sydney in 1850. It is a member of Australia's "Group of Eight" universities that are highly ranked in terms of their research performance...
, and in 1959 earned a
Master of Business AdministrationThe Master of Business Administration is a master's degree in business administration, which attracts people from a wide range of academic disciplines. The MBA designation originated in the United States, emerging from the late 19th century as the country industrialized and companies sought out...
(MBA) degree at
Harvard Business SchoolHarvard Business School is a graduate business school in Boston, Massachusetts. The school offers a full-time MBA program, doctoral programs, as well as many . The School owns Harvard Business School Publishing, which publishes business books, online management tools for corporate learning, case...
. He was a member of the Australian fencing team at the
1956 Summer OlympicsThe 1956 Summer Olympics, officially known as the Games of the XVI Olympiad, were an international multi-sport event which was held in Melbourne, Australia, in 1956, with the exception of the equestrian events, which could not be held in Australia due to quarantine regulations...
in
MelbourneMelbourne is the capital city and most populous city of the State of Victoria, and the second most populous city in Australia. The Melbourne city centre is the anchor of the larger geographical area and statistical division known as the Greater Melbourne metropolitan area – of which Melbourne is...
and an officer in the
Royal Australian Air ForceThe Royal Australian Air Force is the Air Force branch of the Australian Defence Force. The RAAF began in March 1912 as the Australian Flying Corps making it the second oldest air force in the world...
.
Before attending Harvard, Wolfensohn was a lawyer in the Australian law firm of Allen, Allen & Hemsley in Sydney (now Allens Arthur Robinson).
Upon graduating from Harvard Business School, Wolfensohn worked briefly for Swiss cement giant Holderbank (now
HolcimHolcim is one of the world's leading suppliers of cement and aggregates . The company also supplies ready-mix concrete and asphalt including associated construction services...
).
James David Wolfensohn KBEThe Most Excellent Order of the British Empire is a British order of chivalry established on 4 June 1917 by King George V. The Order includes five classes in civil and military divisions...
,
AOThe Order of Australia is an order of chivalry established by Elizabeth II, Queen of Australia on 14 February 1975 "for the purpose of according recognition to Australian citizens and other persons for achievement or for meritorious service"....
(born 1 December 1933) was the ninth president of the
World Bank GroupThe World Bank Group is a family of five international organizations that makes leveraged loans, generally to poor countries. The Bank came into formal existence on 27 December 1945 following international ratification of the Bretton Woods agreements, which emerged from the United Nations Monetary...
.
Early life
Wolfensohn was born in
SydneySydney is the largest city in Australia, and the state capital of New South Wales. Sydney has a metropolitan area population of approximately 4.34 million and an area of approximately 12,000 square kilometres. Its inhabitants are called Sydneysiders, and Sydney is often called "the Harbour City"...
,
AustraliaAustralia , officially the Commonwealth of Australia, is a country in the Southern Hemisphere comprising the continental mainland , the island of Tasmania, and numerous smaller islands in the Indian and Pacific Oceans...
on 5 December 1933, to Jewish parents who had immigrated from England during the
Great DepressionThe Great Depression was a severe worldwide economic depression in the decade preceding World War II. The timing of the Great Depression varied across nations, but in most countries it started in about 1929 and lasted until the late 1930s or early 1940s...
.
He was educated at
Sydney Boys High SchoolSydney Boys High School is an academically selective secondary school for boys, located in the City of Sydney, Sydney, New South Wales, Australia, with 1,140 students, from years 7 to 12...
, studied
artsBachelor of Arts , from the Latin artium baccalaureus, is a bachelor's degree awarded for an undergraduate course or program in either the liberal arts, the sciences or both....
(BA) and
lawThe Bachelor of Laws is an undergraduate, or bachelor, degree in law offered in most common law countries as the primary law degree and which originated in England. It was established as a liberal arts degree, which requires that the student undertake a certain amount of study of the classics...
(LL.B) at the
University of SydneyThe University of Sydney is the oldest university in Australia. It was established in Sydney in 1850. It is a member of Australia's "Group of Eight" universities that are highly ranked in terms of their research performance...
, and in 1959 earned a
Master of Business AdministrationThe Master of Business Administration is a master's degree in business administration, which attracts people from a wide range of academic disciplines. The MBA designation originated in the United States, emerging from the late 19th century as the country industrialized and companies sought out...
(MBA) degree at
Harvard Business SchoolHarvard Business School is a graduate business school in Boston, Massachusetts. The school offers a full-time MBA program, doctoral programs, as well as many . The School owns Harvard Business School Publishing, which publishes business books, online management tools for corporate learning, case...
. He was a member of the Australian fencing team at the
1956 Summer OlympicsThe 1956 Summer Olympics, officially known as the Games of the XVI Olympiad, were an international multi-sport event which was held in Melbourne, Australia, in 1956, with the exception of the equestrian events, which could not be held in Australia due to quarantine regulations...
in
MelbourneMelbourne is the capital city and most populous city of the State of Victoria, and the second most populous city in Australia. The Melbourne city centre is the anchor of the larger geographical area and statistical division known as the Greater Melbourne metropolitan area – of which Melbourne is...
and an officer in the
Royal Australian Air ForceThe Royal Australian Air Force is the Air Force branch of the Australian Defence Force. The RAAF began in March 1912 as the Australian Flying Corps making it the second oldest air force in the world...
.
Business career
Before attending Harvard, Wolfensohn was a lawyer in the Australian law firm of Allen, Allen & Hemsley in Sydney (now Allens Arthur Robinson).
Upon graduating from Harvard Business School, Wolfensohn worked briefly for Swiss cement giant Holderbank (now
HolcimHolcim is one of the world's leading suppliers of cement and aggregates . The company also supplies ready-mix concrete and asphalt including associated construction services...
). He then returned to his native Australia, where he worked for various banking institutions before being employed by
J. Henry SchrodersSchroders plc is a leading global, asset management company, with over 200 years of experience in the world's financial markets. Headquartered in the City of London, it is traded on the London Stock Exchange and is a constituent of the FTSE 100 Index....
, a
London[]London is the capital of England and the United Kingdom. It has been a major settlement for two millennia, and the history of London goes back to its founding by the Romans, when it was named Londinium. London's core, the ancient City of London, the 'square mile', retains its medieval boundaries...
-based investment bank. He was a senior executive in the London office before becoming managing director of the bank's
New York CityNew York is the most populous city in the United States, and the center of the New York metropolitan area, which is among the most populous urban areas in the world. A leading global city, New York exerts a powerful influence over worldwide commerce, finance, culture, fashion and entertainment...
office from 1970 to 1976. He later became a senior executive at
Salomon BrothersSalomon Brothers was a bulge bracket, Wall Street investment bank. Founded in 1910, it remained a partnership until the early 1980s, when it was acquired by the commodity trading firm then known as Phibro Corporation. This proved a "wag the dog" type merger as the parent company became first...
.
In 1980, he became a naturalized citizen of the
United StatesThe United States of America is a federal constitutional republic comprising fifty states and a federal district...
, after it was rumored that he was a candidate to succeed
Robert McNamaraRobert Strange McNamara was an American business executive and the eighth Secretary of Defense, serving under Presidents John F. Kennedy and Lyndon B. Johnson from 1961 to 1968. Following that he served as President of the World Bank from 1968 until 1981...
as president of the
World BankThe World Bank is an international financial institution that provides leveraged loans to poorer countries for capital programs, tied to neoliberal market restructurings...
. After he was unsuccessful in this pursuit, he established his own investment firm, James D. Wolfensohn, Inc., along with partners including Paul A. Volcker, the former chairman of the
Federal Reserve BankThe United States Federal Reserve System consists of twelve Federal Reserve Banks, each responsible for a particular district, and some with branches.-Brief history:...
. Upon accepting his nomination to serve as president of the World Bank in 1995, Wolfensohn divested of his ownership interest in James D. Wolfensohn, Inc. The firm was later bought by
Bankers TrustBankers Trust was an historic American banking organization, acquired by Deutsche Bank in 1998.-History:It was originally set up when banks could not perform trust company services...
.
In 2005, upon stepping down as president of the World Bank, he founded
Wolfensohn & Company, LLC, a privately held firm that invests, and provides strategic consulting advice to governments and large corporations doing business, in emerging market economies.
Since 2006, Wolfensohn has also been the chairman of the International Advisory Board of
CitigroupCitigroup Inc. , is a major American financial services company based in New York, NY. Citigroup was formed from one of the world's largest mergers in history by combining the banking giant Citicorp and financial conglomerate Travelers Group on April 7, 1998.Citigroup Inc...
.
In 2009, he became a member of the International Advisory Council of the Chinese
sovereign wealth fundA sovereign wealth fund is a state-owned investment fund composed of financial assets such as stocks, bonds, property, precious metals or other financial instruments. Sovereign wealth funds invest globally. Some of them have grabbed attention making bad investments in several Wall Street financial...
China Investment CorporationChina Investment Corporation is a sovereign wealth fund responsible for managing part of the People's Republic of China's foreign exchange reserves. CIC was established in 2007 with approximately US$200 billion of assets under management, making it one of the largest sovereign wealth funds...
.
World Bank tenure and other public service
Wolfensohn became president of the World Bank on 1 July 1995 after he was nominated by U.S. President
Bill ClintonWilliam Jefferson "Bill" Clinton was the 42nd President of the United States from 1993 to 2001. He was the third-youngest president; only Theodore Roosevelt and John F. Kennedy were younger when entering office...
. He was unanimously supported by the bank's board of executive directors to a second five-year term in 2000, becoming the third person to serve two terms in the position after
Eugene R. BlackEugene Robert Black was the Chairman of the Federal Reserve from May 9, 1933 to August 15, 1934. His namesake, Eugene "Gene" Robert Black, Sr., was the first in the family to use the "Sr." designation; Gene's son became Eugene Robert Black, Jr.-Biography:He was born in Atlanta, Georgia, and...
and
Robert McNamaraRobert Strange McNamara was an American business executive and the eighth Secretary of Defense, serving under Presidents John F. Kennedy and Lyndon B. Johnson from 1961 to 1968. Following that he served as President of the World Bank from 1968 until 1981...
. He visited more than 120 countries around the world during his term as president. He is credited, among other things, with being the first World Bank president to bring attention to the problem of corruption in the area of development financing.
On 3 January 2005, he announced that he would not seek a third term as president. During his term, the
Alfalfa ClubThe Alfalfa Club is an Washington, D.C. social organization that exists only to hold an annual banquet on the last Saturday of January. The club's membership, which numbers about 200, is composed primarily of American politicians and influential members of the United States business community, and...
named him as their nominee for
President of the United StatesThe President of the United States is the head of state and head of government of the United States and is the highest political official in the United States by influence and recognition...
in 2000 as part of a long-standing tradition, despite being constitutionally ineligible due to the natural-born citizen clause in Article II of the United States Constitution.
Upon leaving the World Bank on 31 May 2005, Wolfensohn assumed the post of special envoy for Gaza disengagement for the
Quartet on the Middle EastThe Quartet on the Middle East, sometimes called the Diplomatic Quartet or Madrid Quartet or simply the Quartet, is a foursome of nations and international and supranational entities involved in mediating the peace process in the Israeli-Palestinian conflict. The Quartet are the United States,...
.
United States Secretary of StateThe United States Secretary of State is the head of the United States Department of State, concerned with foreign affairs. The Secretary is a member of the President's Cabinet and the highest-ranking cabinet secretary both in line of succession and order of precedence. The current Secretary of...
Condoleezza RiceCondoleezza Rice is a professor, diplomat, author, and national security expert. She served as the 66th United States Secretary of State, and the second to hold that office in the administration of President George W. Bush...
appointed him to this position, in which he was to help coordinate
IsraelIsrael officially the State of Israel , is a developed state in Western Asia located on the eastern shore of the Mediterranean Sea. It borders Lebanon in the north, Syria in the northeast, Jordan in the east, and Egypt on the southwest, and contains geographically diverse features within its...
's planned withdrawal from the
Gaza StripThe Gaza Strip lies on the coast of the Mediterranean Sea. It borders Egypt on the south-west and Israel on the south, east and north. It is about long, and between 6 and 12 kilometers wide, with a total area of . The area is recognized internationally as part of the Palestinian territories...
and to spearhead reconstruction efforts as the Palestinians assume sovereignty over the area. Citing frustration with the stymied
Road MapThe "road map" for peace is a plan to resolve the Israeli-Palestinian conflict proposed by a "quartet" of international entities: the United States, the European Union, Russia, and the United Nations. The principles of the plan, originally drafted by U.S. Foreign Service Officer Donald Bloome, were...
process, he announced that he would not continue on past his original one-year commitment, and left the post on 30 April 2006.
Civic and charitable activities
In 2006, Wolfensohn founded the Wolfensohn Center for Development
http://www.brookings.edu/global/wolfensohn.htm at the
Brookings InstitutionThe Brookings Institution is a nonprofit, public policy organization based in Washington, D.C. One of Washington's oldest think tanks, Brookings conducts research and education in the social sciences, primarily in economics, metropolitan policy, governance, foreign policy, and global economy and...
, a Washington, D.C.-based think tank.
The center examines how to implement, scale up, and sustain development interventions to solve key development challenges at a national, regional, and global level and strives to bridge the gap between development theorists and practitioners. Current projects focus on youth exclusion in the Middle East, large-scale anti-poverty programs, reforms of global economic governance, and regional cooperation, particularly in Central Asia.
Wolfensohn is an honorary trustee of the
Brookings InstitutionThe Brookings Institution is a nonprofit, public policy organization based in Washington, D.C. One of Washington's oldest think tanks, Brookings conducts research and education in the social sciences, primarily in economics, metropolitan policy, governance, foreign policy, and global economy and...
, and served as a trustee of the
Rockefeller FoundationThe Rockefeller Foundation is a prominent philanthropic organization and private foundation based at 420 Fifth Avenue, New York City. The preeminent institution established by the six-generation Rockefeller family, it was founded by John D. Rockefeller , along with his son John D. Rockefeller, Jr...
. He is a trustee and the former chairman of the board of trustees of the
Institute for Advanced StudyThe Institute for Advanced Study, located in Princeton, New Jersey, United States, is a center for theoretical research and intellectual inquiry. The Institute is perhaps best known as the academic home of Albert Einstein, John von Neumann, and Kurt Gödel, after their immigration to the United...
in Princeton. He is also chairman emeritus of
Carnegie HallCarnegie Hall is a concert venue in Midtown Manhattan in New York City located at 881 Seventh Avenue, occupying the east stretch of Seventh Avenue between West 56th Street and West 57th Street, two blocks south of Central Park....
in New York and of the
John F. Kennedy Center for the Performing ArtsThe John F. Kennedy Center for the Performing Arts is a performing arts center located on the Potomac River, adjacent to the Watergate complex in Washington, D.C...
in Washington, D.C., and a member of the
Council on Foreign RelationsThe Council on Foreign Relations is an American nonprofit and nonpartisan membership organization dedicated to improving the understanding of U.S. foreign policy and international affairs...
. He serves on the board of various charitable foundations, including the Wolfensohn Family Foundation. In July 2008, Wolfensohn was selected as one of the inaugural fellows of the
Australian Institute of International AffairsEstablished in 1924 and formed as a national body in 1933, the Australian Institute of International Affairs endeavours to promote interest in and understanding of international affairs. It consists of seven independent branches in each State and Territory , along with the National Office located...
.
Wolfensohn has attended meetings of the
Bilderberg GroupThe Bilderberg Group, Bilderberg conference, or Bilderberg Club is an unofficial, annual, invitation-only conference of around 130 guests, most of whom are persons of great influence in the fields of politics, business, banking, and media....
, the
Aspen InstituteThe Aspen Institute is an international nonprofit organization founded in 1950 as the Aspen Institute of Humanistic Studies. Today, the organization is dedicated to "fostering enlightened leadership, the appreciation of timeless ideas and values, and open-minded dialogue on contemporary issues."...
, and the
World Economic ForumThe World Economic Forum is a Geneva-based non-profit foundation best known for its annual meeting in Davos, Switzerland which brings together top business leaders, international political leaders, selected intellectuals and journalists to discuss the most pressing issues facing the world...
.
In 2004, Wolfensohn was the commencement speaker at
Brandeis UniversityBrandeis University is a private research university with a liberal arts focus, located in Waltham, Massachusetts, United States. It is located in the southwestern corner of Waltham, nine miles west of Boston. The University has an enrollment of approximately 3,200 undergraduate and 2,100 graduate...
http://www.brandeis.edu/commencement/speaker.html.
Wolfensohn also sits on the board of
Endeavor (non-profit)Endeavor is a non-profit organization that believes High-Impact Entrepreneurs are leading force for sustainable economic development. Its goal is to transform the economies of emerging markets by identifying and supporting these High-Impact Entrepreneurs....
.
Personal life and honors
A friend of
Jacqueline du PréJacqueline Mary du Pré OBE was a British cellist, acknowledged as one of the greatest players of the instrument. She is particularly associated with Elgar's Cello Concerto in E Minor; her interpretation of that work has been described as "definitive" and "legendary"...
, he began cello studies with her at the age of 41. He continues to play and has appeared, together with musician friends, at private events at Carnegie Hall and elsewhere.
Wolfensohn has received numerous awards throughout his life, including becoming an honorary officer of the
Order of AustraliaThe Order of Australia is an order of chivalry established by Elizabeth II, Queen of Australia on 14 February 1975 "for the purpose of according recognition to Australian citizens and other persons for achievement or for meritorious service"....
in 1987, and an
honorary knighthood of the
Order of the British EmpireThe Most Excellent Order of the British Empire is a British order of chivalry established on 4 June 1917 by King George V. The Order includes five classes in civil and military divisions...
in 1995 for his service to the arts. The
University of New South WalesThe University of New South Wales, also known as UNSW or colloquially as New South, is a university situated in Kensington, a suburb in Sydney, New South Wales, Australia.The University was founded in 1949...
conferred an honorary degree of
Doctor of ScienceDoctor of Science , usually abbreviated Sc.D., D.Sc., S.D. or Dr.Sc., is an academic research degree awarded in a number of countries throughout the world. In some countries, such as the UK, Ireland, Finland, Norway, Sweden, Ukraine, Russia, Hungary, the Czech Republic and several Commonwealth...
in 2006 and he is a recipient of The International Center in New York's Award of Excellence.
He is married to Elaine, née Botwinick, and has three grown children, Sara, Naomi, Adam, and four grandchildren.
Further reading
- The World's Banker by Sebastian Mallaby, ISBN 1-59420-023-8. Critical biography by former The Economist writer and Washington Post contributor, emphasis on World Bank.
- Voice for the World's Poor: Selected Speeches and Writings of World Bank President James D. Wolfensohn, 1995–2005 by James D. Wolfensohn and Andrew Kircher, ISBN 978-0821361566. Collection of speeches, articles, memoranda and op-eds.
- A Global Life: My Journey among Rich and Poor, from Wall Street to the World Bank by James D. Wolfensohn, ISBN 978-1586482558. Forthcoming memoirs.
External links
Biographies
Other