Marcus Wallenberg Sr

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Marcus Laurentius Wallenberg, Sr. RoKKMO (5 March 1864 – 22 July 1943) was a Swedish banker and industrialist. He was CEO of Stockholms Enskilda Bank (SEB) from 1911 to 1920.

Marcus Wallenberg Sr.

Marcus Laurentius Wallenberg

(1864-03-05)5 March 1864
Stockholm, Sweden
Died22 July 1943(1943-07-22) (aged 79)
Ekerö, Sweden
Resting placeWallenberg Mausoleum [sv]
59°17′34″N 17°49′48″E / 59.29278°N 17.83000°E / 59.29278; 17.83000
Alma materUppsala University
Occupation(s)Banker, industrialist
Amalia Wallenberg
(m. 1890⁠–⁠1943)
Children6, including Jacob Wallenberg and Marcus Wallenberg
Parent(s)André Oscar Wallenberg
Anna von Sydow
RelativesVictor Wallenberg (brother)
Knut Agathon Wallenberg (half-brother)
FamilyWallenberg family

Early life edit

Wallenberg was born on 5 March 1864 in Stockholm, Sweden, the son of André Oscar Wallenberg and his second wife Anna Wallenberg. He had 13 full siblings, and four half-siblings, including Knut Agathon Wallenberg (1853–1938).[1]

Wallenberg became underlöjtnant in the Swedish Navy in 1882 but left his position the same year at the age of 18 and received a Candidate of Law degree from Uppsala University in 1888. He was appointed Master of Laws with court training in 1890.[2]

Career edit

SEB edit

In 1890, Wallenberg became ombudsman for Stockholms Enskilda Bank (SEB) and from 1892 belonged to the bank's executive board.[2] In 1892, Marcus's older half brother, Knut Agaton Wallenberg, was CEO of Stockholms Enskilda Bank and induced Marcus to come work for him as vice president of the bank; an offer Marcus accepted. His older brother retired as CEO in the year of 1911 and Marcus replaced him as CEO. He was CEO until the year of 1920. Marcus laid the very foundation of the bank for decades with his emphatic defense of his own banking policy and constant emphasis on the importance of family traditions.[3] He became vice chairman of the board of SEB in 1920 and then was its chairman from 1938 until his death in 1943.[4]

Other businesses edit

Wallenberg participated in the founding of Centralbanken for Norge [no] (1899) and AB Emissionsinstitutet (1914). In addition, Wallenberg had been so intrigued by the promotion of Swedish industry that his name became intimately connected with its development in the first quarter of the 20th century. During his initiative and participation, several of Sweden's largest industrial facilities have either been founded or reorganized on an economic basis; in addition, he has promoted the achievements of Swedish industry abroad. Among such contributions from Wallenberg's side can be mentioned the founding of AB Papyrus [sv; de] (1895), Svenska Dieselbolaget (1898), Svensk-Dansk-Ryska Telefonaktiebolaget (1900) and Mexican Telefon AB Ericsson (1905).[2] Other companies founded or co-founded by Wallenberg include Virsbo AB, AS Tyssefaldene and AB Sydafrikanska Handelskompaniet and more.[4] He worked with the investigation of Fernaverken's business (1891–1903), the reconstruction of Allmänna Svenska Elektriska AB (ASEA) (1905 and subsequent years), the reorganization of Nordiska trävaru AB (1908), the reorganization of Kopparbergs & Hofors sågverks AB [sv] (1912) and of Wifstavarfs AB [sv] (1912). Along with the Norwegian Sam Eyde, he founded Norsk hydro elektrisk kvælstofsaktieselskab in 1905, whose facilities at Notodden in Norway have been epoch-making for the extraction of nitrogen compounds from the air. Wallenberg was the leading representative in Sweden of the modern pursuit of industry concentration under the leadership of the major banks. His strong interest in industrial development gave him reason to, together with E. J. Ljungberg in 1910, found the Federation of Swedish Industries (Sveriges Industriförbund).[2] Wallenberg was chairman, vice chairman or board member of Diligentia, Investor AB, Emissionsinstitutet, Papyrus, Försäkringsaktiebolaget Freja and Skandia, Kopparfors AB, Compagnie d'applications mécaniques (France), State Bank of Morocco, Stora Kopparbergs Bergslags AB, Storviks Sulfit AB, Wifstavarfs AB, Yngeredsfors Kraft AB as well as Norsk hydro elektrik kvælstofsaktieselskab and Orkla Mining Company in Norway.[4] A stately testimony to the significance of his efforts in these various fields leaves the Ekonomiska studier, tillägnade Marcus Wallenberg på hans 50-årsdag ("Economic Studies, dedicated to Marcus Wallenberg on his 50th birthday", 1914), a festschrift authored by about thirty collaborators in the field of practical and theoretical economics.[2]

Wallenberg, who was widely used for committee assignments in banking legislation and related matters, was from 1917 a member of the Trade Council (Handelsrådet). During World War I, he was repeatedly called upon to bring about trade agreements with England and its allies. He was thus a member of the Swedish negotiating delegation, which in the autumn of 1916 was sent to London. After the settlement agreement, which this delegation brought home to Sweden in February 1917, was not approved by the Hammarskjöld Cabinet [sv; no], Wallenberg was sent back to London the same year in November by the Edén-Hellner Cabinet as a member of a new negotiating delegation. The agreements, which were now signed on 29 May 1918 with England, France, the United States and Italy and which assured Sweden of the supply of food and other necessities against the leasing of tonnage to the Triple Entente, and the restriction of exports to the Central Powers, were primarily Wallenberg's work. In the winter of 1919, Wallenberg had to monitor Sweden's interests in financial matters on behalf of the Swedish government during the Paris Peace Conference and in 1920 was Sweden's representative at the Brussels Finance Conference.[2]

In 1920 he became a member of the League of Nations' newly established Financial Committee, of which he was chairman from 1921 to 1922. In 1921, Wallenberg founded the Swedish Taxpayers' Association. Wallenberg participated in leading positions in the implementation of the Dawes Plan, and was the sole permanent arbitrator in disputes concerning the interpretation and application of the law, the financial burden on German industry and was a member of the permanent arbitration tribunal for disputes concerning the Dawes Plan application.[5]

Personal life edit

On 19 August 1890, Wallenberg married Gertrud Amalia Hagdahl (1864–1959), the daughter of Charles Emil Hagdahl and Emilia Gylling on 19 August 1890.[4] The couple had two sons and four daughters; Sonja (1891–1970), Jacob (1892–1980), Andrea (1894–1980), Gertrud (1895–1983), Marcus (1899–1982) and Ebba (1896–1960).

Marcus raised both his sons in a systematic way to prepare them for a career in the family bank. A successful upbringing considering both sons were CEOs of the bank. In 1960, Jacob Wallenberg founded the Marcus and Amalia Wallenberg Foundation in memory of his parents.

Death edit

Marcus Wallenberg died on 22 July 1943 at the age of 79 at Malmvik Estate in Lindö in Ekerö Municipality. He is buried in the Wallenberg Mausoleum [sv] in Malmvik.[6]

Ancestry edit

Awards and decorations edit

Swedish edit

Foreign edit

Honours edit

References edit

  1. ^ Key, Helmer (1916). A. O. Wallenberg: en minnesteckning (in Swedish). Stockholm: Nordiska bokh. p. 201. SELIBR 411951.
  2. ^ a b c d e f Westrin, Theodor, ed. (1921). Nordisk familjebok: konversationslexikon och realencyklopedi (in Swedish). Vol. 31 (Ny, rev. och rikt ill. ed.). Stockholm: Nordisk familjeboks förl. pp. 481–482. SELIBR 8072220.
  3. ^ "Archived copy" (PDF). Archived from the original (PDF) on 3 March 2016. Retrieved 7 August 2014.{{cite web}}: CS1 maint: archived copy as title (link)
  4. ^ a b c d e f g Vem är det: svensk biografisk handbok. 1943 [Who is it: Swedish biographical handbook. 1943] (in Swedish). Stockholm: Norstedt. 1942. pp. 866–867. SELIBR 10335454.
  5. ^ Johansson, Gotthard; Lorents, Yngve, eds. (1937). Bonniers konversationslexikon (in Swedish). Vol. XII:1 (Nationaluppl. ed.). Stockholm: Bonnier. p. 349. SELIBR 1362008.
  6. ^ "Archived copy" (PDF). Archived from the original (PDF) on 3 March 2016. Retrieved 7 August 2014.{{cite web}}: CS1 maint: archived copy as title (link)
  7. ^ a b c d e f Sveriges statskalender för skottåret 1940 (in Swedish). Uppsala: Fritzes offentliga publikationer. 1940. p. 7.
  8. ^ Sveriges statskalender för året 1931 (in Swedish). Uppsala: Fritzes offentliga publikationer. 1931. p. 148.
  9. ^ Sveriges statskalender för året 1921 (in Swedish). Uppsala: Almqvist & Wiksell. 1921. p. 900.
  10. ^ Svensk rikskalender 1909 (in Swedish). Stockholm: P. A. Nordstedt & Söner. 1908. p. 654. SELIBR 498191.
  11. ^ Sveriges statskalender för år 1905 (in Swedish). Stockholm: P.A. Nordstedt & Söner. 1904. p. 575.
  12. ^ Sveriges statskalender för året 1925 (in Swedish). Uppsala: Almqvist & Wiksell. 1925. p. 869.
  13. ^ Sveriges statskalender för år 1915 (in Swedish). Uppsala: Fritzes offentliga publikationer. 1915. p. 761.

External links edit

Business positions
Preceded by CEO of Stockholms Enskilda Bank (SEB)
Succeeded by
Joseph Nachmanson
Preceded by Chairman of the board of Stockholms Enskilda Bank (SEB)
Succeeded by
Johannes Hellner