Lewis Glucksman
Encyclopedia
Lewis L. Glucksman was a former Lehman Brothers
trader and former chief executive officer and chairman of Lehman Brothers, Kuhn, Loeb Inc.
New York City
. He served as a teenage volunteer with the US Navy in World War II
.
and later earned a Master's degree in business administration from New York University
. The National University of Ireland
granted him an honorary Ph.D.
in 2002.
. He joined the staff of privately held Lehman Brothers in 1963, a firm with a 130-year history. After rising from head of sales and trading at Lehman to co-CEO, Glucksman, described then as "gruff and tough" beat Pete Peterson
, a former United States Secretary of Commerce
for control of the then-closely held firm in 1983, a battle documented in the 1986 book Greed and Glory on Wall Street by Ken Auletta
.
Shortly after Glucksman took control, however, the firm experienced a sharp drop in profits. That resulted in a forced sale by Lehman's partners to American Express
in 1984. American Express paid $380 million for the firm.
Glucksman joined Primerica Financial Services
after Citigroup Inc. founder Sanford Weill acquired the company in 1988.
He also served as Commissioner of the Port Authority of New York and New Jersey
.
frequently in his role as a trustee of New York University
to promote academic relationships between Irish academia and NYU. He established a home in Cobh
, County Cork
in 1984 with his wife Loretta Brennan Glucksman and lived there from 1999.
Glucksman directed much of his philanthropy towards projects of benefit to the promotion of culture in Ireland. These included the transfer of the Coastal and Marine Research Centre from UCC to waterfront premises at Cork Harbour
; his patronage of the Lewis Glucksman Gallery
at UCC and the Glucksman Chair of Literature and the Glucksman Library and Reading Room at the University of Limerick
; his support for the Millennium Wing of the National Gallery of Ireland
; his 1993 founding of Glucksman Ireland House at New York University
as a centre of Irish culture, language, literature and music; and his participation in The Ireland Funds
.
The Glucksman Institute for Research in Securities Markets (formed at NYU Stern) is endowed by a grant from Lewis Glucksman, Stern MBA '1951. It offers faculty and student grants to support research on equities, bonds, futures, options, and other financial instruments and on the markets where they are traded.
in 2006, aged 80. He is survived by his wife and his daughters Mary Salinger Glucksman and Jane Salinger Glucksman.
Lehman Brothers
Lehman Brothers Holdings Inc. was a global financial services firm. Before declaring bankruptcy in 2008, Lehman was the fourth largest investment bank in the USA , doing business in investment banking, equity and fixed-income sales and trading Lehman Brothers Holdings Inc. (former NYSE ticker...
trader and former chief executive officer and chairman of Lehman Brothers, Kuhn, Loeb Inc.
Life
Glucksman was born into a second generation Hungarian-Jewish family that lived on the upper west side of ManhattanManhattan
Manhattan is the oldest and the most densely populated of the five boroughs of New York City. Located primarily on the island of Manhattan at the mouth of the Hudson River, the boundaries of the borough are identical to those of New York County, an original county of the state of New York...
New York City
New York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...
. He served as a teenage volunteer with the US Navy in World War II
World War II
World War II, or the Second World War , was a global conflict lasting from 1939 to 1945, involving most of the world's nations—including all of the great powers—eventually forming two opposing military alliances: the Allies and the Axis...
.
Education
Glucksman graduated from the College of William and MaryCollege of William and Mary
The College of William & Mary in Virginia is a public research university located in Williamsburg, Virginia, United States...
and later earned a Master's degree in business administration from New York University
New York University
New York University is a private, nonsectarian research university based in New York City. NYU's main campus is situated in the Greenwich Village section of Manhattan...
. The National University of Ireland
National University of Ireland
The National University of Ireland , , is a federal university system of constituent universities, previously called constituent colleges, and recognised colleges set up under the Irish Universities Act, 1908, and significantly amended by the Universities Act, 1997.The constituent universities are...
granted him an honorary Ph.D.
Ph.D.
A Ph.D. is a Doctor of Philosophy, an academic degree.Ph.D. may also refer to:* Ph.D. , a 1980s British group*Piled Higher and Deeper, a web comic strip*PhD: Phantasy Degree, a Korean comic series* PhD Docbook renderer, an XML renderer...
in 2002.
Career
Glucksman had a distinguished career on Wall StreetWall Street
Wall Street refers to the financial district of New York City, named after and centered on the eight-block-long street running from Broadway to South Street on the East River in Lower Manhattan. Over time, the term has become a metonym for the financial markets of the United States as a whole, or...
. He joined the staff of privately held Lehman Brothers in 1963, a firm with a 130-year history. After rising from head of sales and trading at Lehman to co-CEO, Glucksman, described then as "gruff and tough" beat Pete Peterson
Peter George Peterson
Peter G. Peterson is an American businessman, investment banker, fiscal conservative, author, and politician whose most prominent political position was as United States Secretary of Commerce from February 29, 1972, to February 1, 1973 under Richard Nixon. He is most well known currently as...
, a former United States Secretary of Commerce
United States Secretary of Commerce
The United States Secretary of Commerce is the head of the United States Department of Commerce concerned with business and industry; the Department states its mission to be "to foster, promote, and develop the foreign and domestic commerce"...
for control of the then-closely held firm in 1983, a battle documented in the 1986 book Greed and Glory on Wall Street by Ken Auletta
Ken Auletta
Ken Auletta is an American writer, journalist and media critic for The New Yorker.-Early life and education:Auletta grew up in Brooklyn, the son of an Italian-American father and a Jewish-American mother...
.
Shortly after Glucksman took control, however, the firm experienced a sharp drop in profits. That resulted in a forced sale by Lehman's partners to American Express
American Express
American Express Company or AmEx, is an American multinational financial services corporation headquartered in Three World Financial Center, Manhattan, New York City, New York, United States. Founded in 1850, it is one of the 30 components of the Dow Jones Industrial Average. The company is best...
in 1984. American Express paid $380 million for the firm.
Glucksman joined Primerica Financial Services
Primerica Financial Services
Primerica, Inc. is a referral marketer of financial products and services using a hybrid model of direct selling, franchising and distribution....
after Citigroup Inc. founder Sanford Weill acquired the company in 1988.
He also served as Commissioner of the Port Authority of New York and New Jersey
Port Authority of New York and New Jersey
The Port Authority of New York and New Jersey is a bi-state port district, established in 1921 through an interstate compact, that runs most of the regional transportation infrastructure, including the bridges, tunnels, airports, and seaports, within the Port of New York and New Jersey...
.
Ireland and philanthropy
He travelled to IrelandRepublic of Ireland
Ireland , described as the Republic of Ireland , is a sovereign state in Europe occupying approximately five-sixths of the island of the same name. Its capital is Dublin. Ireland, which had a population of 4.58 million in 2011, is a constitutional republic governed as a parliamentary democracy,...
frequently in his role as a trustee of New York University
New York University
New York University is a private, nonsectarian research university based in New York City. NYU's main campus is situated in the Greenwich Village section of Manhattan...
to promote academic relationships between Irish academia and NYU. He established a home in Cobh
Cobh
Cobh is a seaport town on the south coast of County Cork, Ireland. Cobh is on the south side of Great Island in Cork Harbour. Facing the town are Spike Island and Haulbowline Island...
, County Cork
County Cork
County Cork is a county in Ireland. It is located in the South-West Region and is also part of the province of Munster. It is named after the city of Cork . Cork County Council is the local authority for the county...
in 1984 with his wife Loretta Brennan Glucksman and lived there from 1999.
Glucksman directed much of his philanthropy towards projects of benefit to the promotion of culture in Ireland. These included the transfer of the Coastal and Marine Research Centre from UCC to waterfront premises at Cork Harbour
Cork Harbour
Cork Harbour is a natural harbour and river estuary at the mouth of the River Lee in County Cork, Ireland. It is one of several which lay claim to the title of "second largest natural harbour in the world by navigational area" . Other contenders include Halifax Harbour in Canada, and Poole Harbour...
; his patronage of the Lewis Glucksman Gallery
Lewis Glucksman Gallery
The Lewis Glucksman Gallery is an award-winning art gallery in University College, Cork, Ireland.Opened to the public by the President of Ireland, Mary McAleese on 14 October 2004, the Glucksman gallery was named Best Public Building in Ireland by the RIAI in June 2005...
at UCC and the Glucksman Chair of Literature and the Glucksman Library and Reading Room at the University of Limerick
University of Limerick
The University of Limerick is a university in Ireland near the city of Limerick on the island's west coast. It was established in 1972 as the National Institute for Higher Education, Limerick and became a university by statute in 1989 in accordance with the University of Limerick Act 1989...
; his support for the Millennium Wing of the National Gallery of Ireland
National Gallery of Ireland
The National Gallery of Ireland houses the Irish national collection of Irish and European art. It is located in the centre of Dublin with one entrance on Merrion Square, beside Leinster House, and another on Clare Street. It was founded in 1854 and opened its doors ten years later...
; his 1993 founding of Glucksman Ireland House at New York University
New York University
New York University is a private, nonsectarian research university based in New York City. NYU's main campus is situated in the Greenwich Village section of Manhattan...
as a centre of Irish culture, language, literature and music; and his participation in The Ireland Funds
The Ireland Funds
The Ireland Funds are a global fundraising network for people of Irish ancestry and friends of Ireland, dedicated to raising funds to support programs of peace and reconciliation, arts and culture, education and community development throughout the island of Ireland...
.
The Glucksman Institute for Research in Securities Markets (formed at NYU Stern) is endowed by a grant from Lewis Glucksman, Stern MBA '1951. It offers faculty and student grants to support research on equities, bonds, futures, options, and other financial instruments and on the markets where they are traded.
Death
Glucksman died at his home in CobhCobh
Cobh is a seaport town on the south coast of County Cork, Ireland. Cobh is on the south side of Great Island in Cork Harbour. Facing the town are Spike Island and Haulbowline Island...
in 2006, aged 80. He is survived by his wife and his daughters Mary Salinger Glucksman and Jane Salinger Glucksman.