Paul Warburg
| Paul Warburg | |
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Paul Warburg
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| Born |
Paul Moritz Warburg August 10, 1868 Hamburg, Germany |
| Died | January 24, 1932 (aged 63) New York City, U.S. |
| Nationality | United States |
| Occupation | Banker |
| Employer | Manhattan Company |
Paul Moritz Warburg (August 10, 1868 – January 24, 1932) was a Jewish German-born American banker, and an early advocate of the U.S. Federal Reserve System.
Warburg was born in Hamburg, Germany, to the Warburg family, a Jewish banking dynasty with origins in Venice. His parents were Moritz and Charlotte Esther (Oppenheim) Warburg. After graduating from the Realgymnasium in Hamburg in 1886, he entered the employ of Simon Hauer, a Hamburg importer and exporter, to learn the fundamentals of business practice. He similarly worked for Samuel Montague & Company, bankers, in London in 1889–90, the Banque Russe pour le Commerce Etranger in Paris in 1890–91.
In 1891, Warburg entered the office of the family banking firm of M. M. Warburg & Co., which had been founded in 1798 by his great-grandfather. He interrupted work there to undertake a world tour during the winter of 1891–92. Warburg was admitted to a partnership in the family firm in 1895.
On October 1, 1895, Warburg was married in New York City to Nina J. Loeb, daughter of Solomon Loeb, founder of the New York investment firm of Kuhn, Loeb & Co. The Warburgs were the parents of a son, James Paul Warburg, and a daughter, Bettina Warburg Grimson.
Although a major factor in German finance, after frequent business trips to New York Warburg settled there in 1902 as a partner in Kuhn, Loeb & Co., where the influential Jacob Schiff, his brother-in-law, was senior partner. Warburg remained a partner in the family firm in Hamburg, but he became a naturalized American citizen in 1911. He was a member of Temple Emanu-El in New York City.
Warburg was elected a director of Wells Fargo & Company in February 1910. He resigned in September 1914 following his appointment to the Federal Reserve Board, and Jacob Schiff was elected to his seat on the Wells Fargo board.
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