Daniel Gross - A Bankers Journey: How Edmond J. Safra Built a Global Financial Empire

W ho was Edmond J. Safra? The greatest banker of his generation, in the estimation of a former World Bank president. The founder of four massive financial institutions on three continents, and a proud child of Beiruts Jewish quarter. An innovative avatar of financial globalization, and a faithful heir to a tradition of old-world banking. The leading champion and protector of the Sephardic diaspora.

In A Bankers Journey, financial journalist and historian Daniel Gross, who, like Safra, traces his heritage to Aleppo, Syria, reconstructs the public life of an intensely private man. With exclusive access to Safras personal archives, Gross tracks the bankers remarkable journey from Beirut to Milan, So Paulo, Geneva, and New Yorkto the pinnacle of global finance.

Edmond Safra was fifteen in 1947 when his father sent him to establish a presence in Milan, Italy. Fluent in six languages, and with an eye for value, managing risk, and personal potential, Safra was in perpetual motion until his tragic death in 1999. The modern, global financial empire he built was based on timeless principles: a banker must protect his depositors and avoid excessive leverage and risk. In an age of busts and bailouts, Safra posted remarkable returns while rarely suffering a credit loss.

From a young age, Safra assumed the mantle of leadership in the Syrian-Lebanese Jewish community, providing personal aid, supporting the communities that formed in exile, and championing Sephardic religious and educational efforts in Israel and around the world.

Edmond J. Safras life of achievement in the twentieth century offers enduring lessons for those seeking to make their way in the twenty-first century. He inspired generations to make the world a better place.

DANIEL GROSS is one of the most widely-read writers on finance, economics, and business history. Over the past three decades, he has reported from more than thirty countries, covering everything from the dotcom boom to the global financial crisis and the Great Recession of 20082009.

Gross worked as a reporter at The New Republic and Bloomberg News, wrote the Economic View column in The New York Times, and served as Slates Moneybox columnist. At Newsweek, where he was a columnist and correspondent, he authored seven cover stories. He is a bestselling author of eight books, including Forbes Greatest Business Stories of All Time; Generations of Corning; Dumb Money: How Americas Greatest Financial Minds Bankrupted the Nation; and Better, Stronger, Faster: The Myth of American Decline and the Rise of a New Economy.

Gross was educated at Cornell Universityand holds an MA in American history from Harvard University. His great-grandparents immigrated to the United States from Aleppo and Damascus.

Praise for A Bankers Journey

Edmond Safras extraordinary life is one of the most fascinating stories in modern finance, but the story runs much deeper than his legendary success. A Bankers Journey captures the fullness of a man whose mind for business and appetite for adventure was matched only by his heart for giving and sense of responsibility to others. His impact continues to be felt, and now the inspiring lessons from his life will reach an even wider audience.

Michael R. Bloomberg, founder of Bloomberg LP and Bloomberg Philanthropies and mayor of New York City, 2002-2013

Edmond J. Safras remarkable story comes alive through the extensive research of Daniel Gross. Safras banking success made him a public figure, but his generosity, dignity, and integrity are what A Bankers Journey masterfully showcases as the qualities by which he will be remembered.

Bryan Burrough, coauthor ofBarbarians at the Gateand author ofVendetta: American Express and the Smearing of Edmond Safra

Edmond Safra was a remarkable leader, builder, dreamer, philanthropist, and financial services executive. I was honored to know him and work closely with him for two decades. From the moment I picked up Daniel Grosss book, I literally, and I say literally, could not put it down. It was a fantastic journey through an incredible life. Edmond always put his company, employees, and depositors first. He cared deeply about this extended family, and he always had their backs. Edmond was also very philanthropic, as he supported a number of religious organizations. For any aspiring business or community leader, this book is a must read. Edmond was one of the most talented leaders I have ever been around, and our world is a much better place because of him.

Sandy Weill, former chairman and CEO of Citigroup

Daniel Grosss graceful and factual recounting of the life of the great banker and philanthropist Edmond Safra is a joy to read, and inspiring.

Peggy Noonan, theWall Street Journal

Most readers will know Edmond J. Safra as a towering banker who helped define the modern economic era. Daniel Grosss vibrant account will make them aware of Safras open-handed humanitarian instinct that stood in equal measure to his financial geniusan instinct that continues repairing the world to this day. His legacy of a deep and boundless commitment to family, faith and generosity holds timeless lessons for us all, no matter what journey we find ourselves on. Absorbing, highly-recommended reading.

Michael J. Fox

Anyone who knew my treasured friend Edmond Safra was keenly aware that he was a remarkable person: thoughtful, welcoming, intelligent. With this definitive account of his life, a broader audience can marvel at his accomplishments, remember his enduring contributions, and carry forward the lessons of a life lived with purpose and humility.

Elton John

This is an extraordinary book about a remarkable man. Edmond J. Safra may be best known as an immensely successful global financier, but he was a person of many significant qualities: devoted to his family, his faith, and to the deep value of education for individuals from many backgrounds. He gave generously to several universities, and the story of his life is now told in an exceptional way, with fine scholarly detail that makes vivid all the humane aspects of this exceptional human being.

Neil L. Rudenstine, president emeritus, Harvard University

Commercial banking was Edmonds heritage and his consuming passion. At an age when most of us were thinking about what college wed like to enter, he was sent out pretty much on his own to explore business opportunities in both Europe and America. He built his banks, made his money, and, not so incidentally, established his name the old-fashioned way. But when it came to a decision, Edmond could match any modern entrepreneur. Through it all, Edmond was strongly motivated by a more personal responsibility that couldnt be counted in numbers.

Paul Volcker, chair of the Federal Reserve (1979-1987)

The lessons to be learned from following Edmond Safras career are remarkable. He shaped a generation of young, serious, and brilliant bankers, and this book is a cant-miss for those who are entering the banking world.

Leonard A. Lauder, chairman emeritus of The Este Lauder Companies Inc.