Philip Lehman (November 9, 1861 – March 21, 1947) was an American

investment banker Investment banking pertains to certain activities of a financial services company or a corporate division that consist in advisory-based financial transactions on behalf of individuals, corporations, and governments. Traditionally associated with ...

Biography

Philip Lehman was born in New York City to

Emanuel Lehman Emanuel Lehman (born Mendel Lehmann; February 15, 1827 – January 10, 1907) was a German-born American banker. The younger brother of Henry Lehman, he was a co-founder of Lehman Brothers. Biography Emanuel Lehman was born in Rimpar, Bavaria on ...

(1827–1907) and Pauline Sondheim (1843–1871). Emanuel was a co-founder of the now-defunct

investment bank Investment is the dedication of money to purchase of an asset to attain an increase in value over a period of time. Investment requires a sacrifice of some present asset, such as time, money, or effort. In finance, the purpose of investing is ...

Lehman Brothers Lehman Brothers Holdings Inc. ( ) was an American global financial services firm founded in 1847. Before Bankruptcy of Lehman Brothers, filing for bankruptcy in 2008, Lehman was the fourth-largest investment bank in the United States (behind Gol ...

. Philip became a partner in the family-owned firm in 1887 and was the firm's managing partner from 1901 to 1925. He was also the first chairman of the board of the Lehman Corporation. Lehman was notable as one of the first financiers to recognize the potential of issuing stock as a way for new companies to raise capital. His family is of

Jewish Jews ( he, יְהוּדִים, , ) or Jewish people are an ethnoreligious group and nation originating from the Israelites Israelite origins and kingdom: "The first act in the long drama of Jewish history is the age of the Israelites""The ...

background. Philip married Carrie Lauer (1865–1937) on January 3, 1884. They had two children, Pauline (born 1887) and

Robert Lehman Robert Owen Lehman, Sr. (September 29, 1891 – August 9, 1969) was an American banker, longtime head of the Lehman Brothers investment bank, and a racehorse owner, art collector, and philanthropist. Life and career Lehman was born to a Jewish ...

(1891–1969). The family resided in a 5-story limestone mansion designed in 1899 by John H. Duncan on

7 West 54th Street 7 West 54th Street (also the Philip Lehman Residence) is a commercial building in the Midtown Manhattan neighborhood of New York City. It is along 54th Street (Manhattan), 54th Street's northern sidewalk between Fifth Avenue and Sixth Avenue. T ...

, now known as the "Philip Lehman Mansion" and designated as a New York landmark in 1981. Lehman began collecting major artworks in 1911, the bulk of which he willed to his son Robert. His collection today forms part of the exhibition in the Robert Lehman Wing at the

Metropolitan Museum of Art The Metropolitan Museum of Art of New York City, colloquially "the Met", is the largest art museum in the Americas. Its permanent collection contains over two million works, divided among 17 curatorial departments. The main building at 1000 ...

References

External links

Entry at Harvard Business School
{{DEFAULTSORT:Lehman, Philip 1861 births 1947 deaths American art collectors American investment bankers Jewish American bankers American people of German-Jewish descent Businesspeople from New York City Lehman Brothers people Jewish American art collectors Lehman family Trust Company of America people