Jacob Wallenberg (1892–1980)
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Jacob "Juju" Wallenberg (27 September 1892 – 1 August 1980) was a Swedish banker and industrial leader. Wallenberg held various central positions in Stockholms Enskilda Bank. He was also chairman of the board of several companies, including Stora Kopparbergs Bergslag and Orkla Mining Company. From 1934 to 1944 he was a member of the Swedish governmental commission for trade with Germany.


Early life

Wallenberg was born in
Stockholm Stockholm (; ) is the Capital city, capital and List of urban areas in Sweden by population, most populous city of Sweden, as well as the List of urban areas in the Nordic countries, largest urban area in the Nordic countries. Approximately ...
, Sweden, the son of Marcus Wallenberg Sr. and his wife Amalia (née Hagdahl) and brother of Marcus Wallenberg Jr. He grew up in Östermalm in Stockholm and spent many summers at Malmvik Estate in Lovön. The tradition in the family was patriarchal, but privately Jacob Wallenberg was subordinate to his mother, the matriarch Amalia, whose birthday the family still celebrates May 29 each year. He moved away from home only when he approached 30 years old, and then just upstairs in the house at
Strandvägen Strandvägen () is a street on Östermalm in central Stockholm, Sweden. Completed just in time for the Stockholm World's Fair 1897, it quickly became known as one of the most prestigious addresses in town. Stretching 1 km (3.500 ft) ...
27. After six years of education at the Royal Swedish Naval Academy, Wallenberg became a naval officer in 1912 (later sub-lieutenant in the
Swedish Navy The Swedish Navy () is the maritime service branch of the Swedish Armed Forces. It is composed of surface and submarine naval units – the Fleet (), formally sometimes referred to as the Royal Navy () – as well as marine units, the Amph ...
reserve in 1920) and graduated from the Stockholm School of Economics in 1914. Wallenberg worked for various banks in
Basel Basel ( ; ), also known as Basle ( ), ; ; ; . is a city in northwestern Switzerland on the river Rhine (at the transition from the High Rhine, High to the Upper Rhine). Basel is Switzerland's List of cities in Switzerland, third-most-populo ...
,
London London is the Capital city, capital and List of urban areas in the United Kingdom, largest city of both England and the United Kingdom, with a population of in . London metropolitan area, Its wider metropolitan area is the largest in Wester ...
and
New York City New York, often called New York City (NYC), is the most populous city in the United States, located at the southern tip of New York State on one of the world's largest natural harbors. The city comprises five boroughs, each coextensive w ...
from 1915 to 1918 before becoming assistant director of Stockholms Enskilda Bank in 1918.


Career

Wallenberg became Vice CEO of the Stockholms Enskilda Bank and a member of its board of directors in 1920 eventually becoming its CEO on 31 March 1927. He was CEO until 1946 and then vice chairman of the board from 1946 to 1950 and chairman from 1950 to 1969. Wallenberg was in the early 1930s a board member of Vikmanshytte bruks AB, AB Diligentia, Stockholms Rederi AB Svea, Stockholm-Västerås-Bergslagens Nya Jernvägsaktiebolag, Göta kanalbolag AB, Investor AB, Wedevågs bruks AB, Svenska obligationskreditaktiebolaget AB, International Bk te in
Amsterdam Amsterdam ( , ; ; ) is the capital of the Netherlands, capital and Municipalities of the Netherlands, largest city of the Kingdom of the Netherlands. It has a population of 933,680 in June 2024 within the city proper, 1,457,018 in the City Re ...
and Società Esercizi Telefonici. In the late 1930s, Wallenberg was chairman of the board of Svenska Tändsticks AB and board member of AB Diligentia, AB Obligations-Intressenter, AB Separator, AB Svenska Kullagerfabriken (SKF), Göta kanalbolag, Stockholm-Västerås-Bergslagens Nya Jernvägsaktiebolag, August Stenman AB, Svenska Personal-Pensionskassan, Svenska obligationskreditaktiebolaget AB, Wikmanshytte Bruks AB and Kreutoll Realization Co. He was also voting trustee in the International Match Realization Co. Ltd and was on the board of the National Institute of Economic Research (from 1937) and of the
Maritime Museum A maritime museum (sometimes nautical museum) is a museum specializing in the display of objects relating to ships and travel on large bodies of water. A subcategory of maritime museums are naval museums, which focus on navy, navies and the m ...
in Stockholm (from 1939). Wallenberg was in the mid-1940s chairman of the board of Svenska Tändsticks AB, Svenska Ostasiatiska Kompaniet, AB International Harvester Co. and August Stenman AB. Wallenberg was vice chairman of the board of the Swedish Bankers' Association (''Svenska Bankföreningen''), Svenska Personal-Pensionskassan and Stora Kopparbergs Bergslags AB. Wallenberg was a board member of AB Diligentia, AB Obligations-Intressenter, AB Separator, AB Svenska Kullagerfabriken, Stockholm-Västerås-Bergslagens Nya Jernvägsaktiebolag, August Stenman AB, Stora Kopparbergs Bergslags AB, Svenska obligationskreditaktiebolaget AB, Wikmanshytte Bruks AB, Kreutoll Realization Co. Furthermore, Wallenberg was board member of Försäkrings AB Skandia-Freja, Göta Kanalbolag, Kopparfors AB and Orkla Grube AB. He was also a member of the government commission for trade agreements with
Germany Germany, officially the Federal Republic of Germany, is a country in Central Europe. It lies between the Baltic Sea and the North Sea to the north and the Alps to the south. Its sixteen States of Germany, constituent states have a total popu ...
from 1934 to 1944. Wallenberg was in the mid-1950s chairman of the board of Förvaltnings AB Providentia, AB Investor, AB International Harvester Co., Kemi-Intressen AB,
Nordiska Kompaniet Nordiska Kompaniet (colloquially NK, and literally ''The Nordic Company'') is the name of two luxury department stores located in Stockholm and Gothenburg, in Sweden. The store in Stockholm receives some twelve million visitors annually, with ...
(NK), Stora Kopparbergs Bergslags AB, Svenska Diamantbergborrnings AB, AB Svenska Kullagerfabriken, AB Svenska Ostasiatiska Kompaniet, Svenska Tändsticks AB and Wifstavarfs AB, the Royal Swedish Yacht Club (KSSS). He was vice chairman of the board of Försäkrings AB Skandia-Freja, Göta kanalbolag and Orkla Gruve AB. Wallenberg was board member of AB Iggesunds Bruk, Kopparfors AB, AB Separator, August Stenman AB, Wikmanshytte Bruks AB, the
Nobel Foundation The Nobel Foundation () is a private institution founded on 29 June 1900 to manage the finances and administration of the Nobel Prizes. The foundation is based on the last will of Alfred Nobel, the inventor of dynamite. It also holds Nobel Sym ...
and the Knut and Alice Wallenberg Foundation. Wallenberg was in the mid-1960s chairman of the board of Förvaltnings AB Providentia, AB Investor, AB International Harvester Co., Kemi-Intressen AB, Koppartrans olje AB, Orkla Grube AB, AB Separator, Stora Kopparbergs Bergslags AB, AB Svenska Kullagerfabriken, AB Svenska Ostasiatiska Kompaniet, Svenska Tändsticks AB, Wifstavarfs AB and AB Astra from 1957. In the late 1960s, Wallenberg was also chairman of the board of Bergvik & Ala AB. He was a board member of AB Iggesunds Bruk, Nordiska Kompaniet (NK),
Skandia Skandia is a Swedish financial services corporation that provides insurance, banking and asset management services. Between 2006 and 2015, the financial group underwent major changes. From an insurance company with the main emphasis on non-l ...
, Göta kanalbolag, Wikmanshytte Bruks AB, the Nobel Foundation (from 1952), the Knut and Alice Wallenberg Foundation and King Gustaf V's Jubilee Fund. Wallenberg was treasurer of the Cancer Society in Stockholm. In the late 1960s, Wallenberg became chairman of the board of the Knut and Alice Wallenberg Foundation. Wallenberg was appointed by the Stockholm School of Economics Association as a member of the Stockholm School of Economics Board of Directors which is the school's highest executive body, where he was treasurer from 1931 to 1955 and vice chairman from 1938 to 1965. He was chairman of the school's deliberative body from 1943 to 1968.


Personal life

Wallenberg remained unmarried during his life. He had one son, Peder Wallenberg, who was born as a son of the marriage between John-Henry Sager and his wife Madeleine (née Sörensen), but was adopted in 1975 by his biological father Jacob Wallenberg. Peder Wallenberg had a couple of board positions in his father's companies, when Jacob was alive, but remained outside the direction of the Wallenberg sphere, especially after he received his inheritance. Wallenberg donated a major part of his fortune to two foundations: the Marcus and Amalia Wallenberg Memorial Fund Foundation (''Stiftelsen Marcus och Amalia Wallenbergs Minnesfond''), which he named to honor his parents, as well as the Jacob Wallenberg Foundation, the Special Fund (''Jacob Wallenbergs Stiftelse, Särskilda Fonden''). After the death of his parents, Wallenberg inherited Malmviks Estate in Lovön, which became one of his permanent homes. In 1978 he donated Malmvik Estate to the Marcus and Amalia Wallenberg Memorial Fund Foundation. Jacob Wallenberg's biggest hobby was
sailing Sailing employs the wind—acting on sails, wingsails or kites—to propel a craft on the surface of the ''water'' (sailing ship, sailboat, raft, Windsurfing, windsurfer, or Kitesurfing, kitesurfer), on ''ice'' (iceboat) or on ''land'' (Land sa ...
. For over thirty years, from the mid-1920s, he came to dominate the sailing in the Nordic waters, with several victories in Round Gotland Race and its predecessor, the Visby Yacht Race. His boats, built at August Plym's boatyard in Neglinge,
Saltsjöbaden Saltsjöbaden is a locality in Nacka Municipality, Stockholm County, Sweden with 9,491 inhabitants in 2010. It is on the Baltic Sea coast, deep in the Stockholm Archipelago. History Saltsjöbaden () was developed as a resort by Knut Agathon W ...
, were named ''Refanut''. The favorite sailor, for half a century, Calle Lindberg from Möja, he appreciated greatly, as well as boat builders Tore Holm and Arvid Laurin. He also participated in the course race and then preferably in the 10mR, which was an Olympic Class. He was chairman of the Royal Swedish Yacht Club (KSSS) for many years and initiated in 1962 Jacob Wallenberg's Naval Academy Fund (''Jacob Wallenbergs Sjökrigsskolefond'') for the education of students at the Royal Swedish Naval Academy.


Awards and decorations


Swedish

* ''
Illis Quorum ''Illis quorum'' (''Illis quorum meruere labores'') (English: "For Those Whose Labors Have Deserved It") is a gold medal awarded for outstanding contributions to Swedish culture, science or society. The award was introduced in 1784 by King Gusta ...
'', 18th size (1976) * King Gustaf V's Jubilee Commemorative Medal (1948) * Commander Grand Cross of the
Order of the Polar Star The Royal Order of the Polar Star (Swedish language, Swedish: ''Kungliga Nordstjärneorden''), sometimes translated as the Royal Order of the North Star, is a Swedish order of chivalry created by Frederick I of Sweden, King Frederick I on 23 F ...
(17 August 1945) * Knight of the
Order of the Polar Star The Royal Order of the Polar Star (Swedish language, Swedish: ''Kungliga Nordstjärneorden''), sometimes translated as the Royal Order of the North Star, is a Swedish order of chivalry created by Frederick I of Sweden, King Frederick I on 23 F ...
(1928) * Commander Grand Cross of the
Order of Vasa The Royal Order of Vasa () is a Swedish order of chivalry founded on 29 May 1772 by Gustav III, King Gustav III. It is awarded to Swedish citizens for service to state and society especially in the fields of agriculture, mining and commerce. His ...
(23 November 1956) * Commander 1st Class of the
Order of Vasa The Royal Order of Vasa () is a Swedish order of chivalry founded on 29 May 1772 by Gustav III, King Gustav III. It is awarded to Swedish citizens for service to state and society especially in the fields of agriculture, mining and commerce. His ...
(6 June 1935) * Commander of the
Order of Vasa The Royal Order of Vasa () is a Swedish order of chivalry founded on 29 May 1772 by Gustav III, King Gustav III. It is awarded to Swedish citizens for service to state and society especially in the fields of agriculture, mining and commerce. His ...
(6 June 1931) * Knight 1st Class of the
Order of Vasa The Royal Order of Vasa () is a Swedish order of chivalry founded on 29 May 1772 by Gustav III, King Gustav III. It is awarded to Swedish citizens for service to state and society especially in the fields of agriculture, mining and commerce. His ...
(1919)


Foreign

* 1st Class / Knight Grand Cross of the
Order of Merit of the Italian Republic The Order of Merit of the Italian Republic () is the most senior Italian order of merit. It was established in 1951 by the second President of Italy, President of the Italian Republic, Luigi Einaudi. The highest-ranking honour of the Republi ...
(18 January 1972) * Order of the German Eagle with Star (1941) * Commander 1st Class of the
Order of the Dannebrog The Order of the Dannebrog () is a Denmark, Danish order of chivalry instituted in 1671 by Christian V of Denmark, Christian V. Until 1808, membership in the Order was limited to fifty members of noble or royal rank, who formed a single cla ...
* Commander of the Order of the White Rose of Finland * Knight of the
Legion of Honour The National Order of the Legion of Honour ( ), formerly the Imperial Order of the Legion of Honour (), is the highest and most prestigious French national order of merit, both military and Civil society, civil. Currently consisting of five cl ...


Honours

*Honorary member of the Royal Swedish Society of Naval Sciences (1947) *Honorary member of the Royal Swedish Yacht Club (1952) *Member of the Royal Society of Sciences in Uppsala (1955) *Honorary Doctor of Economics, Stockholm (1956) *Honorary member of the
Royal Swedish Academy of Engineering Sciences The Royal Swedish Academy of Engineering Sciences (, IVA), founded on 24 October 1919 by King Gustaf V, is one of the royal academies in Sweden. The academy is an independent organisation, which promotes contact and exchange between business, ...
(1957) *Honorary Doctor of Medicine, Stockholm (1960) *Member of the
Royal Swedish Academy of Sciences The Royal Swedish Academy of Sciences () is one of the Swedish Royal Academies, royal academies of Sweden. Founded on 2 June 1739, it is an independent, non-governmental scientific organization that takes special responsibility for promoting nat ...
(1961) *Honorary member of the Royal Swedish Academy of Letters, History and Antiquities (1972)


See also

* Wallenberg family


References


Notes


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Web

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Further reading

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External links

* {{DEFAULTSORT:Wallenberg, Jacob 1892 births 1980 deaths Swedish bankers 20th-century Swedish businesspeople Businesspeople from Stockholm
Jacob Jacob, later known as Israel, is a Hebrew patriarch of the Abrahamic religions. He first appears in the Torah, where he is described in the Book of Genesis as a son of Isaac and Rebecca. Accordingly, alongside his older fraternal twin brother E ...
Stockholm School of Economics alumni Members of the Royal Swedish Academy of Engineering Sciences Members of the Royal Swedish Academy of Sciences Members of the Royal Swedish Society of Naval Sciences Members of the Royal Swedish Academy of Letters, History and Antiquities Commanders Grand Cross of the Order of Vasa Commanders Grand Cross of the Order of the Polar Star Commanders First Class of the Order of the Dannebrog Knights of the Legion of Honour Swedish male sailors (sport) Recipients of the Illis quorum Sportspeople from Stockholm Royal Swedish Yacht Club commodores