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George David Woods
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George David Woods
George David Woods (July 27, 1901 – August 20, 1982) was an American investment banker and financier. He served as the fourth President of the World Bank, from January 1963 until March 1968. Prior to that he had a 46-year career in investment banking, rising to chairman of First Boston Corporation.
Woods was born in Boston, Massachusetts in 1901. He grew up Brooklyn, New York City, where his father, who died when Woods was three, had moved the family to find shipyard work.
He attended high school at Commercial High School in Brooklyn.
After graduating from high school, at the age of 17 Woods was employed on Wall Street as an office boy at the investment firm Harris, Forbes & Co. At the company's urging, he attended night school in banking theory and finance, and in the firm's underwriting department he drafted prospectuses, did statistical work, and drew up contracts. in 1927, at the age of 26, he was promoted to a vice president position and given major projects. In 1930 Harris, Forbes & Co. was acquired by Chase Bank, and Woods was made vice president of the new firm.
In 1933, the firm was dissolved after the passage of the Glass–Steagall Act, and Chase transferred what remained of its securities business to the Bank of Boston's newly formed First Boston Corporation. Woods was included in the transfer and became vice president and a member of the board of First Boston Corporation.
First Boston became one of the largest investment banking firms in the United States, and Woods played a major role in that expansion. In 1947 he became one of two executive vice presidents, and in 1948 became chairman of the executive committee. In 1951 Woods became chairman of the board.
Woods was first called to the World Bank by Eugene Black, the World Bank's president from 1949 to 1962, who was an old associate and friend from Harris, Forbes. While at the World Bank, Black had asked him to help out on special assignments for the bank. Woods had thereby become familiar with the workings of the World Bank. In the summer of 1962, Black asked Woods to meet with the Kennedy Administration, which subsequently nominated him for president of the World Bank, and he accepted. He took office January 1, 1963.
Whereas the first three World Bank presidents had focused on loans for reconstruction, Woods shifted the bank towards a primary focus on less developed countries. By the end of Woods's tenure, the bank was engaged in a far broader range of developmental activities than at its beginning.
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George David Woods
George David Woods (July 27, 1901 – August 20, 1982) was an American investment banker and financier. He served as the fourth President of the World Bank, from January 1963 until March 1968. Prior to that he had a 46-year career in investment banking, rising to chairman of First Boston Corporation.
Woods was born in Boston, Massachusetts in 1901. He grew up Brooklyn, New York City, where his father, who died when Woods was three, had moved the family to find shipyard work.
He attended high school at Commercial High School in Brooklyn.
After graduating from high school, at the age of 17 Woods was employed on Wall Street as an office boy at the investment firm Harris, Forbes & Co. At the company's urging, he attended night school in banking theory and finance, and in the firm's underwriting department he drafted prospectuses, did statistical work, and drew up contracts. in 1927, at the age of 26, he was promoted to a vice president position and given major projects. In 1930 Harris, Forbes & Co. was acquired by Chase Bank, and Woods was made vice president of the new firm.
In 1933, the firm was dissolved after the passage of the Glass–Steagall Act, and Chase transferred what remained of its securities business to the Bank of Boston's newly formed First Boston Corporation. Woods was included in the transfer and became vice president and a member of the board of First Boston Corporation.
First Boston became one of the largest investment banking firms in the United States, and Woods played a major role in that expansion. In 1947 he became one of two executive vice presidents, and in 1948 became chairman of the executive committee. In 1951 Woods became chairman of the board.
Woods was first called to the World Bank by Eugene Black, the World Bank's president from 1949 to 1962, who was an old associate and friend from Harris, Forbes. While at the World Bank, Black had asked him to help out on special assignments for the bank. Woods had thereby become familiar with the workings of the World Bank. In the summer of 1962, Black asked Woods to meet with the Kennedy Administration, which subsequently nominated him for president of the World Bank, and he accepted. He took office January 1, 1963.
Whereas the first three World Bank presidents had focused on loans for reconstruction, Woods shifted the bank towards a primary focus on less developed countries. By the end of Woods's tenure, the bank was engaged in a far broader range of developmental activities than at its beginning.