Wallenberg family

History

The earliest known member of the Wallenberg family is Per Hansson (1670–1741) who, in 1692, married Kerstin Jacobsdotter Schuut (1671–1752). Their son, Jakob Persson Wallberg (1699–1758) married twice. The children of his first marriage called themselves Wallberg and those of his second called themselves Wallenberg. Jakob Persson Wallberg was the great-grandfather of André Oscar Wallenberg who, in 1856, founded Stockholms Enskilda Bank, the predecessor of today's Skandinaviska Enskilda Banken.

André Oscar Wallenberg's son Knut Agathon Wallenberg took over as CEO of Stockholms Enskilda Bank in 1886. Like many other Wallenberg relatives, Knut Agathon Wallenberg was also involved in Swedish politics and diplomacy becoming Minister for Foreign Affairs 1914–1917, and member of the Riksdags first chamber (Parliament of Sweden) 1907–1919. In 1916, new legislation made it more difficult for banks to own shares in industrial companies on a long-term basis. Investor was formed as an investment part of Stockholms Enskilda Bank.

Knut Agathon Wallenberg's younger brother Marcus Wallenberg (senior) carried on the tradition and took over as the bank's CEO in 1911, replacing his older brother who was appointed Stockholms Enskilda Bank chairman of the board.

Jacob Wallenberg, eldest son of Marcus Wallenberg (senior), became the bank's CEO after Joseph Nachmanson sv died in 1927, joined by younger brother Marcus Wallenberg (junior) as the bank's deputy CEO. In 1938, Knut Agathon Wallenberg died. He had no children. Marcus Wallenberg (senior) was appointed Stockholms Enskilda Bank chairman of the board.

During the World War II the Bank collaborated with Nazi Germany. The Secretary of the US Treasury, Henry Morgenthau Jr. considered Jacob Wallenberg strongly pro-German, and the US subjected the Bank to a blockade that was only lifted in 1947.

The fourth generation of Wallenbergs joined the family business in 1953, including heir apparent Marc Wallenberg, eldest son of Marcus Wallenberg (junior), who became a deputy CEO at Stockholms Enskilda Bank in 1953, before taking over as CEO in 1958. After a power struggle between Jacob Wallenberg and his younger brother Marcus Wallenberg (junior), Jacob Wallenberg resigned from the board of directors in 1969.

The resignation opened a seat on the bank's board of directors to Peter Wallenberg (senior), younger son of Marcus Wallenberg (junior). Marcus Wallenberg (junior) pushed through a merger agreement between Stockholms Enskilda Bank and rival Skandinaviska Banken in 1971. Soon after, tragedy struck when Marc Wallenberg committed suicide, observers suggested that the act came possibly because Marc Wallenberg felt himself inadequate to the task of leading what was to become the Scandinavia banking giant Skandinaviska Enskilda Banken. The merger went through in 1972.

Marcus Wallenberg (junior), and younger son Peter Wallenberg (senior), focused their interests on the family's investment companies, Investor and Providentia. Investor now became the family's new flagship business, and, under Marcus Wallenberg (juniors) leadership began actively promoting the restructuring of most of the industrial companies under its control, replacing board members and promoting younger CEO and other management.

Peter Wallenberg (senior) took over after Marcus Wallenberg (junior's) death in 1982. For many outsiders, the change in leadership marked a final moment in the family's more than 100-year dominance of the Swedish banking and industrial sectors. Yet Peter Wallenberg (senior) rose to the challenge, guiding Investor and Sweden's industry into a new era. In 1990, it was estimated that the family indirectly controlled one-third of the Swedish Gross National Product. Peter Wallenberg (senior) stepped down from leadership of Investor in 1997.

In 2006, the fifth generation took over the Wallenberg sphere. Marcus Wallenberg, son of Marc Wallenberg, Jacob Wallenberg and Peter Wallenberg (junior) both sons of Peter Wallenberg (senior).

Modern business

The Wallenbergs have a very low-key public profile, eschewing conspicuous displays of wealth. The family motto is "Esse, non Videri" (Latin for "To be, rather than to seem"). Wallenbergs business empire is often referred to as the Wallenberg sphere, the Wallenberg sphere is a large group of companies where their investment company, Investor AB, or foundation asset management company, Foundation Asset Management (FAM), have the controlling interest.

Notable family members

File:AOWallenberg.jpg|André Oscar Wallenberg (1816–1886) File:KnutWallenberg.jpg|Knut Agathon Wallenberg (1853–1938) File:MarcusWallenberg3.jpg|Marcus Wallenberg Sr. (1864–1943) File:Jacob Wallenberg (1892-1980).jpg|Jacob Wallenberg (1892–1980) File:Marcus wallenberg 1960-1969.jpg|Marcus Wallenberg Jr. (1899–1982) File:Raoul Wallenberg.jpg|Raoul Wallenberg (1912–c.1947) File:MarcWallenberg-jr.jpg|Marc Wallenberg (1924–1971) File:Wallenbergare-peter.jpg|Peter Wallenberg Sr. (1926–2015) File:Jacob Wallenberg at History Marketing Summit 2018 portrait.jpg|Jacob Wallenberg (1956–) File:Recebe em audiência o presidente do Conselho Administrativo do Shandinaviska Enskilda Banken, Electrolux e SAAB - Sistemas de Defesa Aeroespacial, Marcus Wallenberg. (16794468978) (cropped).jpg|Marcus Wallenberg (1956–) File:Max IV invigning Peter Wallenberg Jr 20160621 0039 (27748566472) (cropped).jpg|Peter Wallenberg Jr. (1959–)

References

References

1. "A Nordic pyramid". The Economist.
2. Burja, Samo. (2022-05-04). "The Family That Finances Sweden".
3. "Yad Vashem database". [[Yad Vashem]].
4. ''The Swedish family calendar 1989'', red. [[Elisabeth Thorsell]], Almqvist & Wiksell Internationell, Stockholm 1989 {{ISBN. 91-22-01318-0 s.360
5. (1989-11-08). "Authors Claim Wallenberg Family Assisted Nazis in Banking Deals".
6. Gowland, Rob. (19 June 1996). "Banks' nazi connections exposed". The Guardian (Socialist Party of Australia).
7. (12 May 1996). "In Sweden, a Shy Dynasty Steps Out (Published 1996)".