Eugene R. Black Sr.
Eugene Robert Black Sr. | |
|---|---|
| Born | Template:Birth date Atlanta, Georgia, U.S. |
| Died | February 20, 1992 (aged 93) |
| Occupation | Investment banker |
| Known for | Third president of the World Bank Group (1949–1962) |
Eugene Robert Black Sr. (May 1, 1898 – February 20, 1992) was a prominent American investment banker who served as the third president of the World Bank Group from 1949 until 1962.
He was the oldest son of Eugene R. Black, who held the position of sixth chairman of the Federal Reserve between 1933 and 1934 during the Great Depression. To differentiate him from his father, he was designated as Sr., a title later adopted by his grandson as Jr.
Early life, education, and military service
Born in Atlanta, Georgia in 1898, Black earned a BA degree in Latin from the University of Georgia in 1917.
Following his graduation, he enlisted in the United States Navy during World War I, where he served on convoy missions in the North Atlantic.
Investment banking
After World War II, Black began working with New York investment firm Harris, Forbes & Co., where he operated as a traveling bond salesman engaging with investors. He established the company’s inaugural southern branch in Atlanta and eventually became a partner, building a strong reputation as an expert in bonds.
In 1933, Black joined Chase National Bank as second vice president and relocated to New York. By 1937, he advanced to senior vice president, overseeing Chase National’s substantial investment portfolio.
World Bank
Founded in 1944 to support postwar reconstruction efforts, the World Bank officially commenced operations in 1946. In 1947, John J. McCloy took office as president with Black appointed as executive director. Chase National granted Black a two-year leave for this role.
When McCloy stepped down in 1949, Black accepted the presidency of the bank on July 1. Prior to his leadership, the bank had approved only ten loans, primarily directed toward Western Europe.
Throughout his fifteen-and-a-half-year leadership, Black dramatically increased the bank’s capital by promoting and selling its bonds both across the United States and internationally. He advocated for legislative changes to permit nationwide bond sales, enhanced the institution’s credit ratings and reputation, and successfully attracted investors outside the U.S. His efforts in bond marketing resulted in $21 billion raised for the bank’s capital base.
Additional posts
Between 1962 and 1968, Black served as chairman of the Brookings Institution.
In 1963, President John F. Kennedy named Black co-chair of a commission tasked with evaluating a federally funded supersonic transport (SST) program. The commission ultimately advised prioritizing research aircraft development over competing with the British-French Concorde.
In 1966, President Lyndon B. Johnson appointed Black as Special Adviser on Southeast Asian Social and Economic Development to facilitate the creation of the Asian Development Bank. Although initially hesitant, Black played a pivotal role in this strategic initiative aligned with U.S. interests during the Vietnam era.
Black also held positions on numerous corporate and foundation boards. The University of Georgia Foundation established a fellowship bearing his name. Princeton University conferred upon him an honorary Doctor of Laws degree in 1960. From 1967 to 1977, he chaired the board of jurors for the Peabody Awards.
Personal life
Black's initial spouse, Elizabeth B. Black, bore him a son and a daughter before passing away in the early 1930s. His subsequent marriage was to Susette Heath Black, with whom he fathered another son.
He concluded his professional career in 1977, settling in his residence located in Southampton, New York. He passed away at the age of 93 in February 1992 due to complications related to kidney and heart conditions.