George David Woods
George David Woods | |
|---|---|
| Born | Template:Birth date Boston, Massachusetts, U.S. |
| Died | August 20, 1982 (aged 81) Lisbon, Portugal |
| Occupation(s) | Financier, investment banker |
| Years active | 1918–1982 |
| Known for | Fourth President of the World Bank (1963–1968), Chairman of First Boston Corporation |
George David Woods (July 27, 1901 – August 20, 1982) was a prominent American financier and investment banker. He held the position of the fourth President of the World Bank from January 1963 until March 1968. Prior to this role, Woods built a 46-year tenure in investment banking, ultimately serving as chairman of the First Boston Corporation.
Early life and education
Born in Boston, Massachusetts in 1901, Woods grew up in Brooklyn, New York City. His father had moved there seeking employment in shipyards but passed away when Woods was just three years old. He completed his secondary education at Commercial High School in Brooklyn.
Investment banking
At age 17, Woods embarked on his career on Wall Street as an office assistant at the investment firm Harris, Forbes & Co., simultaneously attending night classes focused on banking principles and finance. By 1927, he had risen to the role of vice president with significant project oversight. Following the acquisition of Harris, Forbes & Co. by Chase Bank in 1930, Woods retained his vice presidential position at Chase.
After the enactment of the Glass–Steagall Act in 1933, Chase transferred its securities operations to the newly established First Boston Corporation, where Woods became both a vice president and a member of the board. He played a key role in transforming First Boston into one of America’s leading investment banks. His career progressed with promotions to executive vice president in 1947, chairman of the executive committee in 1948, and ultimately chairman of the board by 1951.
World Bank
Woods’ association with the World Bank began through Eugene R. Black Sr., who served as president from 1949 to 1962 and was a former colleague from Harris, Forbes. Black brought Woods on for special projects that provided him with insight into the bank’s operations. In 1962, Woods was nominated by the Kennedy Administration to lead the World Bank and officially assumed office on January 1, 1963.
Departing from previous presidents who concentrated on post-war reconstruction financing, Woods redirected the bank’s efforts toward aiding less developed nations. By the conclusion of his leadership, the bank had significantly expanded its developmental programs.
During his presidency, lending increased notably toward agriculture and land reform initiatives as well as higher education focused on technical and vocational training. Additional investments were made in water supply infrastructure and technical support services. These development loans carried higher risks compared to reconstruction financing but were justified by strong profits generated by the bank in the early 1960s.
India and Pakistan emerged as principal recipients of this expanded lending portfolio, while most funding requests from emerging African countries were rejected starting in 1964. Despite opposition from the United Nations regarding apartheid South Africa and Portuguese colonial rule, Woods approved substantial loans to Portugal and South Africa in 1966.
Woods also strengthened the role of economists within the institution. In 1964, he appointed Irving S. Friedman as economic advisor; Friedman subsequently expanded the economics department by nearly 200 staff members—raising total personnel by approximately 25%. This development shifted the bank’s orientation toward policy-driven economic growth aligned with American strategic interests.
A vigorous proponent of foreign private investment in developing economies, Woods committed to identifying methods for increasing private capital inflows. He stressed that creating attractive profit opportunities for foreign investors was crucial to accelerating development goals.
Additional roles
Woods held a directorship at The New York Times Company and was among the three trustees managing the Ochs Trust, which controls a majority stake in the company and was founded by publisher Adolph S. Ochs. Between 1961 and 1967, he served as a trustee of the Rockefeller Foundation and participated as a member of the Commission on Population Growth and the American Future.
Following his departure from leadership at the First Boston Corporation, Woods continued to operate an office in New York and was regularly sought after by business leaders internationally. Throughout his career, he occupied board positions in multiple organizations.
Moreover, Woods contributed as a director of the Lincoln Center for the Performing Arts and led its Repertory Theater as chairman. He also took on the roles of treasurer and director for the Ringling Brothers and Barnum & Bailey Circus, playing a key part in its restructuring alongside John Ringling North.
Awards
- : Honorary Grand Commander of the Order of Loyalty to the Crown of Malaysia (1973)
Personal details
In 1935, Woods wed Louise Taraldson; the couple did not have children. Louise was actively involved in civic affairs and served as a trustee for the Institute of International Education.
During his period as president of the World Bank, Woods chose not to move to Washington DC, preferring to reside in Manhattan while maintaining a secondary residence in Lisbon. He preserved a close relationship with Nelson A. Rockefeller, including having accommodations at Rockefeller’s estate in Pocantico Hills, New York.
Woods passed away in Lisbon in 1982 at age 81; his wife died four years later in Manhattan at age 78.