Lewis Thompson Preston
Lewis Thompson Preston | |
|---|---|
| Born | Template:Birth date New York City, New York, U.S. |
| Died | May 4, 1995 (aged 68) Washington, D.C., U.S. |
| Occupation | Banker |
| Years active | 1951–1995 |
| Known for | President of the World Bank (1991–1995) |
Lewis Thompson Preston (August 5, 1926 – May 4, 1995) was a prominent American banker who held the position of President of the World Bank from September 1991 until his passing in 1995.
Life and career
Preston was born in New York City to parents Lewis T. and Priscilla Baldwin Preston, belonging to a well-established family with his grandfather having been a partner at Standard Oil. During his early years, he spent some time living in Paris and served in the US Marines during the Second World War. He earned a history degree from Harvard University in 1951, where he also captained the university’s hockey team.
His professional career spanned four decades at J.P. Morgan & Co. and its affiliate Morgan Guaranty Trust Company. In the 1960s, Preston played a key role in enhancing the firm’s liquidity by capitalizing on the growing Eurodollar market, which substantially increased profits. Elevated to vice president responsible for international banking in 1968, he managed a period throughout the 1970s when international business accounted for more than half of J.P. Morgan’s income. He was promoted to vice chairman in 1976 and became president of the board two years later.
As chief executive officer starting in 1980, Preston navigated J.P. Morgan through significant industry events such as the 1980 Silver Thursday crisis and the Federal Deposit Insurance Corporation’s 1984 intervention to rescue Continental Illinois. He stepped down as CEO in February 1991.
Preston assumed leadership of the World Bank as President in September 1991 and remained at the helm until his death in Washington D.C. on May 4, 1995, guiding the organization during a period marked by global economic transformation in the early 1990s.
Personal life
He was married to Patsy Pulitzer, becoming her second husband.
External links
- Articles with short description
- Articles with hCards
- No local image but image on Wikidata
- 1926 births
- 1995 deaths
- 1990s in economic history
- 20th-century American businesspeople
- American bankers
- Harvard University alumni
- Businesspeople from New York City
- Presidents of the World Bank Group
- American chief executives of financial services companies
- JPMorgan Chase people