Robert K. Steel
Robert Steel | |
|---|---|
| Born | August 3, 1951 Durham, North Carolina, U.S. |
| Occupation(s) | Executive, financier, public servant |
| Years active | 1976–present |
| Known for | Deputy Mayor for Economic Development of New York City; Under Secretary for Domestic Finance at the U.S. Treasury; CEO of Wachovia Corporation; Vice Chairman at Goldman Sachs; CEO of Perella Weinberg Partners |
Robert King Steel (born August 3, 1951) is an American executive, financier, and public servant who has held prominent positions including Deputy Mayor for Economic Development and Rebuilding under New York City Mayor Michael Bloomberg, Under Secretary for Domestic Finance at the United States Treasury, CEO of Wachovia Corporation, and vice chairman at Goldman Sachs. He has also led the boards of Duke University and the Aspen Institute. In May 2014, Steel was named CEO of Perella Weinberg Partners, a firm specializing in private investment banking and asset management.
Personal life
Steel, the middle child among three brothers, was raised in Durham, North Carolina close to Duke University, where he later pursued his higher education. He attained the rank of Eagle Scout in the Boy Scouts. His father, Charles Steel III, worked as a life insurance salesman, while his mother, Elizabeth, was a homemaker.
He completed a Bachelor of Arts in history and political science at Duke University in 1973 and earned an MBA from the University of Chicago in 1984.
Steel lives in New York, NY with his wife Gillian and their three daughters. His personal hobbies include hiking, skiing, and golf.
Goldman Sachs, 1976–2004
Steel dedicated nearly three decades to Goldman Sachs, ultimately becoming vice chairman. He began his tenure in 1976 at the Chicago office as co-head of institutional sales. In 1987, he relocated to London to establish the Equity Capital Markets Group for Europe, playing an instrumental role in privatizing significant state-owned companies during Europe's transition to market-based economies. After becoming a partner in 1988, he later led Goldman Sachs Equities for Europe. In 1994, Steel moved to New York City and served as co-head of the Equities Division from 1996 until 2002 before being promoted to vice chairman. Upon retiring in February 2004, he took on advisory director roles and then senior director positions later that same year.
Barclays Bank, 2005–06
Between June 2005 and October 2006, Steel was a member of the board of directors at Barclays Plc. During this period, he played a crucial role in resolving disputes between Barclays’ commercial and investment banking units concerning services for a newly acquired South African bank. Treasury Secretary Henry Paulson commended Steel for his effectiveness in mitigating conflicts and fostering cooperation.
Wachovia/Wells Fargo, 2008–2010
On July 9, 2008, Steel was appointed president and CEO of Wachovia. His mission was to restore stability following significant exposure to high-risk mortgages under former CEO G. Kennedy Thompson. Demonstrating commitment, Steel invested personally in Wachovia stock, purchased a residence in Charlotte, and refused any bonus compensation. Initially confident that Wachovia would maintain its independence, by September 2008 worsening market turmoil compelled regulators to require the bank to seek acquisition after it experienced a loss of nearly one percent of deposits within a single day.
After initially agreeing to a $1 per share deal with Citigroup, Steel and Wachovia’s board accepted a superior $7 per share acquisition offer from Wells Fargo, which resulted in Wells Fargo becoming the second-largest retail brokerage firm nationwide. Unlike the Citi proposal that involved splitting Wachovia’s assets, Wells Fargo’s bid entailed acquiring the entire company.
In January 2009, The Wall Street Journal reported that the Securities and Exchange Commission was investigating statements made by Steel regarding Wachovia’s prospects prior to merger discussions.
Following the merger completion, Steel joined Wells Fargo’s board and contributed on credit and finance committees. He stepped down in 2010 when appointed Deputy Mayor for Economic Development for New York City.
Perella Weinberg Partners, 2014-present
On July 7, 2014, Steel was appointed as CEO of Perella Weinberg Partners, a privately held, independent global financial services company focused on corporate advisory and asset management. Established in 2006, the firm has expanded to employ over 400 professionals and has played advisory roles in significant deals such as the sale of NYSE Euronext to IntercontinentalExchange and the leveraged buyout of J. Crew by TPG. Its asset management branch manages assets totaling $11.5 billion.
Mayor's Office, New York City
Steel was designated Deputy Mayor for Economic Development by Mayor Michael Bloomberg on June 22, 2010, a position he held until December 2013. In this role, he oversaw more than ten agencies with combined budgets surpassing $5 billion and a workforce exceeding 20,000 employees. These agencies included the New York City Economic Development Corporation, New York City Housing Authority, along with key departments such as Planning, Transportation, Finance, Housing Preservation and Development, and Small Business Services. Additionally, he served as chairman of Brooklyn Bridge Park and vice chairman of Hudson River Park.
Under Steel’s leadership, New York City's economic performance surpassed the national average, recovering more than 300% of jobs lost during the recession. By the conclusion of Bloomberg’s term, the city achieved record highs in total employment (4 million), private sector employment (3.5 million), tourism visits (54.3 million), and population (8.4 million).
He led the Applied Sciences initiative that resulted in the establishment of four new engineering campuses created by Cornell Tech, New York University, Columbia University, and Carnegie Mellon University. These campuses are projected to double the number of engineering faculty and graduate students in New York City over ten years. Collaborating with the Department of Education and private partners, he launched the Academy for Software Engineering, an innovative public high school emphasizing technology education, while also expanding computer science programs throughout public schools.
Steel promoted numerous large-scale development projects across the city, including transforming the Bronx’s Kingsbridge Armory into a major ice sports facility; supporting proposals like the Staten Island Wheel; redeveloping Queens’ Willets Point and Hallets Point areas; extending the Downtown Brooklyn Cultural District; and completing Manhattan’s Seward Park Urban Renewal Area. He directed extensive waterfront revitalization initiatives across all five boroughs and led key projects along Brooklyn’s East River waterfront—such as Domino Sugar Factory, Brooklyn Bridge Park, Greenpoint, and Hunters Point South—as well as developments on Manhattan’s Far West Side and Lower Manhattan at the World Trade Center site, where he facilitated the resumption of construction for the National September 11 Memorial & Museum in 2012.
His oversight extended to major transportation enhancements including launching Citi Bike, introducing boro taxis, expanding the East River Ferry, implementing five bus rapid transit routes (Select Bus Service), and completing the 7 Subway Extension to the new 34th Street–Hudson Yards station.
Moreover, Steel spearheaded governance reforms for the New York City Housing Authority (NYCHA), the largest public housing authority in the United States. He secured state legislation that restructured NYCHA’s board and advanced initiatives to develop underused NYCHA properties to generate funding essential for critical housing repairs.
U.S. Treasury, 2006–08
From October 10, 2006, until July 9, 2008, Steel held the position of Under Secretary for Domestic Finance at the United States Department of the Treasury. In this capacity, he served as the chief advisor on domestic financial matters, with responsibilities that included oversight of the U.S. financial system, fiscal policies, government assets and liabilities, along with related economic issues.
In March 2007, Steel appeared before the U.S. House Financial Services Committee to discuss reforms concerning housing Government Sponsored Enterprises (GSEs) such as Fannie Mae and Freddie Mac. He highlighted that the existing regulatory framework was insufficient in authority and tools to effectively govern these large and complex entities. Steel stressed the importance of risk management to safeguard both their financial stability and the broader economic system. Additionally, he spearheaded the development of the Blueprint on Financial Services Regulation aimed at strengthening the competitiveness of American capital markets.
As economic turmoil intensified during 2007–08, Steel played a key role in shaping the federal government's response. In April 2008, he testified before the U.S. Senate Banking Committee regarding the intervention involving Bear Stearns. While acknowledging the necessity of the rescue, he explained that the Treasury advocated for a low acquisition price to discourage reckless behavior by major financial institutions.
Kennedy School, 2004–06
Between February 2004 and September 2006, Steel was a senior fellow at Harvard's John F. Kennedy School of Government, where he co-instructed a course titled "Current Issues in U.S. Financial Markets Regulation." His teaching excellence was recognized with an award from Harvard’s president. During this period, he also co-authored an opinion piece for The Washington Post entitled "For Retirees, A Day of Reckoning."
SeaChange Capital Partners, 2004–06
In 2004, Steel partnered with former Goldman Sachs executive Charles T. Harris III to establish SeaChange Capital Partners, a nonprofit dedicated to facilitating transformative funding for charitable organizations. The firm works alongside affluent individuals and family foundations to pool resources that provide substantial unrestricted support over multiple years. SeaChange utilizes capital-raising techniques from the private sector within the nonprofit realm. In 2010, Business Week featured SeaChange in its "Second Acts" column.
Aspen Institute, 2006, 2008–present
Steel was appointed chairman of the board at the Aspen Institute in 2006. This nonprofit organization focuses on fostering leadership grounded in values and creating impartial venues for addressing critical societal issues. After taking a hiatus during his Treasury tenure, he returned to this leadership role in 2008 following William E. Mayer’s departure. Steel oversees initiatives such as the Aspen Global Leaders Network, which offers leadership development programs for promising leaders under age 40.
Duke University, 1996–2009
Steel served on Duke University’s Board of Trustees from 1996 through 2009, assuming the vice chairmanship in 2000 and becoming chair in 2005—the first individual born in Durham to hold that office since Duke’s founding. Before chairing the board, he led Duke University Management Company, managing the institution’s investment portfolio.
During his leadership as chair, Duke successfully completed a $300 million campaign for financial aid, achieved record numbers of freshman applicants, and finalized several major campus projects including the Nasher Museum of Art. The board also confronted the highly publicized 2006 Duke University lacrosse case, during which Steel faced criticism for emphasizing due process rather than immediate support for accused students. Following dismissal of charges, he publicly recognized the players’ honorable behavior and underscored respect for judicial proceedings.
In later legal actions related to the case, allegations arose accusing Steel of suppressing evidence to shield Duke’s reputation and directing alterations of police documentation—claims that became central to debates over institutional crisis handling.
The After-School Corporation, 2004–06, 2008–2010
In March 2004, Steel took over from Herbert Sturz as chairman of The After-School Corporation (TASC), a nonprofit organization dedicated to broadening after-school and summer program opportunities for young people. Following his confirmation as Under Secretary of the Treasury, Steel stepped down from this role and was replaced by Robert D. Joffe. He returned to serve on TASC's board in 2008 but resigned once more after being appointed Deputy Mayor.
Hospital for Special Surgery, 2009–present
Steel joined the board of trustees at the Hospital for Special Surgery in September 2009. This institution is the oldest orthopedic hospital in the United States and is widely acknowledged as the leading hospital nationally for joint replacement procedures.
American Action Network, 2010–present
In 2010, Steel became a founding member of the advisory board for the American Action Network, an organization committed to advancing conservative principles and often described as a "center-right counterpart to the Center for American Progress."
Other activities
Steel regularly offers insights on U.S. economic matters and financial markets. In May 2009, he took part in a discussion panel on economic recovery alongside Felix Rohatyn and Daniel Gross, with Lesley Stahl serving as moderator.
He contributes to the Pew Charitable Trusts Task Force on Financial Reform, providing guidance to Congress on significant financial policy issues, and presented testimony before the Joint Economic Committee in December 2009. Additionally, Steel is a member of The FDIC Advisory Committee on Economic Inclusion (ComE-IN), which focuses on enhancing financial services access for underserved populations.
Although appointed by a Republican administration, Steel is recognized for his political independence. Despite hosting fundraisers supporting John McCain, he has faced criticism due to his bipartisan associations, including prior collaborations with Clinton Treasury Secretary Robert Rubin and contributions to Democratic candidates in North Carolina.
In 2013, Steel endorsed an amicus brief advocating for same-sex marriage during the Supreme Court case Hollingsworth v. Perry.
Film Production
According to a February 2010 report by the New York Times, Steel served as executive producer for Blood Done Sign My Name, a film portraying race relations in North Carolina during 1970. Inspired by Timothy B. Tyson's book, Steel facilitated the connection between Tyson and screenwriter-director Jeb Stuart to bring the project to fruition.