The Wallenberg family is a prominent Swedish family renowned as bankers, industrialists, politicians, bureaucrats and diplomats, present in most large Swedish industrial groups, like Ericsson, Electrolux, ABB, SAS Group, SKF, AIK, Atlas Copco, Saab AB, and more. In the 1970s, the Wallenberg family businesses employed 40% of Sweden's industrial workforce and represented 40% of the total worth of the Stockholm stock market.[1]
The most famous of the Wallenberg family, Raoul Wallenberg, a diplomat, worked in Budapest, Hungary, during World War II to rescue Jews from the Holocaust. Between July and December 1944, he issued protective passports and housed Jews, saving tens of thousands of Jewish lives.[2] Their flagship company, Investor AB, has a market capitalization of around $60 billion.[3] The family is also heavily involved in philanthropy through the Wallenberg foundations, especially the Knut and Alice Wallenberg Foundation.
History
Raoul Wallenberg Memorial Statue, Great Cumberland Place, LondonGrand Hotel Saltsjöbaden; built in 1890s by the Wallenberg family
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.[4] 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.[1]
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.
Jacob Wallenberg, eldest son of Marcus Wallenberg (senior), became the bank's CEO after Joseph Nachmanson 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 Bankchairman of the board.
During the War the Bank collaborated with the German government. 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.[5][6]
The fourth generation of Wallenbergs joined the family business in 1953, including heir apparentMarc 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, not to be seen").[7] 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.
Skandinaviska Enskilda Banken AB, abbreviated SEB, is a Swedish bank headquartered in Stockholm, Sweden. In Sweden and the Baltic countries, SEB has a full financial service offering. In Denmark, Finland, Norway, Germany, and the United Kingdom, the bank's operations are focused on corporate and investment banking services to corporate and institutional clients. The bank was founded in 1972 by the Swedish Wallenberg family, which is still SEB's largest shareholder through major investment company Investor AB. SEB is the largest Swedish bank by both market capitalisation and total assets.
Skandinaviska Banken was a Swedish bank founded in Gothenburg, 1864. Its foundation coincided with the political aspirations of the Scandinavian movement, which sought to unite Sweden, Norway and Denmark into a single kingdom. Even if these aspirations came to naught, there was a Scandinavian Monetary Union, with a common currency, and a union between Sweden and Norway, that the bank potentially would be able to exploit.
AB SEB Bankas is a commercial bank in Lithuania. It is the Lithuanian subsidiary of one of the largest Swedish banks, the SEB Group.
Wallenberg is a Swedish surname which may refer to:
Peter "Pirre" Wallenberg Sr. was a Swedish business leader who was chairman of Investor AB for ten years.
Marc "Boy-boy" Wallenberg was a Swedish banker and business manager. A member of the prominent Wallenberg family, Marc Wallenberg was CEO of Stockholms Enskilda Bank until his death in 1971.
Stockholms Enskilda Bank, sometimes called Enskilda banken or SEB, was a Swedish bank, founded in 1856 by André Oscar Wallenberg as Stockholm's first private bank. In 1857, Stockholms Enskilda Bank began to employ women, claiming to be the first bank to do.
Knut and Alice Wallenberg Foundation (KAW) is a Swedish public and private foundation formed in 1917 by Knut Agathon Wallenberg and his wife Alice Wallenberg. It was created to support research in the natural sciences, technology and medicine by awarding long-term grants to basic research of the highest international class.
Knut Agathon Wallenberg was a Swedish banker and politician, he was also a Knight of the Order of the Seraphim. Wallenberg was Minister for Foreign Affairs 1914–1917, and member of the Riksdag's Första kammaren 1907–1919. Together with his wife, he created Knut and Alice Wallenberg Foundation, which is one of the main contributors to the private university Stockholm School of Economics. Wallenberg was one of the founders of the Stockholm School of Economics, and is also seen as the founder of the community of Saltsjöbaden and an associated railroad.
Marcus "Husky" Wallenberg is a Swedish banker and industrialist.
Jacob Wallenberg is a Swedish banker and industrialist from the Wallenberg family who currently serves as a board member for multiple companies. He was described by The Guardian as a “prince in Sweden's royal family of finance”.
André Oscar Wallenberg was a Swedish banker, industrialist, naval officer, newspaper tycoon, politician and a patriarch of the Wallenberg family. In 1856 Wallenberg founded the Stockholms Enskilda Bank, the predecessor of today's Skandinaviska Enskilda Banken.
Marcus Laurentius Wallenberg, Sr. was a Swedish banker and industrialist. He was CEO of Stockholms Enskilda Bank (SEB) from 1911 to 1920.
Marcus "Dodde" Wallenberg Jr., was a Swedish banker, business manager and member of the Swedish Wallenberg family. He was the most influential representative for the Swedish industrial tradition and Swedish business’ during the 20th century. He was the CEO of Stockholms Enskilda Bank 1946–1958 and during half a century – from the early 1930s until his death in 1982 – he led and reconstructed many of Sweden's largest companies. During World War Two Marcus together with Erik Boheman were appointed to conduct the Swedish trade negotiations.
Jöns Peter Hemberg (1763–1834) was a Swedish banker and member of parliament. He founded Skånes Enskilda Bank in 1830, together with Gustav Berghman, and Gustaf Hagerman, which later merged with Skandinaviska Kreditaktiebolaget.
Jacob "Juju" Wallenberg was a Swedish banker and industrial leader. Wallenberg held various central positions in Stockholms Enskilda Bank. He was also chairman of the board of several companies, including Stora Kopparbergs Bergslag and Orkla Mining Company. From 1934 to 1944 he was a member of the Swedish governmental commission for trade with Germany.
Lars-Erik Thunholm was a Swedish banker and author. He was CEO of Skandinaviska Enskilda Banken (SEB) from 1971 to 1976.
FriherreCarl Jacob Palmstierna was a Swedish banker. He was CEO of Skandinaviska Enskilda Banken (SEB) from 1976 to 1989.
Erik Jean Christian Antoine Belfrage was a Swedish diplomat, banking executive, and political consultant.
The Marcus Wallenberg Prize is the highest award in the field of forestry. Established in 1981, the award is modeled on the Nobel Prize, and colloquially called the "Nobel Prize for Forestry". The award is named after the Swedish Industrialist Marcus Wallenberg Jr. who was managing director and subsequently chairman of Stockholms Enskilda Bank and later chairman and honorary chairman of Skandinaviska Enskilda Banken, as well as chairman and honorary chairman of a number of Swedish and international organisations and companies. The Marcus Wallenberg Prize was instituted by Stora Kopparbergs Bergslags AB at its annual meeting in 1980 to commemorate the services rendered by Dr. Marcus Wallenberg during his long term as member and chairman of the board of directors. Every year a selection committee decides on the recipient from nominations received from academics and research organisations. The award is awarded in the autumn of each year in Stockholm, Sweden, at a symposium consisting of lectures from the recipient and invited speakers. The 2020 Award ceremony was postponed due to the COVID-19 pandemic.
↑ "Yad Vashem database". Yad Vashem. Archived from the original on 7 February 2007. Retrieved 12 February 2007. who saved the lives of tens of thousands of Jews in Budapest during World War II ... and put some 15,000 Jews into 32 safe houses.
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