Marcus Wallenberg

Marcus "Dodde" Wallenberg Jr. (5 October 1899 – 13 September 1982), 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 II, Marcus, together with Erik Boheman, were appointed to conduct the Swedish trade negotiations.

Marcus Wallenberg had a big interest in sailing and tennis. He participated in the 1936 Olympic sailing competitions and was a Swedish elite tennis player. He received a technological honorary degree from Royal Institute of Technology.

The historian of business and author describes him as Europe's most powerful banker of the 20th century.

Early life Wallenberg was born on 5 October 1899, in Stockholm, Sweden, the son of Marcus Wallenberg and his wife Amalia (née Hagdahl) and brother of Jacob Wallenberg. He passed studentexamen in 1917, became a reserve officer in 1919, and graduated from the Stockholm School of Economics in 1920. Wallenberg pursued banking studies and had various jobs in Geneva, London, New York City, Paris, and Berlin from 1920 to 1925. Wallenberg was during the early 1930s board member of Järnvägs AB Stockholm–Saltsjön, AB Atlas Diesel, Investor AB, AB Diligentia, Rederi AB Tanker, ASEA, AB Elektro-Invest and Trafik AB Stockholm-Björknäs. He was also a member of the council of the Stockholm Chamber of Commerce.

Wallenberg (right) together with SAS' board of directors, 1960s.

Wallenberg was in the mid-1940s the chairman of AB Atlas Diesel, Hults Bruks AB, Igelsta Trävaru AB, Järnvägs AB Stockholm–Saltsjön, Mexikandra Telefon AB and Max Sieverts Fabriks AB. During and prior to the Second World War, he was involved in negotiations regarding Swedish foreign trade with Nazi Germany. The Wallenberg empire’s close economic collaboration with the Nazis (e.g., between Stockholm’s Enskilda Bank and the Bosch Group) sparked controversy.

He was chairman of the Swedish representatives on the permanent Swedish-British Intergovernmental Commission from 1939 to 1943 He was also board member of the Swedish-English Association (Svensk-Engelska Föreningen) In 1946, Wallenberg became CEO of Stockholms Enskilda Bank. He held the post until 1958 when he became vice chairman of the board. ) and the International Chamber of Commerce as well as chairman of its Swedish National Committee from 1951 to 1964 (honorary chairman from 1964) He was chairman of the Council of European Industrial Federations (CEIF) from 1960 to 1963 and in the Business and Industry Advisory Committee to the OECD (BIAC) from 1962 to 1964. Wallenberg was a member of the Economic Planning Council (Ekonomiska planeringsrådet) from 1962 to 1964 and chairman of the International Chamber of Commerce from 1965 to 1967.

Awards and decorations

Swedish

Foreign

Honours Technical honorary doctorate, Stockholm (1957) Member of the Royal Swedish Academy of Engineering Sciences (1957) (1st honorary member 1969) Honorary Doctor of Economics, Stockholm (1971) Vuorineuvos (1973)