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A Banker's Journey: How Edmond J. Safra Built a Global Financial Empire
Who was Edmond J. Safra? “The greatest banker of his generation,” in the estimation of a former World Bank President. The founder of four massive financial institutions on three continents, and a proud child of Beirut’s Jewish quarter. An innovative avatar of financial globalization, and a faithful heir to a tradition of old-world banking. The leading champion and protector of the Sephardic diaspora.
In A Banker’s Journey, financial journalist and historian Daniel Gross, who, like Safra, traces his heritage to Aleppo, Syria, reconstructs the public life of an intensely private man. With exclusive access to Safra’s personal archives, Gross tracks the banker’s remarkable journey from Beirut to Milan, São Paulo, Geneva, and New York—to the pinnacle of global finance.
Edmond Safra was fifteen in 1947, when his father sent him to establish a presence in Milan, Italy. Fluent in six languages, and with an eye for value, managing risk, and personal potential, Safra was in perpetual motion until his tragic death in 1999. The modern, global financial empire he built was based on timeless a banker must protect his depositors and avoid excessive leverage and risk. In an age of busts and bailouts, Safra posted remarkable returns while rarely suffering a credit loss.
From a young age, Safra assumed the mantle of leadership in the Syrian-Lebanese Jewish community, providing personal aid, supporting the communities that formed in exile, and championing Sephardic religious and educational efforts in Israel and around the world.
Edmond J. Safra’s life of achievement in the twentieth century offers enduring lessons for those seeking to make their way in the twenty-first century. He inspired generations to make the world a better place.
In A Banker’s Journey, financial journalist and historian Daniel Gross, who, like Safra, traces his heritage to Aleppo, Syria, reconstructs the public life of an intensely private man. With exclusive access to Safra’s personal archives, Gross tracks the banker’s remarkable journey from Beirut to Milan, São Paulo, Geneva, and New York—to the pinnacle of global finance.
Edmond Safra was fifteen in 1947, when his father sent him to establish a presence in Milan, Italy. Fluent in six languages, and with an eye for value, managing risk, and personal potential, Safra was in perpetual motion until his tragic death in 1999. The modern, global financial empire he built was based on timeless a banker must protect his depositors and avoid excessive leverage and risk. In an age of busts and bailouts, Safra posted remarkable returns while rarely suffering a credit loss.
From a young age, Safra assumed the mantle of leadership in the Syrian-Lebanese Jewish community, providing personal aid, supporting the communities that formed in exile, and championing Sephardic religious and educational efforts in Israel and around the world.
Edmond J. Safra’s life of achievement in the twentieth century offers enduring lessons for those seeking to make their way in the twenty-first century. He inspired generations to make the world a better place.
480 pages, Kindle Edition
Published August 30, 2022
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333 people want to read
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Displaying 1 - 21 of 21 reviews
September 29, 2022
Meh. It felt like this book was paid for by Edmond Safra's wife, and that it therefor skipped most of the exciting/juicy/personal bits of family drama that make a biography interesting. This read more like an academic tome where he goes through in excruciating details who Edmond met on which date and how much money he invested or traded. I would recommend it to students of sephardi Jewish commerce or anyone who has a personal interest in the Safra family. But otherwise, I would look elsewhere for engaging reading (maybe try the Last Kings of Shanghai).
I am fairly certain there is more juice in this story. I think his early childhood was kind of interesting -- though lacking in details which would truly explain his prodigious career and how a 15 year old, barely high school educated kid who grows up in Beirut is able to become a global powerhouse of a human who builds massive banks on three continents. Certainly the background on Syrian Jews and how they ended up in Beirut or Egypt or elsewhere before moving to New York and South America and re-building their impressive careers was interesting.
Edmond was a banker to middle easterners, despite being Jewish, and this kept him un-involved and not visiting Israel until about 1980 -- that was a fascinating fact. Also of interest is that Edmond would employ refugees from his community in Lebanon when they arrived in NYC or Europe -- so even though it wasn't a family business per se, it was run in a fairly informal fashion and was nonetheless wildly successful.
What I would have liked to see in terms of human drama is a real explaination as to why he didn't marry until he was 42 -- presumably he was enjoying the bachelor life of a wealthy banker. And why he married a woman who had been divorced three times prior to marrying him -- and what her background was and her personality. Lastly, there was clearly some tension with the brothers who built the Brazilian banking empire, but that fact is merely glazed over.
I am fairly certain there is more juice in this story. I think his early childhood was kind of interesting -- though lacking in details which would truly explain his prodigious career and how a 15 year old, barely high school educated kid who grows up in Beirut is able to become a global powerhouse of a human who builds massive banks on three continents. Certainly the background on Syrian Jews and how they ended up in Beirut or Egypt or elsewhere before moving to New York and South America and re-building their impressive careers was interesting.
Edmond was a banker to middle easterners, despite being Jewish, and this kept him un-involved and not visiting Israel until about 1980 -- that was a fascinating fact. Also of interest is that Edmond would employ refugees from his community in Lebanon when they arrived in NYC or Europe -- so even though it wasn't a family business per se, it was run in a fairly informal fashion and was nonetheless wildly successful.
What I would have liked to see in terms of human drama is a real explaination as to why he didn't marry until he was 42 -- presumably he was enjoying the bachelor life of a wealthy banker. And why he married a woman who had been divorced three times prior to marrying him -- and what her background was and her personality. Lastly, there was clearly some tension with the brothers who built the Brazilian banking empire, but that fact is merely glazed over.
March 10, 2025
I liked this book, but did not love it. If I had to summarize my thoughts, it would be that I love the character and the surrounding story of it, but not so much the book itself.
This is a MUST READ if you are a Jew or if you work in finance. Edmond Safra was that larger than life man who not only shaped many values of the banking industry but of the Sephardic culture globally.
Positive points:
(1) Edmond had a unique style of running his business, that was based on very strict principles (very much Ray Dalio like) of strong relationships, values and principles, personal integrity and philanthropy. In today's world, that is so embedded in meritocracy/efficiency/order of law principles and many times loses the old-school values, is quite inspiring to see someone who lived and breathed under a strict old-school ethos of conducting business and never looked away.
(2) Born in Beirut and being raised in Aleppo, and having fled those places to survive, Edmond's story is also one of the Jewish diaspora. He not only survived the diaspora, but helped other Jewish diaspora members to survive, get jobs and strive in the modern world. That's why every Jew should read this.
Negative points of the book: the book skips some interesting parts of his life (such as creating his business from scratch at age 15 without having attended college and having barely completed school) while over-focusing in other less interesting details.
Lots of parallels if you want to know more about other great characters and families that shaped the Jewish world and business:
- Last Kings of Shanghai (a truly amazing book that covers the two Sephardic family dynasties - the Sassoons and the Kaddories -that basically made Shanghai and Hong Kong before the 1950's). Interestingly, it was HSBC (still ran an the time by a family member) that purchased Edmond Safra's bank before his life tragically ended.
- Laissez Paisser - a film available on YouTube that quickly but effectively covers the story of how many Sephardic Jews ran away from the diaspora and established their lives in Brazil.
Kudos to the final chapters. Gives great emphasis on his life achievements, his legacy and on how his amazing life abruptly ended.
This is a MUST READ if you are a Jew or if you work in finance. Edmond Safra was that larger than life man who not only shaped many values of the banking industry but of the Sephardic culture globally.
Positive points:
(1) Edmond had a unique style of running his business, that was based on very strict principles (very much Ray Dalio like) of strong relationships, values and principles, personal integrity and philanthropy. In today's world, that is so embedded in meritocracy/efficiency/order of law principles and many times loses the old-school values, is quite inspiring to see someone who lived and breathed under a strict old-school ethos of conducting business and never looked away.
(2) Born in Beirut and being raised in Aleppo, and having fled those places to survive, Edmond's story is also one of the Jewish diaspora. He not only survived the diaspora, but helped other Jewish diaspora members to survive, get jobs and strive in the modern world. That's why every Jew should read this.
Negative points of the book: the book skips some interesting parts of his life (such as creating his business from scratch at age 15 without having attended college and having barely completed school) while over-focusing in other less interesting details.
Lots of parallels if you want to know more about other great characters and families that shaped the Jewish world and business:
- Last Kings of Shanghai (a truly amazing book that covers the two Sephardic family dynasties - the Sassoons and the Kaddories -that basically made Shanghai and Hong Kong before the 1950's). Interestingly, it was HSBC (still ran an the time by a family member) that purchased Edmond Safra's bank before his life tragically ended.
- Laissez Paisser - a film available on YouTube that quickly but effectively covers the story of how many Sephardic Jews ran away from the diaspora and established their lives in Brazil.
Kudos to the final chapters. Gives great emphasis on his life achievements, his legacy and on how his amazing life abruptly ended.
January 1, 2023
I kind of low-key love the fact the author manages to make biography about a financial wizard, a banker who influenced the world of finances, and left his mark upon the world, not only a learning experience - it's also a fascinating read.
I think it's important to note the relevance of the phrase old-school banking. It's at the core of the story. In Safra's case this compass was routed in cultural and historical roots - reputation, trust and relationships between banker and customer. This is a complete contradiction to the way banks are run in 21st century. Nameless faces, profit margin for the bank, and an absolute risqué attitude towards money belonging to other people, ergo customers. Deposits instead of loans. It is also the reason persistent rumours started to swirl or should I say the start of a campaign to discredit someone who had become a powerful fixture in the financial world - he was the root of the structure he created.
I can't even imagine being so that that you're tasked with setting up banks as a teenager. It seems, so bizarre, especially when you look at young people today. Safra was a young man influenced by family structure, culture and events in history that displaced many people. It's a tragedy that his live ended so brutally, and his death takes up a good part of the second half of the book. Why? Because it became fodder for conspiracy theorists, for gossipmongers and sensationalists, which the author addresses. He also takes those theories and misinformation and counters it with facts.
Saying that, I can absolutely understand why the world would believe he had become a victim of his success, power, wealth and core ethics of Safra banking. Equally I also understand that his family wants the world to remember the man behind the wall of myths and gossip - I think Edmond would want that too.
I think it's important to note the relevance of the phrase old-school banking. It's at the core of the story. In Safra's case this compass was routed in cultural and historical roots - reputation, trust and relationships between banker and customer. This is a complete contradiction to the way banks are run in 21st century. Nameless faces, profit margin for the bank, and an absolute risqué attitude towards money belonging to other people, ergo customers. Deposits instead of loans. It is also the reason persistent rumours started to swirl or should I say the start of a campaign to discredit someone who had become a powerful fixture in the financial world - he was the root of the structure he created.
I can't even imagine being so that that you're tasked with setting up banks as a teenager. It seems, so bizarre, especially when you look at young people today. Safra was a young man influenced by family structure, culture and events in history that displaced many people. It's a tragedy that his live ended so brutally, and his death takes up a good part of the second half of the book. Why? Because it became fodder for conspiracy theorists, for gossipmongers and sensationalists, which the author addresses. He also takes those theories and misinformation and counters it with facts.
Saying that, I can absolutely understand why the world would believe he had become a victim of his success, power, wealth and core ethics of Safra banking. Equally I also understand that his family wants the world to remember the man behind the wall of myths and gossip - I think Edmond would want that too.
April 18, 2025
The book has a an interesting subject matter - that of a global financier hailing from Syria and his journey across several continents. It sheds light on wide range of topics including the travails of Sephardic Jews in Syria and Lebanon, development of post war banking system, etc. The cosmopolitan nature of the Safta’s life was also something that I could really identify with personally.
On the other hand, I felt that the author was at times appeared somewhat apologetic for Safra, falling over backwards to praise what a genius Safra was, how much philanthropy he engaged in etc. Certain sections read like a corporate sanctioned biography. Perhaps Safra really is that wonderful, and perhaps not, I am not knowledgeable enough to state with authority. However, as someone who enjoys reading biographies for complexities and multidimensional nature of a person’s life, it was not really enjoyable to read author just going on and on about how perfect Safra was. But then again, that is just my personal take.
On the other hand, I felt that the author was at times appeared somewhat apologetic for Safra, falling over backwards to praise what a genius Safra was, how much philanthropy he engaged in etc. Certain sections read like a corporate sanctioned biography. Perhaps Safra really is that wonderful, and perhaps not, I am not knowledgeable enough to state with authority. However, as someone who enjoys reading biographies for complexities and multidimensional nature of a person’s life, it was not really enjoyable to read author just going on and on about how perfect Safra was. But then again, that is just my personal take.
October 1, 2022
This is a fascinating, beautifully-written tale of a man who built a global financial empire on four continents from scratch and earned the title of 'the greatest banker of his generation' from the World Bank president at the time. What makes the book come alive is how Daniel Gross delves into the person throughout his journey from Aleppo, Syria, to Europe's and America's top financial centers, revealing a remarkably human individual who supported those in need and became known as the protector of the far-flung Sephardic Jewish diaspora. His legacy of philanthropy was maintained and extended by his widow, Lily Safra, and now by the Edmond J. Safra Foundation following her passing in July. A great read!
August 2, 2023
What could have happened had he not sold out / merged with Amex?? Shrewd yet disciplined business owner who grew into a banking Titan.
What my 👂 heard 👇
He grew into a Titan
It's all about making money and giving it away
Clung ferociously too
Businesses are meant to be retained in the family
He had a firm sense of his one mind
I put deals before Ideals
He was shrewd and meticulous
Continue to pursue options in arbitrage
I place a lot of my eggs in a few major baskets
It's an immense tapestry for your aesthetic sense
Tissue thin set of facts
Prosperous and firmly rooted in Brooklyn "Assad's"
When the conversation struck the right cord he would become energized it was like he was illuminated all of a sudden
What my 👂 heard 👇
He grew into a Titan
It's all about making money and giving it away
Clung ferociously too
Businesses are meant to be retained in the family
He had a firm sense of his one mind
I put deals before Ideals
He was shrewd and meticulous
Continue to pursue options in arbitrage
I place a lot of my eggs in a few major baskets
It's an immense tapestry for your aesthetic sense
Tissue thin set of facts
Prosperous and firmly rooted in Brooklyn "Assad's"
When the conversation struck the right cord he would become energized it was like he was illuminated all of a sudden
May 14, 2025
An unexpected story
I had read about Edmond Safra’s murder when it happened and I had the impression that this was a shady man with shady connections, and probably murdered for some money laundering that went sour. To my surprise in this book the guy is profoundly religious, has high ethical standards, is a philanthrope, a lover of beautiful things, highly intelligent , extremely successful , very hardworking and who considered his clients’s deposits as money to be protected and not to be squandered in risky business. I also loved all the Middle Eastern flavour as I come from that part of the world, and the cherry on top of the cake is that is well written and very interesting reading.
I had read about Edmond Safra’s murder when it happened and I had the impression that this was a shady man with shady connections, and probably murdered for some money laundering that went sour. To my surprise in this book the guy is profoundly religious, has high ethical standards, is a philanthrope, a lover of beautiful things, highly intelligent , extremely successful , very hardworking and who considered his clients’s deposits as money to be protected and not to be squandered in risky business. I also loved all the Middle Eastern flavour as I come from that part of the world, and the cherry on top of the cake is that is well written and very interesting reading.
November 22, 2022
I'm not certain this book would be of interest to anyone other than a banker or someone who worked at Safra's Republic National Bank as I did for a time in the 70s. It was an amazing experience for me as I was given the opportunity to trade gold as a young 20 something with no experience. Republic was the only place at the time selling direct to consumer. They were also famous for giving away tv's which, you may or may not recall, were huge at that time. No flat screens!
Edmund Safra's death has always been controversial. He died in a fire in Monaco. So there is a bit of a mystery surrounding that, but this author does not portray it that way.
Edmund Safra's death has always been controversial. He died in a fire in Monaco. So there is a bit of a mystery surrounding that, but this author does not portray it that way.
February 27, 2024
A 2.5 rounded up. If Daniel Gross were less than a great finance writer, this book would have been a disaster, since it seems to be (I may be wrong) a commission from the Edmond J. Safra foundation that, say, strongly disrecommended saying anything that could make the great man look less than a titan. That said, his life is indeed interesting, following most of the geopolitical mess of the 20th century and making out of it a multinational empire. Gross has a great grasp of history and financial concepts and gently takes us from one great era of financial globalization (pre-WWI) to another one (following the collapse of the Berlin Wall). Worth reading, all things consider.
August 22, 2024
Arguably the most talented but least well-known banker of his generation, Edmond Safra was a remarkable individual. This biography, although bordering on hagiography, is a window into how Safra built two multi-billion dollar banks.
The picture that emerges of Safra is first as a man of extraordinary integrity - not many others would take a $500m personal hit to ensure his shareholders didn't suffer in a deal. Second, he combined an ability to appeal to consumers in a modern way (such as the TVs for deposits campaign for Republic) whilst holding true to the some of the core tenets of retail banking: treating your customers' money as your own, lending to those you trust.
The picture that emerges of Safra is first as a man of extraordinary integrity - not many others would take a $500m personal hit to ensure his shareholders didn't suffer in a deal. Second, he combined an ability to appeal to consumers in a modern way (such as the TVs for deposits campaign for Republic) whilst holding true to the some of the core tenets of retail banking: treating your customers' money as your own, lending to those you trust.
April 2, 2024
Edmond Safra is an amazing financer and individual. From his beginnings in native Beirut he is singleminded in pursuing financial opportunities even as a 15 yr old when he sent by his father to Milan. While he approaches risks cautiously, he finds ways to mitigate them. One of his outstanding characteristics is his support of other less fortunate Jews. He relies extensively on his family and trusted friends in his business. At the same time he was extremely philanthropic. This is a fascinating biography, and well worth the read.
April 30, 2023
For those fascinated by the history and models of merchant capitalism, it is well worth reading of Safra’s long experience starting with the last remnants of the traditional Ottoman/Syrian/Iraqi Jewish traders on the western end of the Silk Road all the way through the modern global banking system in which he played a significant part as a skilled ‘financial entrepreneur’. He was a dogged entrepreneur, a skilled investor, and canny trader.
March 16, 2023
Amazing book. I definately believe Edmond Safra is a true leader and a very intelligent man. Teaches a LOT of valuable lessons as a Jalabi Jewish who was born in Beirut but then moved around the world: doing business with the Rothchilds, even rockefeller the big ones and traveled to Suiza, Italy, Sur de Francia, Brazil and NY. Gave a lot of tzedaka bh.
May 23, 2023
An epic story of one of the titans of the 20th century. Incredible story spanning life and business on 4 continents while staying true to his Jewish roots and demonstrating that you can do business on a handshake.
October 2, 2022
Amazing book. Great life story. Hard to stopp reading it
October 11, 2023
A fantastic journey
October 29, 2023
Not very insightful. Interesting life story. But I don’t think there is anything in this book that you won’t find the Wikipedia.
May 29, 2023
Very interesting, but biased
No doubt it is an amazing story from an outstanding person. Easy reading, with a touch of a fairy tail..
I found the book a little bit biased. It looks like the author interviewed only the ones that painted him on the positive side leaving purposely too many gaps.
The author mentions only that Mr. Safra was engaged in fair trading, low risk government investments. However, he makes no mention of the quality of his Latin America loan portfolio that he left to Amex, in a period where the asymmetry of information was more accentuated, and there was a massive wave of sovereign defaults that took almost a decade to solve. It would be very enhancing if we could hear the AMEX executives' views.
Also, it always portrays him as the leader of a clan, but makes very little mention of family misunderstandings, or competition within the family.
Anyway, it is a very beautiful story of a man that has done so much during his life time, and always helped the Jewish diaspora.
No doubt it is an amazing story from an outstanding person. Easy reading, with a touch of a fairy tail..
I found the book a little bit biased. It looks like the author interviewed only the ones that painted him on the positive side leaving purposely too many gaps.
The author mentions only that Mr. Safra was engaged in fair trading, low risk government investments. However, he makes no mention of the quality of his Latin America loan portfolio that he left to Amex, in a period where the asymmetry of information was more accentuated, and there was a massive wave of sovereign defaults that took almost a decade to solve. It would be very enhancing if we could hear the AMEX executives' views.
Also, it always portrays him as the leader of a clan, but makes very little mention of family misunderstandings, or competition within the family.
Anyway, it is a very beautiful story of a man that has done so much during his life time, and always helped the Jewish diaspora.
February 14, 2024
Banking on an honorable handshake and a wink
Well expressed story of a unique dolphin among the sharks of the banking industry! A great homage to a unique mensch!
Well expressed story of a unique dolphin among the sharks of the banking industry! A great homage to a unique mensch!
January 29, 2023
Great book but felt a bit slow and repetitive at times. However I'd still highly recommend it.
November 16, 2024
Felt like a PR book.
Displaying 1 - 21 of 21 reviews