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Gerald & Felix M. Warburg with Mrs. Mauric Loeb
Gerald & Felix M. Warburg with Mrs. Mauric Loeb ©George Grantham Bain Collection; Library of Congress Prints and Photographs Division (Bain News Service)

    The Warburg family, Banking

    In 1798 the brothers Moses, Marcus and Gerson Warburg founded the bank of M.M. Warburg & Co. in Hamburg. From that point on, the Warburg family held a high status in the banking business.

    When Moritz Warburg married Charlotte Oppenheim from Frankfurt, the daughter of a wealthy jewelry trader, the family firmly established their influence in the banking industry.

    At the turn of the 20th century the family moved to the United States, inspired by the American dream and the promise of greater opportunities. Paul Warburg was made vice president of the Federal Reserve Bank shortly after he immigrated to America, while the rest of the family maintained the business in Hamburg.

    When the political climate changed, the family fortune declined. It was not until years later that any family member was given a leading position at the bank. The bank they founded still exists as a family-run institution.