I never felt that I worked a day in my life, because I always loved what I did. Work, to me, was never simply an obligation. It was curiosity, purpose, challenge, and, most importantly, fun.
That outlook came from a proverb my mother lived by and passed on to me:
I was sleeping and dreaming
that life was fun.
I woke up and saw
that life is work.
I did the work…
and the work was fun!
That philosophy stayed with me throughout my life, from my family’s bakery in Germany to banking, risk management, teaching, writing, and everything that followed.
I was born in Mülheim-Ruhr, Germany, where my earliest lessons in discipline and responsibility came from working in my family’s bakery. Tennis later introduced me to new people and opportunities. I then learned the nuts and bolts of the banking business during a two-year apprenticeship, which led me into foreign exchange and international finance.
In 1960, I was Co-Founder of Citibank in Frankfurt. During the following decades, my work included developing the treasury concept, introducing proprietary trading, and creating new approaches to financial risk management. Through this work, I became known as the Architect of Risk Management in Citibank and later helped pioneer the volatility-based Value at Risk system.
Teaching became another important part of my life. From 1982 to 2008, I taught at New York University, and I also taught at Harvard, INSEAD, and other institutions internationally. In 1999, my students at New York University voted me their favorite professor, an acknowledgment that has remained especially meaningful to me.
I have written books and textbooks based on my professional experience, but From Baker to Banker is more personal. It brings together my memories of family, work, sport, banking, teaching, travel, and the many people who influenced my life.
Groundbreaking Innovations
Books & Textbooks Authored
Years at Citibank
3 children, 5 grandchildren,
1 great grandchild
NYU, Harvard, INSEAD,
and Other Institutions