Amadeo Pietro Giannini
Amadeo Pietro Giannini's Social Links
As a young man, Giannini succeeded in the wholesale produce business, but grew bored. Angered by the era's typical banking practices -- making loans to and servicing only wealthy clients -- he founded the Bank of Italy in San Francisco in 1904 as an institution for the "little fellows" those hardworking immigrants other banks would not serve. He offered those ignored customers savings accounts and loans, judging them not by how much money they already had, but by their characters. Within a year, deposits were soaring above $700,000
In 1928, Giannini put his banks into a giant holding company he called Transamerica Corporation, reflecting his new ambition. In 1930, he formed the Bank of America, which would eventually become the largest in the United States. As a measure of its success, it withstood the Great Depression, funding large industrial and agricultural interests as well as California's burgeoning movie industry and even the Golden Gate Bridge. When Giannini died on June 3, 1949, at age 79, hundreds of ordinary people showed up for his funeral.
Companies and Investments
Bank of America
Lesson 1: Be the first in everything.
Lesson 2: Run your business straight, get respect, and build your credit.
Lesson 3: Your ideas may not always be the right ones. Get a trusted advisor or two to knock holes in all of your ideas to perfect and execute.
Lesson 4: Do not get distracted by side venture build up your business and focus on it. As it succeeds you'll get enjoyment out of it.
Amadeo Pietro Giannini's Quotes
|“||The man who will fight hard to get cheaper interest rates is one that we want to loan money to, and if he is willing to pay any old price, look out.||”|
|“||A banker should consider himself a servant of the people, a servant of the community.||”|
|“||To take from anyone the incentive to work is a questionable service.||”|
|“||It is every man’s duty to strive to give his children the best possible equipment for life. But to leave millions to young sons is dangerous.||”|
|“||Those who don’t work never amount to anything.||”|
|“||You can’t afford to sit back and wait for talent to come to you. You have to be constantly on the lookout for it and then go out and lasso it.||”|