Month: August 2022

New Biography, A Banker’s Journey,
Explores the Remarkable Life of Edmond J. Safra, a Leading Figure in Finance, Banking, Religion, and Philanthropy in the 20th Century

 

A Banker’s Journey: How Edmond J. Safra Built a Global Financial Empire

by Daniel Gross
ISBN-13: 9781635767858
Publisher: Radius Book Group
Publication date (USA): 08/30/2022
$34.99 hardcover
Pages: 352
Photographs: 16 page color insert
www.abankersjourney.com

“Daniel Gross’s graceful and factual recounting of the life of the great banker and philanthropist Edmond Safra is a joy to read, and inspiring.”

—PEGGY NOONAN, The Wall Street Journal

 

“Edmond J. Safra’s remarkable story comes alive through the extensive research of Daniel Gross. Safra’s banking success made him a public figure, but his generosity, dignity, and integrity are what A Banker’s Journey masterfully showcases as the qualities by which he will be remembered.”

—BRYAN BURROUGH, Co-author of Barbarians at the Gate

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 principles: 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.

 

ABOUT THE AUTHOR: 

Daniel Gross is one of the most widely-read writers on finance, economics, and business history. Over the past three decades, he has reported from more than thirty countries, covering everything from the dotcom boom to the global financial crisis and the Great Recession of 2008–2009.

Gross worked as a reporter at The New Republic and Bloomberg News, wrote the “Economic View” column in The New York Times, and served as Slate’s “Moneybox” columnist. At Newsweek, where he was a columnist and correspondent, he authored seven cover stories. He is a bestselling author of eight books, including Forbes Greatest Business Stories of All Time; Generations of Corning; Dumb Money: How America’s Greatest Financial Minds Bankrupted the Nation; and Better, Stronger, Faster: The Myth of American Decline and the Rise of a New Economy.

Gross was educated at Cornell University and holds an M.A. in American history from Harvard University. His great-grandparents immigrated to the United States from Aleppo and Damascus.

WATCH:

Extraordinary pre-publication praise from giants of finance, philanthropy, and the international Jewish community for a new biography of Edmond J. Safra:

Anyone who knew my treasured friend Edmond Safra was keenly aware that he was a remarkable person: thoughtful, welcoming, intelligent. With this definitive account of his life, a broader audience can marvel at his accomplishments, remember his enduring contributions, and carry forward the lessons of a life lived with purpose and humility.

—Elton John

 

Most readers will know Edmond J. Safra as a towering banker who helped define the modern economic era. Daniel Gross’ vibrant account will make them aware of Safra’s open-handed humanitarian instinct that stood in equal measure to his financial genius — an instinct that continues “repairing the world” to this day. His legacy of a deep and boundless commitment to family, faith and generosity holds timeless lessons for us all, no matter what journey we find ourselves on. Absorbing, highly recommended reading.

—Michael J. Fox

 

Edmond Safra’s extraordinary life is one of the most fascinating stories in modern finance, but the story runs much deeper than his legendary success. A Banker’s Journey captures the fullness of a man whose mind for business and appetite for adventure was matched only by his heart for giving and sense of responsibility to others. His impact continues to be felt, and now the inspiring lessons from his life will reach an even wider audience.

—Michael R. Bloomberg, founder of Bloomberg LP and Bloomberg Philanthropies and Mayor of New York City, 2002-2013

 

Edmond Safra was a giant in the world of international finance. He was a true financial pioneer, and learning from him helped guide me as I was building my career. There is a lot to learn from reading his biography for anyone interested in finance, whether you are just starting out, or steeped in the profession.

—Henry Kravis, Co-Founder and Co-Executive Chairman, KKR

In the life of Edmond Safra, we see the brilliance, the creativity and, most of all, the resilience of the Jewish people throughout time. Faced with obstacle after obstacle including displacement, prejudice and more, my friend, Edmond, not only survived, but excelled – beyond the dreams of most people. This is an extraordinary book about an extraordinary man. Now, future generations will learn about Edmond, especially at a time when his form of integrity seems to be in short supply.

—Ronald S. Lauder, President, World Jewish Congress

 

Commercial banking was Edmond’s heritage and his consuming passion. At an age when most of us were thinking about what college we’d like to enter, he was sent out pretty much on his own to explore business opportunities in both Europe and America. He built his banks, made his money, and, not so incidentally, established his name the old-fashioned way. But when it came to a decision, Edmond could match any modern entrepreneur. Through it all, Edmond was strongly motivated by a more personal responsibility that couldn’t be counted in numbers.

—Paul Volcker, Chair of the Federal Reserve (1979-1987)

 

Edmond Safra was a remarkable leader, builder, dreamer, philanthropist, and financial services executive. I was honored to know him and work closely with him for two decades. From the moment I picked up Daniel Gross’s book, I literally, and I say literally, could not put it down. It was a fantastic journey through an incredible life. Edmond always put his company, employees, and depositors first. He cared deeply about this ‘extended family,’ and he always had their backs. Edmond was also very philanthropic, as he supported a number of religious organizations. For any aspiring business or community leader, this book is a must read. Edmond was one of the most talented leaders I have ever been around, and our world is a much better place because of him.

—Sandy Weill, Former Chairman and CEO of Citigroup

 

This is an extraordinary book about a remarkable man. Edmond J. Safra may be best known as an immensely successful global financier, but he was a person of many significant qualities: devoted to his family, his faith, and to the deep value of education for individuals from many backgrounds. He gave generously to several universities, and the story of his life is now told in an exceptional way, with fine scholarly detail that makes vivid all the humane aspects of this exceptional human being.

—Neil L. Rudenstine, President Emeritus, Harvard University

Upon meeting Edmond Safra for the first time fifty years ago I was immediately struck by his complete and total dedication to the safety and security of his bank’s depositors and also by his deep and sincere admiration of America as a land of opportunity. Although many consider him to have been the greatest banker of the 20th century, he never lost his sense of modesty nor his belief that success must be built upon trustworthiness and compassion. This is a book that must be read.

—Arthur Levitt Jr., Chairman of the Securities and Exchange Commission (1993-2001)

 

Edmond Safra was truly unique, founding four banks on three continents – all of them successful. To start Republic National Bank of New York and grow it into a thriving institution in one of the world’s most competitive markets was an extraordinary achievement, and he repeated this success again and again around the world. He was the rare combination of conservative banker and brilliant, thoughtful risk-taker. Edmond cared deeply for his staff and his clients, and, perhaps above all, he changed the lives of millions of people through the help he gave to schools, hospitals, and other causes. He was inspirational and an example to us all, and I am delighted that his story is finally being told.

—Sir John Bond, Group Chairman HSBC Holdings (1998-2006)

 

The lessons to be learned from following Edmond Safra’s career are remarkable. He shaped a generation of young, serious, and brilliant bankers, and this book is a can’t-miss for those who are entering the banking world.

—Leonard A. Lauder, Chairman Emeritus, The Estée Lauder Companies Inc.

 

Edmond Safra’s life and career were unique in many ways. A daring entrepreneur and successful banker, he created an innovative, prosperous, and respected financial network around the world. An aesthete, collector, and great patron of the arts, he had an inexhaustible curiosity that embraced many areas. As a philanthropist, he left his mark on the 20^th century by actively committing himself to numerous causes with faith, attention, and discipline. I am delighted that Daniel Gross’s biography goes through the different stages of Edmond’s rich life and pays tribute to an extraordinary man.

—François Pinault

 

“He is like a tree planted beside the streams of water which yields its fruit in season whose leaves shall not fade. In all that he does he prospers.” These words from Psalm 1:3, carved in stone at Somerset House, are displayed in honour of Edmond. His philanthropy to many institutions and good causes across the world were achieved by this modest, sensitive and extraordinary man, “primus inter pares” in the generation of Sephardic Jews who left the Middle East after the Second World War, to establish themselves with immense success in the wider world as men of business.

Edmond used his exceptional talents to create and build banking businesses which spanned more than thirty countries across the globe; in addition, he inherited from his parents a sense of duty and obligation to the Jewish community who were to him an extended family. The range of support he gave to his people and the wide range of institutions is beyond belief – and at the same time, in addition to his commercial success and his prodigious generosity, he was able, helped at all times by his wife Lily, to become a connoisseur and collector of fine arts of extraordinary quality.

It is timely that a book is now being published to describe the achievements of this brilliant man whose personality and character touched all of us who were fortunate enough to have known and admired him. Edmond’s remarkable life will now be recorded and celebrated by future generations. The sadness is of a life tragically lost to us at too young an age, but this book will enable us to make the life of Edmond imperishable in our memory. It is a remarkable story which will be an example to us all.

—Lord Rothschild (Jacob)

“To my husband who has given me so much, his devotion to our grandchildren, his presence at all times, not only for me and them but for so many others, a father to his brothers and sisters, a loyal friend to so many throughout the world, together, we try to keep our heads high to fight for life and hope, to fight the battles in the name of justice. May our almost seven grandchildren achieve in their lives the values and ideals that you have taught them. You fulfill the essence of a human being. You are kind, decent, a man with no vanity, a humble man. Thank you, Edmond, for sharing these years with me.”

 —Lily Safra, (December 30, 1934—July 9, 2022)

Available at: Amazon,  Barnes & Noble and  Bookshop.org

 

SUBJECTS: Banking, Biography, Book News, Book Publishing, Book Review, Business and Personal Finance,  Features, Human Interest, Judaism, Philanthropy, Public Affairs

 

Advanced technologies and a modern intuitive design deliver unparalleled data-driven legal insights, while enhancing the user experience

TORONTO, August 15, 2022 – LexisNexis^® Legal & Professional, a leading global provider of legal information and analytics, today announced the official launch of our latest innovative product, Lexis+^™ Canada.

Lexis+ Canada is the most complete collection of legal information including legal research, practical guidance, analytical tools, brief analysis, and bill tracking capabilities – all packaged in a modern user experience to deliver greater efficiency and better outcomes.

This next generation product provides access to the comprehensive collection of LexisNexis primary law information, including the most complete collection of courts and administrative decisions, Quantums, Case Digests, Case Citators and current awareness sources.

Additionally, Lexis+ Canada gives access to Halsbury’s Laws of Canada, the only up-to-date national legal encyclopedia. Lexis+ Canada also includes LexisNexis Online Research Service, with over 490 full-text textbooks and looseleaf publications in more than 30 different areas of law – unmatched in the Canadian market.

An improved user experience is also evident as the simplified design will set a new standard in ease of use. Striking imagery, bold colors and typography improve readability, reduce visual “clutter”, and emphasize essential information and tasks.

Lexis+ Canada also delivers enhanced functionality. The new “Experience Dock” creates an integrated starting point for core legal tasks and enables seamless switching between product experiences and workflows. New and intuitive features, such as Brief Analysis and Boolean Search Tree make it easy for practitioners to access the information and insights they need, control their search experience, and provide better counsel.

Overall, Lexis+ Canada was built around the user experience, creating a workflow-centered solution. By seamlessly integrating multiple tools in one interface, Lexis+ Canada allows our customers to work with more focus, while removing the obstacles of switching between multiple platforms.

“The introduction of Lexis+ Canada represents a significant milestone in our strategy to deliver legal solutions that improve lawyers’ productivity, workflow, and their ability to deliver timely and strategic counsel,” said Eric J. Wright, CEO, LexisNexis Canada.

Based on extensive customer feedback, Lexis+ Canada addresses the specific needs of legal professionals in all segments, industries, and areas of practice with key features including:

• Brief Analysis: Extracts citations and legal concepts, recommends other relevant cases, identifies relevant passages, and takes users directly to the document where they are found — all within a unique, dashboard.
• Practical Guidance: Fully integrated practical guidance including practice notes, precedents, checklists, drafting tools and industry insights from leading practitioners easily accessible in experience dock and within legal research results.
• Lexis Answers: Responds to natural language search queries with the best, most relevant answer.
• Legislative Pulse: Integrated bill tracking experience that provides users with one convenient location to obtain information on the progress of bills in the federal and provincial legislatures.
• Enhanced search capabilitiesthat give practitioners more control over their research experience, including:
• Boolean Search Tree: Graphically depicts Boolean searches and highlights the impact of each keyword on search results, enabling users to refine searches for the best results.
• Search Term Maps: Visually depicts clusters of search terms within search results and documents across major content types for fast, easy navigation, trend identification and direct access to relevant information.

“Lexis+ Canada is the result of extensive customer feedback and workflow analysis” said Jeff Pfeifer, Chief Product Officer, LexisNexis North America, UK and Ireland. “Users told us they wanted a solution that improves the quality of their research, speeds the delivery of insights and is easy to use.  Lexis+ Canada leverages cutting-edge technology, modern design elements and advanced data visualization to improve research outcomes for lawyers in Canada.”

“We are proud to launch a world class product that allows lawyers to answer legal questions, apply legal strategy, and accomplish legal tasks, all in one dynamic new place that sets a precedent in simplicity.” said Alan Votary, Head of Product Canada. “This innovative solution will deliver increased efficiency and confidence for our customers, as it addresses the unique needs of their business.”

Lexis+ Canada is the latest global offering in the Lexis+ family, complimenting earlier Lexis+ releases in the U.S. and the U.K.  LexisNexis continues to expand Lexis+ with additional country releases planned in the coming months.

For more information, visit Lexis+ Canada.  

Notes for editors

• To request a product demonstration, please reach out to our media contact below.
• Jeff Pfeifer and Alan Votary are available for interview.

About LexisNexis Legal & Professional

LexisNexis^® Legal & Professional provides legal, regulatory, and business information and analytics that help customers increase their productivity, improve decision-making, achieve better outcomes, and advance the rule of law around the world. As a digital pioneer, the company was the first to bring legal and business information online with its Lexis^®> and Nexis^® services. LexisNexis Legal & Professional, which serves customers in more than 150 countries with 10,500 employees worldwide, is part of RELX, a global provider of information-based analytics and decision tools for professional and business customers.

Companies are responding to the tight job market with employee engagement, recruitment and training

New York City (August 10, 2022) – Companies are more than doubling down on Human Resources strategies, according to the XpertHR 2022 Survey on HR Staffing and Resources. The survey revealed this year’s median HR budget as a percentage of the organization’s operating budget has increased 257%, from 2.1% in 2020 to 7.5% in 2022.

In addition to increasing HR budgets, companies are investing more in per-employee HR expenditures, and supervisory and technical staff:

• The median budgeted HR expenditure per employee is $2,000, up 64% from $1,218 in 2020.
• The median ratio of HR staff to employee headcount is 2.1 HR staff for every 100 workers, up from 1.5 in 2020.
• Four out of 10 survey respondents say they intend to increase resources in the next 12 months for employee engagement (44%), recruitment (43%) and training (40%).
• Another one-third intend to invest in DEI efforts (33%), onboarding (32%) and hiring (32%) over the next year.

 

Image caption: Four out of 10 survey respondents say they intend to increase resources in the next 12 months for employee engagement (44%), recruitment (43%), and training (40%). One-third intend to invest in DEI efforts (33%), onboarding (32%), and hiring (32%).

“This XpertHR survey indicates that HR leaders are focused on people-centric solutions that embrace changing employee needs and amplify productivity in our ‘work-from-anywhere’ environment,” explained Laci Loew, senior global HR analyst, HR strategy and insights at XpertHR. “Leading organizations are not afraid to make new investments—in HR technology, social and professional development, physical and emotional wellbeing efforts, and DEI opportunities—that provide meaningful work for their employees.”

Image Caption: Survey respondents were asked to provide data on per-employee HR expenses, revealing a 64% increase from an expense of $1,218 in 2020 to $2,000 in 2022. The total per-employee HR investment revealed an expansive range of between $750 to $3,810 per worker.

When explaining the upward trajectory in HR budgets, Loew cited the unusually tight job market and the increased demands that come with employee recruitment and retention, as well as long-term COVID compliance—challenges that have underscored for many companies the importance of a comprehensive HR strategy. She also noted that HR budgets largely shrank or remained the same in 2021 when compared to 2020, as companies grappled with ongoing pandemic-related operating uncertainties and the Great Resignation took shape.

“These benchmarks do not intend to dictate boundaries for HR budgets, but instead spotlight key and emerging trends to inform business decisions and help companies stay competitive,” Loew said.

The XpertHR survey also evaluated the types of roles that are powering HR functions in U.S. companies. The results indicate that almost half of HR staff (47%) are in managerial or supervisory roles, and another 40% work in professional or technical positions.

The XpertHR 2022 HR Staffing and Resources Survey was conducted from May 17 to June 15, 2022, using a self-administered online survey. The survey sample includes 221 U.S. employers. The total estimated number of employees of the responding organizations is 228,786. The survey examined information including HR staff composition, professional certification requirements, the ratio of HR staff to the overall workforce, HR budget, and more.

 

About XpertHR®

Global leader XpertHR empowers organizations to shape HR strategy, manage employee risk and embrace diverse talent ecosystems to create equitable, high-performing and purposeful workplaces. Since 2002, the data analytics and intelligent solutions provider has earned a reputation for providing expert insights, trusted resources and practical tools to help customers achieve greater efficiency, improve compliance and increase employee engagement. XpertHR is proud to be part of the LexisNexis® portfolio within RELX, a global provider of information-based analytics and decision tools for professional and business customers. To learn more visit xperthr.com.

 

Developed with the LexisNexis^® Rule of Law Foundation, this free, first-of-its-kind analytics tool enables public search, analysis and visualization of all U.S. state election laws, bills and rulings

 

NEW YORK – LexisNexis^® Legal & Professional and the LexisNexis^® Rule of Law Foundation today announced the launch of the LexisNexis^® U.S. Voting Laws & Legislation Center. The initial release of the tool provides free, public access to a curated and expanding collection of U.S. federal and state election and voting laws, including proposed legislation, codes, voting related information, and graphics.

Leveraging legislative data from State Net^® and codes from Lexis+^®, the U.S. Voting Laws & Legislation Center provides full-text access and near real-time updates to existing and proposed state and federal laws, presenting law makers, journalists, non-profit organizations, legal professionals, academics, students and the general public with timely, fact-based, unbiased records of voting and election laws.

For proposed legislation, an interactive heat map of the U.S. highlights proposed legislation across all 50 states, with 10 issue-based filters, such as early voting, to help researchers expedite and narrow down their search. For existing, enacted legislation, the Voting Center lets users compare data in table form across different states on issues such as no excuse absentee voting.

“Our 10,000 employees are committed to actively advancing the rule of law through our daily actions, business operations, and innovative products and solutions,” said Mike Walsh, CEO of LexisNexis Legal & Professional. “A critical part of that work is supporting transparency of law by making laws available and accessible to citizens around the world. Together with the LexisNexis Rule of Law Foundation, we are proud to introduce the Voting Center for the U.S. as a vital, free resource to provide the public with comprehensive data and analytics on the voting laws that impact their lives and shape our country.”

Other key features that distinguish the tool from other election law resources include:

• Comprehensive Data Repository: Search more than 20,000 existing state and federal voting laws and 2,000+ proposed legislature since 2021 by keyword, topic, or state, and get free access to the underlying documents
• S. State Dashboards: Offers a curated summary of content including state voting laws, pending legislation, governor and state legislature political party affiliations, and links to historical legislative coverage
• Insightful Data Visualizations: View interactive heat maps reflecting overall state voting law activity, compare voting laws or issues across several states, and a legislative outlook feature on proposed legislation
• Customizable, Sharable and Downloadable Content: Create data-driven reports, visuals and infographics that can be easily shared with others or saved for future use and analysis
• Election Law News: Read select news stories related to voting law from LexisNexis^® news sources, including Law360^® and the State Net Capital Journal

LexisNexis will continue to develop and improve the resource over time based on customer feedback. Future planned features include the addition of relevant case law and regulations, a calendar of when state legislatures are in session and notification capabilities.

Early users already see the potential and practical use-cases for the LexisNexis U.S. Voting Laws & Legislation Center:

“With everything going on in our country today, it’s more crucial than ever to know the truth around the law,” said Carlos Moore, President of the National Bar Association. “The LexisNexis U.S. Voting Laws & Legislation Center is the perfect tool to provide much-needed transparency, providing equal access to information about the law in a user-friendly format for both lawyers and laypeople alike.”

William W. Barrett, Esq., Co-Chair, Uniform Law Commission Election Law Study Committee, said, “The LexisNexis U.S. Voting Laws & Legislation Center will be a major contribution to America’s preservation of our democracy.”

For more information on the LexisNexis U.S. Voting Laws & Legislation Center, or to download the mobile version, visit www.lexisnexisrolfoundation.org/voting-laws.aspx.

 

About LexisNexis Legal & Professional
LexisNexis^® Legal & Professional provides legal, regulatory, and business information and analytics that help customers increase their productivity, improve decision-making, achieve better outcomes, and advance the rule of law around the world. As a digital pioneer, the company was the first to bring legal and business information online with its Lexis^® and Nexis^® services. LexisNexis Legal & Professional, which serves customers in more than 150 countries with 10,500 employees worldwide, is part of RELX, a global provider of information-based analytics and decision tools for professional and business customers.

About LexisNexis Rule of Law Foundation

The LexisNexis^® Rule of Law Foundation is a 501(c)(3) non-profit organization which has the mission to advance the rule of law around the world. The foundation efforts focus on the four key elements of the rule of law: transparency of the law, accessible legal remedy, equal treatment under the law, and independent judiciaries.

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LexisNexis Legal & Professional
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