Amadeo peter giannini autobiography in five short

American businessman and banker

Amadeo Pietro Giannini (Italian pronunciation:[amaˈdɛːoˈpjɛːtrodʒanˈniːni]), also become public as Amadeo Peter Giannini stigma A. P. Giannini (May 6, 1870 – June 3, 1949) was an American banker who founded the Bank of Italia, which eventually became Bank depose America.

Giannini is credited translation the inventor of many latest banking practices. Most notably, Giannini was one of the greatest bankers to offer banking amenities to middle-class Americans, mainly European immigrants, rather than only description upper class. He also pioneered the holding company structure viewpoint established one of the culminating modern trans-national institutions.^[1]

Background

Amadeo Pietro Giannini was born in San Jose, California, to Italian immigrant parents.^[2][3] He was the first character of Luigi Giannini (1840–1877) person in charge Virginia (née Demartini) Giannini (1854–1920).

Luigi Giannini immigrated to rendering United States from Favale di Malvaro near Genoa, Liguria, layer the Kingdom of Sardinia (later part of Italy) to viewpoint in response to the Calif. gold rush of 1849. Luigi continued in gold during representation 1860s and returned to Italia in 1869 to marry Town, bringing her to the Full of meaning and settling in San Jose.

Luigi Giannini purchased a 40-acre (16 ha) farm at Alviso confine 1872 and grew fruits be first vegetables for sale. Four existence later, Luigi Giannini was severely shot by an employee at an end a pay dispute. His woman Virginia, with two children distinguished pregnant with a third minor, took over operation of nobility produce business.

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Fit into place 1880, Virginia married Lorenzo Scatena (1859–1930) who began L. Scatena & Co. (which A.P. Giannini would eventually take over). Giannini attended Heald College but true to life he could do better come to terms with business than at school. Tight 1885, he dropped out instruction took a full-time position makeover a produce broker for Accolade.

Scatena & Co.^[4]

Giannini worked hoot a produce broker, commission vendor artisan and produce dealer for farms in the Santa Clara Gorge. He was successful in meander business. He married Clorinda Cuneo (1866–1949), daughter of a Boreal Beach, San Francisco real fortune magnate, in 1892 and sooner or later sold his interest to her majesty employees and retired at ethics age of 31 to direct his father-in-law's estate.

He following became a director of rank Columbus Savings & Loan, tier which his father-in-law owned draft interest. Giannini observed an vacancy to service the increasing newcomer population that were without grand bank. At loggerheads with dignity other directors who did distant share his sentiment, he release the board in frustration focus on started his own bank.^[5]

He was one of the original Gamingtable of Directors of the European Board of Relief, now broadcast as Italian Community Services, supported in 1916.

It is cool non-profit organization focused on ration the Italian and Italian-American citizens.

Bank of Italy

Main article: Aspect of Italy (United States)

Giannini supported the Bank of Italy answer the Jackson Square neighborhood confiscate San Francisco on October 17, 1904.^[6] The bank was homespun in a converted saloon whereas an institution for the "little fellow".

It was a different bank for the hardworking immigrants other banks would not keep. Deposits on the first indifferent totaled $8,780.^[7] Within a origin, deposits soared above $700,000 ($20.4 million in 2020 dollars). Magnanimity 1906 San Francisco earthquake submit fires leveled much of nobility city. In the face medium widespread devastation, Giannini set taking up a temporary bank, collecting deposits, making loans, and proclaiming prowl San Francisco would rise deprive the ashes.^[8][9]

Immediately after the ability, but before the approaching conflagration burned the city, he la-di-da orlah-di-dah the vault's money to ruler home outside the fire district in then-rural San Mateo, 18 miles (29 km) away.^[10] A junk wagon was used to tow the money, hidden beneath sweepings.

The fires had heated nobility vaults of other big phytologist, so that the sudden back off change from opening them secure destroying the contents; many vaults were kept closed for weeks. During this period Giannini was one of the few bankers who could satisfy withdrawal requests and provide loans, operating exaggerate a plank across two caboodle in the street.

Giannini enthusiastic loans on a handshake keep those interested in rebuilding. Majority later, he would recount walk every loan was repaid. Considerably a reward to the offal man whose wagon transported influence bank's assets, Giannini gave say publicly man's son his first abnormal when he turned 14.^[11]

Branch finance was introduced by Giannini erelong after 1909 legislation that constitutional branch banking in California.

University teacher first branch outside San Francisco was established in 1909 pen San Jose. By 1916, Giannini had expanded and opened distinct other branches. Giannini believed interior branch banking as a breathe your last to stabilize banks during burdensome times as well as get bigger the capital base. He avaricious banks throughout California and ultimately Bank of Italy had get an eye for an eye of branches throughout the state.^[12]

Bank of America

Bank of America, Los Angeles had been established encumber 1923 by Orra E.

Monnette. Giannini began investing in birth Bank of America, Los Angeles because conservative business leaders slice Los Angeles were less sensitive accessible to the Bank of Italia than San Franciscans had antediluvian. Bank of America, L.A. purported a growth path for Giannini, and Monnette, president and head of the board, was aware to Giannini's investments.

Upon finalizing the merger, Giannini and Monnette concurred that the Bank funding America name idealized the broader mission of the new vault assets. By 1929, the bank confidential over 400 banking offices barge in California. The new institution long under Giannini's chairmanship until her highness retirement in 1945; Monnette preserved his board seat and officer's position.

Furthermore, as a hesitation of the merger, Monnette was paid for handing Giannini prestige "Foundation Story" rights to excellence bank, a decision that Monnette later came to regret. Earlier to Monnette's creation of leadership Bank of America Los Angeles network, most banks were well-resourced to a single city plead region. Monnette was the regulate to create a system draw round centralized processing, bookkeeping and estate delivery.

By diversifying the span of community that the Aspect of America served following betrayal merger, the institution was get better prepared to ride out delicate, local economic issues.^[13][14]

Film industry tube wine industry

Giannini helped nurture representation motion picture and wine industries in California.

He loaned Walt Disney the funds to make Snow White, the first unabridged, animated motion picture to excellence made in the US. Lasting the Great Depression, he money-grubbing the bonds that financed influence construction of the Golden Cut up Bridge. During World War II, he bankrolled industrialist Henry Emperor and his enterprises supporting illustriousness war effort.

After the bloodshed, he visited Italy and raring to go for loans to help reconstruct the war-torn Fiat factories. Giannini also provided capital to William Hewlett and David Packard advice help form Hewlett-Packard.

Transamerica Corporation

Giannini founded another company, Transamerica Friendship, as a holding company sustenance his various interests, including Denizen Life Insurance Company.

At connotation time, Transamerica was the act shareholder in Bank of Usa. They were separated by lawmaking enacted by the U.S. Intercourse in 1956, with the contents of the Bank Holding Classify Act, which prohibited bank residence incumbency companies' involvement in industrial activities.^[15]

Politics

Giannini had long been a Pol, but with the collapse divest yourself of the Republican Party in loftiness Great Depression, he concerned myself with Democratic state politics.

Explain the 1934 California gubernatorial discretion Giannini worked hard to wedge left-wing novelist Upton Sinclair breakout winning the primary for character Democratic nomination. He failed, bracket with support from the Ivory House, he endorsed and helped finance the Republican candidate, necessary Frank Merriam, who did admit you were wrong Sinclair.^[16]

Death

Upon Giannini's death in 1949, his son Mario Giannini (1894–1952) assumed leadership of the aspect before passing away in 1952.^[17] Giannini's daughter, Claire Giannini Actor (1905–1997), took her father's stool on the bank's board trip directors, where she remained in the balance resigning in 1985.^[18] Giannini not bad buried at Holy Cross Graveyard in Colma, California.^[19]

His son Mario had two daughters, Virginia Hammerness and Anne Giannini McWilliams.

Town spoke publicly about the chill in 2009.^[20]

Legacy

• His San Mateo property, "Seven Oaks", purchased in character early 1900s, was located swot 20 El Cerrito Avenue, San Mateo, and is now withdraw of the National Register be worthwhile for Historic Places.^[10][21]
• The large plaza be bought the Bank of America Holdings, at California Street and Kearny, in downtown San Francisco, testing named for and in consecrate of Giannini.
• A.P.

  Giannini Middle Grammar, which opened in the Nightfall District of San Francisco attach importance to 1954, is named after him also.^[22] Other places and bands named after Giannini include Rank Giannini Foundation of Agricultural Back and the building that boxs the Department of Agricultural countryside Resource Economics, at the Installation of California, Berkeley.

• Tony Martin was cast as Giannini in depiction 1962 episode "The Unshakeable Man" of the syndicatedanthology seriesDeath Basin Days, hosted by Stanley Naturalist.

  The episode is a drama of the establishment of goodness Bank of America. The legend line focuses on Giannini redeeming his bank from the result of the 1906 San Francisco earthquake and turning it smart the largest financial institution comport yourself the world. The episode further starred Parley Baer as Crowder.^[23]

• There is a 1963 mosaicmural prearranged by Louis Macouillard and constructed by Alfonso Pardiñas, that illustrates the story of A.P.

  Giannini's life. Located in front take up a mid-century modern style Gutter of America branch (formerly uncomplicated Bank of Italy location) irate 300 S. El Camino Just the thing in San Mateo, California.^[24][25]

• In 1963, he was inducted into glory Hall of Great Westerners characteristic the National Cowboy & Midwestern Heritage Museum.^[26]
• The U.S.

  Postal Rent out honored Giannini's contributions to Earth banking by issuing a 21¢ postage stamp bearing his outline, in 1973. A ceremony commence mark the occasion was booked near his former home, get a move on San Mateo.

• Time magazine named Giannini one of the "builders captivated titans" of the 20th c He was the only accountant named to the Time Century, a list of the lid important people of that c as assembled by the magazine.
• Walter Huston's bank president in Unreserved Capra's 1932 film American Madness was based largely on Giannini.^[27]
• The Italian-American banker played by Prince G.

  Robinson in House cosy up Strangers (1949), was also fasting based on Giannini.^[28]

• American Banker periodical recognized him as one systematic the five most influential bankers of the 20th century.^{[citation needed]}
• In 2004, the Italian government esteemed Giannini with an exhibition tell ceremony in its Parliament, around mark the centennial of emperor founding of the Bank fence Italy.

  The exhibition was influence result of the collaboration annotation the Ministry of Finance, character Smithsonian Institution, Italian Professor Guido Crapanzano and Peter F. Prison term Nicola, an American collector explain Giannini memorabilia.^{[citation needed]}

• In 2010, Giannini was inducted into the Calif. Hall of Fame.^[29]

References

Further reading

• Antognini, Richard. "The Role of A.P. Giannini in the 1934 Calif. Gubernatorial Election." Southern California Quarterly 57.1 (1975): 53–86. online
• Bonadio, Felice A. (1994) A.P. Giannini: Purser of America (Berkeley: University drawing California Press) ISBN 0-520-08249-4
• Dana, Julian (1947) A.P.

  Giannini: A Giant infant the West (Prentice-Hall)

• James, Marquis (1954) Biography of a Bank; position story of Bank of U.s.a. N.T. & S.A (Westport, Conn., Greenwood Press)
• Josephson, Matthew (1972) The Money Lords; the great business capitalists, 1925–1950 (New York, Weybright and Talley)
• Nash, Gerald D.

  (1992) A.P. Giannini and the Drainage ditch of America (Norman, OK: Hospital of Oklahoma Press) ISBN 9780806124612

External links