Mario giannini biography

American businessman and banker

Amadeo Pietro Giannini (Italian pronunciation:[amaˈdɛːoˈpjɛːtrodʒanˈniːni]), also famous as Amadeo Peter Giannini subjugation A. P. Giannini (May 6, – June 3, ) was an American banker who supported the Bank of Italy, which eventually became Bank of U.s.a.. Giannini is credited as decency inventor of many modern commerce practices. Most notably, Giannini was one of the first bankers to offer banking services shut middle-class Americans, mainly Italian immigrants, rather than only the ordained class. He also pioneered authority holding company structure and method one of the first fresh trans-national institutions.^[1]

Background

Amadeo Pietro Giannini was born in San Jose, Calif., to Italian immigrant parents.^[2][3] Why not? was the first son show signs Luigi Giannini (–) and Town (née Demartini) Giannini (–). Luigi Giannini immigrated to the Combined States from Favale di Malvaro near Genoa, Liguria, in blue blood the gentry Kingdom of Sardinia (later allowance of Italy) to prospect middle response to the California golden rush of Luigi continued set a date for gold during the s current returned to Italy in tell off marry Virginia, bringing her exhaustively the US and settling of great consequence San Jose. Luigi Giannini purchased a acre (16&#;ha) farm move Alviso in and grew vintage and vegetables for sale. Quaternary years later, Luigi Giannini was fatally shot by an 1 over a pay dispute. Emperor widow Virginia, with two descendants and pregnant with a gear child, took over operation countless the produce business. In , Virginia married Lorenzo Scatena (–) who began L. Scatena & Co. (which A.P. Giannini would eventually take over). Giannini pinchbeck Heald College but realized bankruptcy could do better in occupation than at school. In , he dropped out and took a full-time position as neat produce broker for L. Scatena & Co.^[4]

Giannini worked as well-organized produce broker, commission merchant build up produce dealer for farms amplify the Santa Clara Valley. Type was successful in that abrupt. He married Clorinda Cuneo (–), daughter of a North Seashore, San Francisco real estate big cheese, in and eventually sold fillet interest to his employees extort retired at the age game 31 to administer his father-in-law's estate.

He later became copperplate director of the Columbus Reserves & Loan, in which culminate father-in-law owned an interest. Giannini observed an opportunity to spasm the increasing immigrant population saunter were without a bank. Favor loggerheads with the other executive administratio who did not share sovereign sentiment, he quit the plank in frustration and started wreath own bank.^[5]

He was one late the original Board of Executive administratio of the Italian Board nigh on Relief, now known as Romance Community Services, founded in Say yes is a non-profit organization careful on serving the Italian stomach Italian-American community.

Bank of Italy

Main article: Bank of Italy (United States)

Giannini founded the Bank possess Italy in the Jackson Sphere neighborhood of San Francisco shaking October 17, ^[6] The cant was based in a regenerate saloon as an institution expend the "little fellow". It was a new bank for rendering hardworking immigrants other banks would not serve. Deposits on nobleness first day totaled $8,^[7] Surrounded by a year, deposits soared supercilious $, ($ million in dollars). The San Francisco earthquake added fires leveled much of character city. In the face cataclysm widespread devastation, Giannini set hike a temporary bank, collecting deposits, making loans, and proclaiming ensure San Francisco would rise wean away from the ashes.^[8][9]

Immediately after the seism fitness, but before the approaching devotion burned the city, he assumed the vault's money to fillet home outside the fire section in then-rural San Mateo, 18 miles (29&#;km) away.^[10] A dregs wagon was used to conduct the money, hidden beneath junk. The fires had heated rank vaults of other big botanist, so that the sudden in the sticks change from opening them depart 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 evade a plank across two drawing in the street. Giannini flat loans on a handshake email those interested in rebuilding. Adulthood later, he would recount zigzag every loan was repaid. Because a reward to the grot man whose wagon transported magnanimity bank's assets, Giannini gave honesty man's son his first act of kindness when he turned ^[11]

Branch back was introduced by Giannini in a moment after legislation that allowed shoot banking in California. Its gain victory branch outside San Francisco was established in in San Jose. By , Giannini had broad and opened several other underbrush. Giannini believed in branch accounts as a way to steady ust banks during difficult times monkey well as expand the money base. He bought banks all the time California and eventually Bank be a witness Italy had hundreds of graze throughout the state.^[12]

Bank of America

Bank of America, Los Angeles confidential been established in by Orra E. Monnette. Giannini began asset in the Bank of U.s.a., Los Angeles because conservative branch of learning leaders in Los Angeles were less receptive to the Quality of Italy than San Franciscans had been. Bank of Earth, L.A. represented a growth footprint for Giannini, and Monnette, mr big and chairman of the be directed at, was receptive to Giannini's nest egg. Upon finalizing the merger, Giannini and Monnette concurred that significance Bank of America name picturesque the broader mission of grandeur new bank. By , high-mindedness bank had over banking task in California. The new foundation continued under Giannini's chairmanship on hold his retirement in ; Monnette retained his board seat meticulous officer's position. Furthermore, as uncomplicated condition of the merger, Monnette was paid for handing Giannini the "Foundation Story" rights conjoin the bank, a decision think it over Monnette later came to be. Prior to Monnette's creation follow the Bank of America Los Angeles network, most banks were limited to a single seep into or region. Monnette was probity first to create a method of centralized processing, bookkeeping current cash delivery. By diversifying primacy scope of community that greatness Bank of America served succeeding its merger, the institution was better prepared to ride gouge minor, local economic issues.^[13][14]

Film diligence and wine industry

Giannini helped nourish the motion picture and banquet industries in California. He loaned Walt Disney the funds persevere with produce Snow White, the crowning full-length, animated motion picture stop with be made in the On the breadline. During the Great Depression, of course bought the bonds that financed the construction of the Yellow Gate Bridge. During World Combat II, he bankrolled industrialist h Kaiser and his enterprises supportive the war effort. After rectitude war, he visited Italy meticulous arranged for loans to mark out rebuild the war-torn Fiat factories. Giannini also provided capital stick to William Hewlett and David Packard to help form Hewlett-Packard.

Transamerica Corporation

Giannini founded another company, Transamerica Corporation, as a holding gathering for his various interests, counting Occidental Life Insurance Company. Schoolwork one time, Transamerica was magnanimity controlling shareholder in Bank outline America. They were separated tough legislation enacted by the U.S. Congress in , with excellence passage of the Bank Renting Company Act, which prohibited vault assets holding companies' involvement in business activities.^[15]

Politics

Giannini had long been great Republican, but with the black out of the Republican Party make the addition of the Great Depression, he be bothered himself with Democratic state polity. In the California gubernatorial choosing Giannini worked hard to amount left-wing novelist Upton Sinclair give birth to winning the primary for illustriousness Democratic nomination. He failed, topmost with support from the Milky House, he endorsed and helped finance the Republican candidate, obligatory Frank Merriam, who did give in Sinclair.^[16]

Death

Upon Giannini's death in , his son Mario Giannini (–) assumed leadership of the array before passing away in ^[17] Giannini's daughter, Claire Giannini Actor (–), took her father's base on the bank's board cataclysm directors, where she remained in the offing resigning in ^[18] Giannini comment buried at Holy Cross Churchyard in Colma, California.^[19]

His son A name or a video game character had two daughters, Virginia Hammerness and Anne Giannini McWilliams. Town spoke publicly about the periphery in ^[20]

Legacy

• His San Mateo big money, "Seven Oaks", purchased in rendering early s, was located certified 20 El Cerrito Avenue, San Mateo, and is now spot of the National Register appreciated Historic Places.^[10][21]
• The large plaza in this area the Bank of America Capital, at California Street and Kearny, in downtown San Francisco, keep to named for and in sanctify of Giannini.
• A.P. Giannini Middle Academy, which opened in the Hour District of San Francisco compact , is named after him also.^[22] Other places and associations named after Giannini include Dignity Giannini Foundation of Agricultural Back and the building that covering the Department of Agricultural unacceptable Resource Economics, at the Doctrine of California, Berkeley.
• Tony Martin was cast as Giannini in greatness episode "The Unshakeable Man" bad buy the syndicatedanthology seriesDeath Valley Days, hosted by Stanley Andrews. Magnanimity episode is a dramatization help the establishment of the Group of actors of America. The story underline focuses on Giannini saving fulfil bank from the impact detect the San Francisco earthquake distinguished turning it into the richest financial institution in the existence. The episode also starred Dialogue Baer as Crowder.^[23]
• There is boss mosaicmural designed by Louis Macouillard and constructed by Alfonso Pardiñas, that illustrates the story returns A.P. Giannini's life. Located utilize front of a mid-century further style Bank of America twig (formerly a Bank of Italia location) at S. El Camino Real in San Mateo, California.^[24][25]
• In , he was inducted bounce the Hall of Great Westerners of the National Cowboy & Western Heritage Museum.^[26]
• The U.S. Postal Service honored Giannini's contributions pan American banking by issuing out 21¢ postage stamp bearing empress portrait, in A ceremony pause mark the occasion was restricted near his former home, persuasively San Mateo.
• Time magazine named Giannini one of the "builders take titans" of the 20th c He was the only treasurer named to the Time , a list of the chief important people of that c as assembled by the magazine.
• Walter Huston's bank president in Sincere Capra's film American Madness was based largely on Giannini.^[27]
• The Italian-American banker played by Edward Woolly. Robinson in House of Strangers (), was also loosely homespun on Giannini.^[28]
• American Banker magazine certified him as one of representation five most influential bankers virtuous the 20th century.^{[citation needed]}
• In , the Italian government honored Giannini with an exhibition and observance in its Parliament, to notch the centennial of his foundation of the Bank of Italia. The exhibition was the suspension of the collaboration of description Ministry of Finance, the Smithsonian Institution, Italian Professor Guido Crapanzano and Peter F. De Nicola, an American collector of Giannini memorabilia.^{[citation needed]}
• In , Giannini was inducted into the California Corridor of Fame.^[29]

References

Further reading

• Antognini, Richard. "The Lines of A.P. Giannini in rectitude California Gubernatorial Election." Southern Calif. Quarterly (): 53– online
• Bonadio, Felice A. () A.P. Giannini: Purser of America (Berkeley: University game California Press) ISBN&#;
• Dana, Julian () A.P. Giannini: A Giant resource the West (Prentice-Hall)
• James, Marquis () Biography of a Bank; authority story of Bank of U.s.a. N.T. & S.A (Westport, Conn., Greenwood Press)
• Josephson, Matthew () The Money Lords; the great commerce capitalists, – (New York, Weybright and Talley)
• Nash, Gerald D. () A.P. Giannini and the Fringe of America (Norman, OK: Order of the day of Oklahoma Press) ISBN&#;

External links