Thomas W. Lamont (1870–1948) banker
Born in upstate New York, Lamont’s father was a Methodist minister. Thomas was sent to private boarding school at Phillips Exeter Academy and graduated from Harvard in 1892. After graduation, he went to New York City and became a newspaperman at the New York Tribune, where he rose to become assistant city editor.
Not satisfied with journalism, Lamont invested in a food processing company, but it ran into financial difficulties in 1898. He then reorganized it with his brother-in-law Charles Corliss, and the new firm became known as Lamont, Corliss & Company. As a result of the reorganization, Lamont came to the attention of many New York bankers, one of whom was Henry Davison, who invited him to work for the newly formed Bankers Trust Co. in 1903. In 1909, he moved to a senior post at the First National Bank of New York. After serving as the bank’s secretary and treasurer, he was lured away by J. P. Morgan with an offer to become a partner in Morgan’s bank in 1911. After becoming Morgan’s youngest partner, he remained with the bank for the rest of his career.
After arranging large loans for Britain and France during World War I, Lamont was chosen to represent the U.S. Treasury at the Paris Peace Conference in 1918. He subsequently worked on German war reparations and became a supporter of the League of Nations. In the same year, he also purchased a controlling interest in the New York Evening Post. He played a central role in the terms and conditions of the peace negotiations as well as the reparations placed on Germany after the war. He also was sent to Japan as a financial delegate in the 1920s to discuss Japan’s role in Manchuria and its role in international financial affairs. The period was notable for financial diplomacy especially, led mainly by J. P. Morgan Jr. and his partners.
Lamont was involved in most of the other major international financial transactions and international diplomatic events of the 1920s, including the Dawes plan, named after Charles DAWES, and the plan to stabilize the French franc. At the time of the stock market crash of 1929, he helped organize a market stabilization plan while at J. P. Morgan & Company, but the plan failed despite the efforts of senior bankers. In 1931, he helped organize the Bank for International Settlements.
Lamont became chairman of J. P. Morgan & Co. after the death of J. P. Morgan Jr. in 1943. The bank went public in 1940, and Lamont became the major shareholder. After 1943, his role in actively managing the bank was limited. During his lifetime, he was a major benefactor to many charities and to Harvard College and Phillips Exeter as well. He is best remembered as a major figure in American banking in the 20th century who provided the Morgan bank with leadership during a time of transition.
See also MORGAN, JOHN PIERPONT; MORGAN, JOHN PIERPONT, JR.
Further reading
- Carosso, Vincent. The Morgans: Private International Bankers, 1854–1913. Cambridge, Mass.: Harvard University Press, 1987.
- Chernow, Ron. The House of Morgan: An American Banking Dynasty and the Origins of Modern Finance. New York: Simon & Schuster, 1990.
- Lamont, Edward M. The Ambassador from Wall Street: The Story of Thomas W. Lamont, J. P. Morgan’s Chief Executive. Lanham, Md.: Madison Books, 1994.
