[7] Although Steel's predecessor, G. Kennedy Thompson had been criticized for exposing the firm to high-risk mortgages,[8] Steel hoped to put the company on firm footing until it failed in the Fall 2008 crisis. He returned to the role in 2008, succeeding William E. During Steel’s tenure as Deputy Mayor, New York City’s economy significantly outperformed the national economy, recovering more than 300% of the jobs it lost from the beginning of the recession compared to the country as a whole. [42] He is also a member of The FDIC Advisory Committee on Economic Inclusion (ComE-IN), which focuses on how to improve underserved and low- and moderate-income consumers' access to the financial mainstream. Two years later, he was elected vice chairman of Goldman Sachs.

In 2005, Mr. Steel became chairman of Duke University’s board of trustees, after serving on the board for eleven years, five of which he was vice chairman. He also serves on the Pew Charitable Trusts’ Task Force on Financial Reform, which advises Congress on critical financial issues; and serves as director emeritus for The After-School Corporation. The Sweetheart #42 $1,350.00. Other past grantees include the Boys and Girls Club of Greenwich, Teach for America and Right to Play, which aims to "improve the lives of children in the most disadvantaged areas of the world by using the power of sport and play for development, health and peace.". Bob Steel currently serves on the board of Wells Fargo, and he chairs the Aspen Institute, a non-profit organization that promotes value-based leadership.

During Steel's term as chair, the board completed a $300 million financial aid initiative,[30] saw record freshman applications,[31] and completed several buildings on campus including the Nasher Museum of Art. His late father, Charles Steel, III, was a life insurance agent and his mother, Elizabeth, was a homemaker. Group to Promote Conservative Ideas, Roosevelt House, Public Policy Institute at Hunter College, Testimony of Robert K. Steel Before the Joint Economic Committee, http://www.thedailybeast.com/articles/2013/02/28/the-pro-freedom-republicans-are-coming-131-sign-gay-marriage-brief.html, North Carolina As It Was, Split and Seething, Duke University Board of Trustees biography, https://en.wikipedia.org/w/index.php?title=Robert_K._Steel&oldid=956324830, Businesspeople from Durham, North Carolina, Duke University Trinity College of Arts and Sciences alumni, John F. Kennedy School of Government staff, University of Chicago Booth School of Business alumni, American chief executives of financial services companies, Wikipedia articles with WORLDCATID identifiers, Creative Commons Attribution-ShareAlike License, This page was last edited on 12 May 2020, at 18:54.

He retired in 2004, assuming the role of advisory director. Its asset management arm oversees $11.5 billion in capital.[18]. Gillian Steel also serves on the board of directors of the New York Botanical Gardens. He is credited with reviving the President’s Working Group, which was the core group then prepared to respond to the global economic crisis of 2008.

In 2005, the National Humanities Center, a private institute dedicated to the study of humanities, elected Bob Steel to its board of trustees.

He also chaired The After-School Corporation, which is devoted to providing young Americans enriching activities through after-school programs. Upon leaving Goldman Sachs, Mr. Steel became further involved in the non-profit sector. [9] He also turned down a bonus he was due to receive.[10]. For nearly two years, Bob Steel was chief advisor to the secretary on financial and economic matters. [14]] This merger was more than the 100th merger in Wachovia's history.

So Boring Yet So Controversial. Robert "Bob" Steel was born in 1951, and grew up in Durham, North Carolina. "[34]

Deputy Mayor Robert Steel insists he lives in the city - but his wife, his Porsche, his Mercedes-Benz, his Lexus and his four yappy dogs all live in Connecticut. Robert Steel with Eric Schatzker of Bloomberg News VMS News Mr. Steel is a frequent television commentator, providing insight and analysis on economic and financial issues. TV Appearances. LIFE TRUSTEES Mrs. Thomas J. Hubbard Kenneth Roman.

Steel was adamant that Wachovia would stay independent. In April 2008, Steel testified before the U.S. Senate Banking Committee regarding the rescue of Bear Stearns. He enjoys hiking, skiing and golfing. In a suit by the lacrosse players, Steel is alleged to have helped suppress evidence of innocence to protect Duke's image, ordering Duke police to falsify their records to make the players appear more guilty, and explaining, "Sometimes individuals have to suffer for the good of the organization".

Robert King "Bob" Steel (born August 3, 1951) is an American businessman, financier and government official who has served as Deputy Mayor for Economic Development in the administration of New York City Mayor Michael Bloomberg, Under Secretary for Domestic Finance of the United States Treasury, chief executive officer of Wachovia Corporation and vice chairman of Goldman Sachs. Quick view. Past grantees in this area include the Breast Cancer Alliance, Memorial Sloan Kettering Cancer Center, the Lymphoma Research Foundation, the Melanoma Research Foundation and the Duke Cancer Institute. Books and Articles Referencing Robert Steel. Mr. Steel is a frequent television commentator, providing insight and analysis on economic and financial issues. At the time, Europe was privatizing major state-owned enterprises, like telecom, utility and energy interests, to transition to more market-driven economies. In May 2014, he was tapped to succeed Joseph R. Perella as chief executive officer of Perella Weinberg Partners, a private investment banking and asset management firm.[1]. Treasury Secretary Henry Paulson later said of Steel: "He's very good at smoothing over conflicts; and when there's tensions, bringing the temperature down.

In 1988, he became partner in the firm. In March 2007, Steel testified before the U.S. House Financial Services Committee on reform of the housing Government Sponsored Enterprises (GSEs), including Fannie Mae and Freddie Mac. And he helped manage Department affairs day-to-day. In 1987, Goldman Sachs sent him to work in its London office, where he spent seven years helping to privatize state-owned businesses in Europe. [39], In 2010, Steel became a founding member of the Advisory Board of the American Action Network, a group devoted to developing and marketing conservative ideas.

Who Are America’s Most—and Least—Generous Young Billionaires?

[2] He left when his term ended in 2009. Steel led several major initiatives to improve the governance and operations of the New York City Housing Authority, the largest Public Housing Authority in the country. In January 2009, The Wall Street Journal reported that the Securities and Exchange Commission was investigating claims Steel made about the future of the bank before it started talks about a potential merger. "[6], On July 9, 2008, Steel was named president and CEO of Wachovia. He was the principal adviser to the secretary on matters of domestic finance and led the department's activities regarding the U.S. financial system, fiscal policy and operations, governmental assets and liabilities, and related economic matters. Quick view Pre-Order Now. [36] Steel rejoined the TASC board in 2008, but with his appointment as Deputy Mayor, stepped down again. The couple has supported the Brooklyn Bridge Park Conservancy, the Battery Conservancy, New Yorkers for Parks, the Central Park Conservancy, Regional Plan Association, which "improves the New York metropolitan region's economic health, environmental sustainability and quality of life through research.” In the area of transportation, they have funded Transportation Alternatives, whose mission is to "reclaim New York City's streets from the automobile and to promote bicycling, walking and public transit." "[24], In 2004, Steel and another former partner at Goldman Sachs, Charles T. Harris III, founded SeaChange Capital Partners, a nonprofit organization that arranges transformational funding for outstanding nonprofit organizations that help low-income youth. He also began serving as a non-executive director of Barclays Bank. EDUCATION & YOUTH: The Steels have supported Robert’s alma mater Duke University with donations of more than $10 million over the past several years. [19] Steel also oversaw the creation of the Blueprint on Financial Services Regulation as part of an initiative to increase America's capital market competitiveness. Together, these institutions will double the number of engineering faculty and graduate students in New York City over the next decade. He joined the Chicago office in 1976 and served as that office's co-head of institutional sales. OVERVIEW: Robert and Gillian Steel move their philanthropy through the Robert K. Steel Family Foundation. [15] The arrangement made Wells Fargo the second-largest retail brokerage in the United States.

ARTS & CULTURE: The Steels past arts and culture grantees include the Bruce Museum, the Municipal Art Society of New York, the Atlanta Symphony Orchestra, the Frick Collection, and the South Street Seaport Museum. [2], From June 1, 2005 to October 11, 2006, Steel served on the board of directors of Barclays Plc. Mr. Steel moved to Chicago in 1976 to work in institutional sales at Goldman Sachs. He began his career in the Chicago offices of Goldman Sachs, eventually moving to the New York headquarters.

NEW YORK CITY: The Steels have supported several New York City organizations in the areas of conservancy and transportation. In his free time, Bob Steel enjoys golfing, skiing, hiking and spending time with his family, including his wife Gillian and their three daughters. [4] Upon his retirement from Goldman Sachs on February 1, 2004, he became advisory director and then senior director in December 2004. [33] When the charges were dismissed and the players were declared innocent, Steel for the first time said the players "deserve our respect for the honorable way they have conducted themselves during this long legal ordeal .... Much as we wish that these three young men...could have been spared the agony of the past year, we believe that it was essential for the university to defer to the criminal justice system. Sign up for our email updates. In 2006, President George W. Bush asked Mr. Steel to serve his country as Under Secretary for Domestic Finance at the U.S. Department of Treasury. [37], In September 2009, Steel was named to the Board of Trustees of the Hospital for Special Surgery. He received his Master of Business Administration degree from the University of Chicago in 1984. [2], Steel lives in New York, NY; he is married to Gillian Steel and they have three daughters. In December 2009, he testified before the Joint Economic Committee of the U.S. House and Senate regarding financial reform. Much of their philanthropic work is directed toward organizations in New York City and Connecticut. Gillian Steel is the vice chair of the board of directors of City Squash, a program that aims to help “New York City youth to fulfill their academic, athletic and personal potential through the squash racket game. The Steels support education and youth, New York City, policy, arts and culture, health and human services. Want to get inside funders' heads? Joffe. In his three-decades at Goldman, he rose to head the global equities division and eventually became a partner. [28][29] Prior to becoming chair of the Board, Steel chaired the Duke University Management Company, the university's investment arm.[2]. The After-School Corporation, 2004–06, 2008–2010, Hospital for Special Surgery, 2009–present, Deputy Mayor of New York City for Economic Development and Rebuilding, Under Secretary of the Treasury for Domestic Finance, http://www.pwpartners.com/media/143015/Perella%20Weinberg%20Partners%20Release%20(5.28.14).pdf, Duke University, Office of News and Communications, May 14, 2005, Barclays Board Appointments, June 1, 2005, The Chronicle of Philanthropy's Philanthropy Careers, May 28, 2009, Thinkprogress.org blog, December 10, 2008, $5 billion withdrawn in one day in silent run, Affidavit of Robert K. Steel October 5, 2008, US Department of the Treasury Press Room, March 15, 2007, US Department of the Treasury Press Room, February 26, 2007, American Enterprise Institute for Public Policy Research website, Business Week, Helping Nonprofits Raise Money Like Goldman Does, Aspen Institute news release, November 13, 2008, Duke University Board of Trustees, 2008–2009, Duke University, Office of News and Communications, November 7, 2008, Duke University, Office of News and Communications, January 16, 2008, Duke University, Office of News and Communications, January 30, 2006, In the United States District Court for the Middle District of North Carolina, No.1:08-cv-119, The After-School Corporation newsletter, Fall 2006, The After-School Corporation Board of Directors, Hospital for Special Surgery Press Release, https://health.usnews.com/best-hospitals/area/ny/hospital-for-special-surgery-6212900, New York Times, G.O.P.

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