James D. Wolfensohn was an important voice of conscience in the business of banking, and from 1995 to 2005, he changed the culture of finance when he was the head of the World Bank Group. Before launching his career as an investment banker, Wolfensohn served as an officer in the Royal Australian Air Force, trained as a lawyer, and was part of Australia’s 1956 Olympic fencing team. He grew up in Sydney, Australia, in a family that struggled financially, and the experience shaped him to his core. He recalled later that because his family was financially unstable, he “was always doing contingency planning in my head.” After Wolfensohn litigated a major antitrust case, he decided to pursue a business degree at Harvard University and became a United States citizen in 1980.
As president of the World Bank, Wolfensohn revitalized its efforts to eradicate poverty by illuminating the links among global economics, world stability, and peace. Early in his tenure, he gave a landmark address concerning “the cancer of corruption,” and he worked to overturn the commerce system’s custom to accept fraud as a matter of course. He also initiated programs for debt relief through loan forgiveness.
In this painting, Wolfensohn wears the typical suit of a business man while self-consciously placing his hands in his pockets. However, the small medal on his left lapel signals Wolfensohn’s erudite leadership and accomplishments: the Honorary Officer of the Order of Australia. At his portrait sitting, Wolfensohn had worn the Order of the Rising Sun from the Government of Japan but later asked the artist, Robert McCurdy, to change it.
As an adult, Wolfensohn became an accomplished celloist and celebrated his 50th, 60th, and 70th birthdays by giving concerts in Carnegie Hall. He also served on several boards of cultural institutions, greatly benefiting Carnegie Hall as well as the John F. Kennedy Center for the Performing Arts.
