Meet Stephen Schwarzman CEO black Stone Group

Stephen Schwarzman was born in Philadelphia, and grew up in nearby Abington, Pennsylvania, where he attended public schools. From an early age he worked alongside his father in his grandfather's drapery and linen business.

In high school, he ran track and was elected president of his student body. He studied social sciences at Yale University: psychology, sociology and anthropology, but not economics. As graduation approached, he was still uncertain what he wanted to do for a career.

During a homecoming weekend, he met Yale alumnus Bill Donaldson, and after graduating in 1969, he joined Donaldson's investment banking firm, Donaldson, Lufkin & Jenrette. In his six months with the firm, he developed a taste for corporate finance, but became keenly aware that he needed more training before he could make a career in the field.

Schwarzman interviewed with a number of investment banking firms before deciding corporate finance was his true interest.

He joined Lehman Brothers, where he developed a formidable expertise in mergers and acquisitions, and made a favorable impression on the firm's new Chairman, former Commerce Secretary Peter G. Peterson.

Schwarzman and Peterson proposed to build an investment firm of their own, The Blackstone Group. With two employees and only $400,000 of their own money, they set out to compete with industry giants Salomon Brothers, Goldman Sachs and Morgan Stanley.

In addition to its private equity operations, Blackstone manages hedge funds and provides restructuring advice to corporate clients. In the 1990s, these consulting and advisory services took Blackstone's activities farther east, to Japan and India.

The firm has assisted in some of the largest mergers ever transacted between Japanese and American companies, and since the late '90s, has been a principal adviser to Sony on its foreign acquisitions.

Under Schwarzman's leadership, Blackstone has also led the bankruptcy restructuring of troubled businesses such as Enron and Global Crossing.

Meet Stephen Schwarzman CEO black Stone Group Meet Stephen Schwarzman CEO black Stone Group Reviewed by Elora Akpotosevbe on March 23, 2016 Rating: 5

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