Jacob Schiff

DEFINITION of 'Jacob Schiff'

A banker and philanthropist who directed the National City Bank of New York, the Equitable Life Assurance Society, Wells Fargo and Union Pacific Railroad. Schiff also worked for, and later headed, the investment bank Kuhn, Loeb & Company.

BREAKING DOWN 'Jacob Schiff'

Schiff lived from 1847 to 1920. German born, he came to the United States in 1865. He began working as licensed broker in New York City in 1966. His success allowed him to help to finance various railroads, donate to many Jewish causes and make a large loan to Japan that helped it win the Russo-Japanese War.