Richard S. Fuld Jr.

Richard Severin Fuld Jr. (born April 26, 1946) is an American investment banker who served as chairman and chief executive officer of Lehman Brothers Holdings Inc. from 1994 until the firm's bankruptcy on September 15,, the largest in United States history at the time. Fuld joined Lehman Brothers in 1969 as a commercial paper trader, rising through the ranks during its acquisition by American Express and subsequent spin-off as an independent entity in 1994, under his leadership transforming it from a mid-tier bond trading operation into a major global investment bank with expanded operations in equities, fixed income, and principal investments. His tenure became defined by aggressive expansion into high-risk areas like commercial real estate and subprime mortgage-backed securities, employing high leverage ratios exceeding 30 to 1, which amplified returns during the housing boom but exposed the firm to severe liquidity strains when asset values plummeted in 2007–2008, culminating in failed rescue attempts and regulatory non-intervention that precipitated the collapse. Fuld earned the moniker "Gorilla of Wall Street" for his combative style and loyalty to employees, amassing personal compensation nearing $500 million over his CEO years, yet post-bankruptcy investigations highlighted accounting maneuvers like Repo 105 transactions to mask leverage, though Fuld has countered that short-seller attacks, panic-driven credit freezes, and disparate treatment compared to other institutions were primary causal factors in the demise rather than isolated managerial failings. Following Lehman's liquidation, Fuld established Matrix Private Capital Group in 2010, a boutique advisory and merchant banking firm targeting private equity and restructuring opportunities, maintaining a lower-profile presence in finance while defending his legacy against predominant narratives attributing systemic crisis origins primarily to his firm's failure.

Richard Severin Fuld Jr. was born on April 26, 1946, in New York City to Jewish parents Richard Severin Fuld Sr. and Elizabeth Schwab. He was the younger of two children, with an older sister.