Marcus "Dodde" Wallenberg Jr. (5 October 1899 – 13 September 1982), was a Swedish banker, business manager and member of the Swedish Wallenberg family. He was the most influential representative for the Swedish industrial tradition and Swedish business’ during the 20th century. He was the CEO of Stockholms Enskilda Bank 1946–1958 and during half a century – from the early 1930s until his death in 1982 – he led and reconstructed many of Sweden's largest companies. During World War II, Marcus, together with Erik Boheman, were appointed to conduct the Swedish trade negotiations.
Marcus Wallenberg had a big interest in sailing and tennis. He participated in the 1936 Olympic sailing competitions and was a Swedish elite tennis player. He received a technological honorary degree from Royal Institute of Technology.
The historian of business and author Ronald Fagerfjäll describes him as Europe's most powerful banker of the 20th century.
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Early life
Wallenberg was born on 5 October 1899, in Stockholm, Sweden, the son of Marcus Wallenberg and his wife Amalia (née Hagdahl) and brother of Jacob Wallenberg. He passed studentexamen in 1917, became a reserve officer in 1919, and graduated from the Stockholm School of Economics in 1920. Wallenberg pursued banking studies and had various jobs in Geneva, London, New York City, Paris, and Berlin from 1920 to 1925. Wallenberg was an avid tennis player and became Swedish indoor champion in singles game for gentlemen in tennis in 1920 and 1926.
Career
Wallenberg became assistant director of Stockholms Enskilda Bank in 1925 and was Vice CEO and member of the board there from 1927. Wallenberg was during the early 1930s board member of Järnvägs AB Stockholm–Saltsjön, AB Atlas Diesel, Investor AB, AB Diligentia, Rederi AB Tanker, ASEA, AB Elektro-Invest and Trafik AB Stockholm-Björknäs. He was also a member of the council of the Stockholm Chamber of Commerce. He was in the late 1930s, chairman of the board of AB Atlas-Diesel, AB Lauxein-Casco, Hults Bruks AB, Industri AB Furuplywood and Trafik AB Stockholm-Björknäs. Wallenberg was also vice chairman of Telefon AB L.M. Ericsson and board member of AB Diligentia, Electro-Invest, AB Förenade Flygverkstäderna, AB Nordströms Linbanor, AB Scania-Vabis, AB Svenska Järnvägsverkstäderna, ASEA, Ericsson Telephones Limited, Järnvägs AB Stockholm–Saltsjön, Mexican Telephone and Telegraph Co., Plantagengesellschaft Clementina, Società Elettro-Telefónica Meridionale, Società Esercizi Telefonici and the Federation of Swedish Industries (Sveriges Industriförbund). He was also chairman of the Swedish Lawn Tennis Association (Svenska Lawntennisförbundet) and the Sailing Association Havsörnarna.
Wallenberg was in the mid-1940s the chairman of AB Atlas Diesel, Hults Bruks AB, Igelsta Trävaru AB, Järnvägs AB Stockholm–Saltsjön, Mexikandra Telefon AB and Max Sieverts Fabriks AB. He was vice chairman of Halmstad-Nässjö Järnvägs AB, Goodyear Gummi Fabrik AB, AB Papyrus, Svensk Interkontinental Lufttrafik AB, Telefon AB L.M. Ericsson and Yngeredsfors Kraft AB. Wallenberg was also board member of ASEA, Björneborgs Jernverks AB, AB Aerotransport, AB Diligentia, AB Elektro-Invest, AB Nordströms Linbanor, AB Scania-Vabis, AB Svenska Amerika Linien, AB Svenska Järnvägsverkstäderna, AB Svenska Maskinverken, AB Svenska Ostasiatiska Kompaniet, Stora Kopparbergs Bergslags AB, SAAB, Wifstavarfs AB, Banque d'État du Maro, Mexican Telephone & Telegraph Co., Federation of Swedish Industries, Swedish Bankers' Association (Svenska Bankföreningen), Swedish National Commission for International Business (Svenska nationalkommissionen för internationella näringsfrågor) and the Swedish National Museum of Science and Technology.
From 1933 onward, he was also a member of the Arbitration Committee of the Bank for International Settlements (BIS). During and prior to the Second World War, he was involved in negotiations regarding Swedish foreign trade with Nazi Germany. The Wallenberg empire’s close economic collaboration with the Nazis (e.g., between Stockholm’s Enskilda Bank and the Bosch Group) sparked controversy.
Personal life and death
He was the father of Marc Wallenberg (1924–1971; who in turn was the father of Marcus Wallenberg), Peter Wallenberg Sr. (1926–2015) and Ann-Mari Wallenberg (1929–2019) in his first marriage (1923–1935) with Dorothy Mackay (1900–1984) from Scotland, the daughter of Alexander C.A. Mackay and Edith Bums. In 1936 he married Baroness Marianne De Geer af Leufsta (born 1893), the daughter of chamberlain Baron Louis de Geer af Leufsta and Baroness Märtha Cederström. Marianne had previously been married to Carl Bernadotte af Wisborg.
Death
Wallenberg died on 13 September 1982 in his residence, the Villa Täcka Udden on Djurgården in Stockholm, after having been ill since the beginning of the year. The funeral was held in Saint James's Church in Stockholm on 22 September. The bells of the Riddarholmen Church rang the so-called Serafimerringning because Wallenberg was a Knight of the Royal Order of the Seraphim. He had built a private cemetery on Vidbynäs in Södertörn south of Stockholm, which was Wallenberg's residence until his wife's death in 1978. There his urn was buried at the side of the urn that holds the dust of his second wife.
Awards and decorations
Swedish
Knight and Commander of the Royal Order of the Seraphim (1974)
Commander Grand Cross of the Order of the Polar Star (6 June 1956)
Commander 1st Class of the Order of the Polar Star (6 June 1952)
Commander of the Order of the Polar Star (6 June 1942)
Commander Grand Cross of the Order of Vasa (before 1962)
Commander 1st Class of the Order of Vasa (6 June 1945)
Commander of the Order of Vasa (6 June 1939)
Foreign
Grand Cross of the Order of the Lion of Finland
1st Class / Knight Grand Cross of the Order of Merit of the Italian Republic (14 June 1966)
Knight Commander of the Most Excellent Order of the British Empire
Commander 1st Class of the Order of the Dannebrog
Commander with Star of the Order of St. Olav
Commander 1st Class of the Order of the White Rose of Finland
Commander 1st Class of the Order of the Aztec Eagle
Grand Knight's Cross of the Order of the Falcon (15 April 1935)
Commander of the Order of the Star of Romania
2nd Class / Grand Officer of the Order of Merit of the Italian Republic (2 June 1953)
Officer of the Legion of Honour
Honours
Technical honorary doctorate, Stockholm (1957)
Member of the Royal Swedish Academy of Engineering Sciences (1957) (1st honorary member 1969)
Honorary Doctor of Economics, Stockholm (1971)
Vuorineuvos (1973)