Richard Fuld, an American banker, has a net worth of $250 million. He is best known as the final Chairman and Chief Executive Officer of Lehman Brothers, a position he held for 14 years until the firm filed for bankruptcy in the 2008 financial crisis. Publications like CNN and Time have cited Fuld as one of the individuals most responsible for the economic collapse.
| Richard Fuld Net Worth | $250 Million |
| Date of Birth | April 26, 1946 |
| Place of Birth | New York City |
| Nationality | American |
| Profession | Banker |
Early Life
Richard Fuld Jr. was born on April 26, 1946, in New York City to Jewish parents. He attended Wilbraham & Monson Academy in Massachusetts and then the University of Colorado Boulder, where he graduated in 1969 with both a BA and BS. Fuld later earned an MBA from New York University’s Stern School of Business in 1973.
Post-Lehman Career
After Lehman Brothers’ bankruptcy, Fuld joined hedge fund Matrix Advisors in 2009 and later moved to Legend Securities in 2010, leaving in 2012.
Compensation
During his tenure at Lehman, Fuld was awarded approximately $900 million in potential compensation, primarily in stock. He reportedly cashed out $530 million before the company’s collapse. At his peak, his combined assets and Lehman stock made him briefly a billionaire. However, the bankruptcy erased the value of any remaining shares and unvested stock.
Fuld received substantial bonuses during his time at Lehman:
- $22 million in 2006
- $34 million in 2007
- $40.5 million in 2008 (before the crash)
Richard Fuld Career
Fuld initially served as a US Air Force pilot but lost his position after a fistfight with a commanding officer. He then joined Lehman Brothers in 1969, where he developed a reputation as a successful fixed-income trader. Fuld witnessed and participated in significant changes at Lehman, including mergers with E.F. Hutton and Kuhn, Loeb & Co., and its acquisition by American Express.
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When Lehman Brothers spun off from American Express in 1994, Fuld became the CEO and chairman, leading the firm through 14 consecutive years of profits and the Asian financial crisis of 1997.
Lehman Brothers’ Collapse
By 2007, Fuld was the longest-tenured CEO on Wall Street, having earned nearly $500 million since 1993. However, he underestimated the impact of the US housing market’s decline on Lehman. As the firm’s share price plummeted, Fuld faced criticism for not pursuing deals that could have stabilized Lehman. The firm filed for bankruptcy in September 2008, marking the largest bankruptcy filing in US history, involving over $600 billion in assets.
Bankruptcy Aftermath
Following Lehman’s bankruptcy, the Dow Jones Industrial Average fell by 4.5% in one day, the most significant decline since the 9/11 attacks. Money market mutual funds experienced mass withdrawals, and the interbank lending market tightened. Fuld and other Lehman executives faced grand jury subpoenas for federal criminal investigations into securities fraud. He testified before the US House Committee on Oversight and Government Reform, and investigations questioned the firm’s financial statements and accounting practices. CNN and Time named Fuld as one of the individuals most responsible for the financial crisis.
Post-Lehman Career
After Lehman, Fuld joined Matrix Advisors in New York City, where the firm grew to 24 employees by mid-2015 and managed $100 million in assets. Matrix opened offices in Palm Beach and Los Angeles. Fuld also worked at Legend Securities from 2010 to 2012 and serves on the board of trustees of NewYork-Presbyterian Hospital.
In the Media
Fuld appeared in the 2010 Oscar-winning documentary “Inside Job” about the financial crisis. He has been portrayed by actors in fictionalized accounts of the crisis, including Corey Johnson in the BBC film “The Last Days of Lehman Brothers” and James Woods in the HBO film “Too Big to Fail.”
Personal Life and Real Estate
Richard Fuld has been married to Kathleen Ann Bailey since 1978, and they have three children. In 2004, the Fulds purchased a home in Jupiter, Florida, for $13.75 million. The property, sitting on 3.3 acres with 265 feet of ocean frontage, was transferred to Kathleen for $100 to protect it from legal actions following Lehman’s bankruptcy. They listed the home for sale in early 2021 for $40 million and sold it for $32.5 million in May 2021. Fuld also owned a 71-acre estate in Sun Valley, Idaho, which he auctioned for over $20 million in 2015.
Richard Fuld Net Worth
Richard Fuld net worth is $250 million.