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George Peabody

George Peabody

American-british entrepreneur and philanthropist

George Peabody ( February 18, 1795 – November 4, 1869) was an American financier and philanthropist. He is widely regarded as the father of modern philanthropy.

Born into a poor family in Massachusetts, Peabody went into business in dry goods and later into banking. In 1837 he moved to London (which was then the capital of world finance) where he became the most noted American banker and helped to establish the young country's international credit. Having no son of his own to whom he could pass on his business, Peabody took on Junius Spencer Morgan as a partner in 1854 and their joint business would go on to become J.P. Morgan & Co. after Peabody's 1864 retirement.

In his old age, Peabody won worldwide acclaim for his philanthropy. He founded the Peabody Trust in Britain and the Peabody Institute and George Peabody Library in Baltimore, and was responsible for many other charitable initiatives. For his generosity, he was awarded the Congressional Gold Medal and made a Freeman of the City of London, among many other honors.

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February 18, 1795
George Peabody was born in Peabody.

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