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Lesson #5: Branch Out To Build Your Base of Success

Article Overview: Though you might not know it since Giannini never liked to toot his own horn, America’s most beloved banker actually had a significant impact on American culture that was far removed from the world of banking. From cinema to architecture to relief efforts overseas, Giannini devoted much of his resources to causes he felt equally passionate about. It was in doing so that he is today remembered as not just a great banker, but a great supporter of entrepreneurship in all its various forms.

Lesson #5: Branch Out To Build Your Base of Success

Though you might not know it since Giannini never liked to toot his own horn, America’s most beloved banker actually had a significant impact on American culture that was far removed from the world of banking. From cinema to architecture to relief efforts overseas, Giannini devoted much of his resources to causes he felt equally passionate about. It was in doing so that he is today remembered as not just a great banker, but a great supporter of entrepreneurship in all its various forms.

Much like the Bank of Italy was a risk-taking endeavour, so too was Giannini’s tendency to give loans to out-of-favour industries. In the 1920s, sensing that Hollywood could develop an equally active film scene as was thriving in New York, Giannini committed funds to promoting the local industry. He wasn’t just out to make a profit; Giannini wanted to make films that had important socio-cultural messages behind them.

Whereas New York bankers were financing films with interest rate as high as 20 percent, Giannini began offering more reasonable rates of 6 percent to support those scripts he felt were deserving. One of the first films Giannini supported was Charlie Chaplin’s “Il Monello.” Within the film’s first six weeks, Giannini had made his money back, and went on to make even greater profits.

He had never been particularly interested in cinema, but much like the immigrants and workers he lent money to through the Bank of Italy, Giannini was willing to take risks for those ventures that he believed in. After Chaplin, Giannini gave a $2 million loan to help finance Walt Disney’s first feature-length film, “Snow White and the Seven Dwarves.” Again, Giannini realized an even greater profit than he ever expected. He went on to finance such Frank Capra films as “Once Upon a Night,” and “Happiness is Coming.” Capra was a Sicilian with whom Giannini felt a bond; that was enough for Giannini to make a deal. Between 1932 and 1952, the Bank of America would finance over 500 films and invest over half a billion dollars.

When San Francisco was in the depths of the Great Depression, Giannini came across the story of Joseph Strauss, a young architect who had created a design for a glorious Golden Gate Bridge to span the San Francisco Bay. Strauss had been unable to find a financier for the project. After realizing that the bridge could help the city’s people get out of their economic slump, Giannini agreed to give Strauss a $6 million loan. When it was completed in 1937, the Golden Gate Bridge was the largest suspension bridge in the world and helped put the city back on the map.

During World War II, Giannini came to the defense of many Italian Americans who were being threatened with imprisonment. Following the war, Giannini also worked with Arthur Schlesinger to help speed up the shipment of aid to Italy; the Bank of America would send the amount headed for Italy without any interest.

Time and again, Giannini was willing to step outside the world of banking and help support those projects he believed would have a positive impact on society. It was in doing so that he expanded his success and the lasting legacy he would leave.

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Article Tags: 1920s, active film, american culture, bank of america, bank of italy, chaplin, charlie chaplins, endeavour, feature length film, film scene, first films, frank capra, frank capra films, immigrants, own horn, relief efforts, significant impact, six weeks, snow white and the seven dwarves, toot



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