Jacques Laffitte began his professional trajectory in 1788 as a bookkeeper at the Paris offices of Jean-Frédéric Perregaux. Born in 1767 in Bayonne, he eventually transitioned from a clerk to the head of the firm, steering Perregaux, Laffitte and Company through the tumultuous shifts of the French banking sector during the nineteenth century.
Rise in the Parisian Financial Sector
Laffitte joined Perregaux’s bank on the eve of the French Revolution. His progression was rapid; by 1806 he became a partner, and in 1807, he took over as managing director due to the declining health of his employer. Following the death of Perregaux in 1808, Laffitte solidified his position within the banking establishment. He served as president of the Chamber of Commerce of Paris from 1810 to 1811 and was appointed a judge of the Tribunal de commerce de la Seine in 1813.
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In 1814, following the defeat of Napoleon, King Louis XVIII named Laffitte the provisional governor of the Banque de France, a position he held until 1820. Beyond his banking duties, he became a prominent political figure as a liberal member of the French National Assembly. He played a critical role during the Revolution of 1830, which placed Louis-Philippe on the throne. Subsequently, he served as President of the Council and Minister of Finance between November 1830 and March 1831.
Industrial Finance and Legacy
Laffitte was a key architect in the evolution of French industrial banking. He participated in the founding of the Caisse d'Épargne et de Prévoyance de Paris in 1818 and later established the Caisse Générale du Commerce et de l'Industrie in 1836 to support large-scale industrialization. His career saw both significant accumulation of wealth—evidenced by his purchase of the Château de Maisons—and periods of financial ruin. He died in 1844 and is buried at Père Lachaise Cemetery in Paris.
Fast facts
- Born: 1767, Bayonne
- Died: 1844, Paris
- Governor of the Banque de France: 1814–1820
- President of the Council: 1830–1831
- Religion: Catholic Church
- Burial site: Père Lachaise Cemetery
Questions readers ask
What role did Laffitte play in the French banking system?
He served as the Governor of the Banque de France and was a central figure in the Parisian Haute Banque, developing early techniques for underwriting government loans and industrial finance.
Did Laffitte have a political career?
Yes, he was a member of the French National Assembly and served as the President of the Council and Minister of Finance under King Louis-Philippe.
Achievements
- Holdings: Château de Maisons and Hôtel Laffitte