7 Eye-Opening Facts on How Wall Street Was Built and Created Via Slavery

Valerie Pratt Poitier painting

New York Became the World Financial Center Because of Slavery

Throughout the 17th and 18th centuries, as Phyllis Eckhaus points out, New York had “the largest urban slave population in mainland North America.” Therefore, New York was a crucial location in the trans-Atlantic slave trade, which soon established New York as the world’s financial capital.

New York Stock Exchange

New York Stock Exchange

Big Wall Street-Connected Companies Got Their Start from the Slave Trade

Many well-known companies and financial institutions benefitted from the trans-Atlantic slave trade, including Lehman Brothers (which went bankrupt in 2008), J.P. Morgan Chase, Wachovia Bank of North Carolina, Aetna Insurance, Bank of America and the Royal Bank of Scotland. Banks, such as Wachovia’s predecessors Bank of Charleston, South Carolina, and the Bank of North America, and J.P. Morgan Chase’s predecessor banks, made loans to slave owners and accepted the enslaved as “collateral.” When the slave owners defaulted on their loans, the banks became the new owners.

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