Salary and Net Worth

Steven Mnuchin – Know him Better!

Steven Terner Mnuchin is the current US Secretary of the Treasury in the administration of President Trump. He has also been a hedge fund manager, an investment banker, and a film producer.

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Contents

Early Life and Education

Steven was born in 21st Dec, 1962, to Robert E. Mnuchin and Elaine Terner Cooper, into a Jewish family, in NYC. His father worked at Goldman Sachs as a partner; he was also a management committee member and oversaw equity trading. Robert also founded the Mnuchin Gallery, an art gallery in NYC.

Steven studied at NYC’s Riverdale Country School. He then attended Yale University and graduated with a bachelor’s degree in 1985.

Banking and Finance career

Mnuchin began his career when still studying at Yale in the early eighties at Salomon Brothers investment bank as a trainee.

After graduating from Yale, Steven joined Goldman Sachs and began working in the mortgage section. He gradually climbed the ranks, became a partner in 1994, and was promoted as the Chief Information Officer in 2001. After working for Sachs for 17 years, Mnuchin left the bank in 2002. He received over $12 million in compensation and nearly $47 million worth of stocks of the company.

After leaving Sachs, Steven worked at ESL Investments for a short time. In 2003, he founded the firm ‘SFM Capital Management’ and then ‘Dune Capital Management’ hedge fund of which he was the CEO.

In 2009, Steven purchased IndyMac, a residential lender that had failed due to the 2008 financial crisis. He renamed it as OneWest Bank and became its Chairman and CEO. OneWest later purchased many other failed banks, including La Jolla Bank and First Federal Bank of California. OneWest Bank turned profitable after one year and had assets worth over $26 billion. It also became Southern California’s biggest bank. Mnuchin sold it to the CIT Group in 2015 for more than $3 billion. Steven also got nearly $100 million in stocks of CIT Group and became a member of its board. He resigned from the board in Dec, 2016, after getting nominated as Secretary of Treasury. He also resigned from the board of trustees of the Los Angeles-based Museum of Contemporary Art.

Career as film producer

Mnuchin established Dune Entertainment in 2004. It produced a lot of successful movies like Avatar, the X-Men series, Mad Max: Fury Road, the Lego Movie, and American Sniper, etc.

Mnuchin and Politics

Steven has made donations to many candidates between 1995 and 2014, including to the campaigns of John Kerry, Al Gore, Barack Obama, Mitt Romney, and Hillary Clinton. In 2016, he donated to the Trump and Paul Ryan campaigns.

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Steven was appointed the national finance chairman of Trump’s campaign in April 2016. Trump announced that Steven will be his nominee as Secretary of Treasury in Nov, 2016. He was confirmed by the Senate in Feb 2017.

Personal life and Trivia

Steven Mnuchin – Salary and Net Worth

Mnuchin will receive an annual salary of $210,700 as a Level I employee. His net worth is estimated to be around $300 million to $400 million.

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