He moved to New York City, working various jobs in the financial sector, then joined Goldman Sachs in 1933 to head the one-man trading department for a salary of $27.50 a week.

He also introduced an eight-man "management committee" system (filled with seven older, experienced senior banking partners) acting as a corporate board alongside Levy.

The firm also weathered some major controversies, such as the Penn Central bankruptcy and commercial paper scandal.

[2] The Penn Central debacle tarnished the firm's reputation, costing Goldman millions of dollars in litigation and settlements.

Levy was chairman of Goldman Sachs until he had a stroke during a Port Authority of New York commissioners meeting in October 1976.