, ▁a ▁sub urb ▁of ▁New ▁York ▁City . ▁His ▁father , ▁Manuel ▁G utf re und , ▁was ▁the ▁owner ▁of ▁a ▁prosper ous ▁tr uck ing ▁company . ▁He ▁attended ▁the ▁Lawrence ville ▁School . ▁In ▁ 1 9 5 1 , ▁G utf re und ▁graduated ▁from ▁Ober lin ▁College ▁in ▁Ohio ▁with ▁a ▁degree ▁in ▁English . ▁He ▁considered ▁teaching ▁literature ▁but ▁instead ▁joined ▁the ▁Army . ▁In ▁ 1 9 5 3 , ▁he ▁was ▁dis charg ed . ▁His ▁father ▁belonged ▁to ▁the ▁Century ▁Country ▁Club ▁in ▁P urchase , ▁New ▁York ▁( which ▁was ▁at ▁the ▁time ▁a ▁center ▁for ▁the ▁German ▁Jewish ▁establishment ) ▁where ▁he ▁often ▁golf ed ▁with ▁William ▁( B illy ) ▁Sal omon , ▁the ▁son ▁of ▁Per cy ▁Sal omon , ▁one ▁of ▁the ▁three ▁found ing ▁brothers ▁of ▁Sal omon ▁Brothers . ▁At ▁Billy ▁Sal omon ' s ▁inv itation , ▁the ▁young ▁G utf re und ▁joined ▁Sal omon ▁Brothers ▁as ▁a ▁tra ine e ▁in ▁the ▁statistical ▁department . ▁ ▁Career ▁After ▁several ▁months , ▁G utf re und ▁became ▁a ▁cl erk ▁in ▁the ▁municipal ▁bond ▁department , ▁eventually ▁becoming ▁a ▁tr ader . ▁He ▁rose ▁quickly ▁through ▁the ▁company ▁and ▁became ▁a ▁full ▁partner ▁at ▁the ▁age ▁of ▁thirty ▁four . ▁In ▁ 1 9 7 8 , ▁Billy ▁Sal omon ▁named ▁G utf re und ▁to ▁succeed ▁him ▁as ▁head ▁of ▁the ▁firm , ▁becoming ▁the ▁highest ▁paid ▁Wall ▁Street ▁executive ▁at ▁the ▁time