"Unwavering in matters of principle, indefatigable in her intellectual energy, and passionate in her commitment to the Bank's values and goals," said World Bank president James Wolfensohn of Jessica Einhorn in May 1998 when she stood down as managing director for finance and resource mobilisation.
In her career at the World Bank, where she was the first female managing director, Einhorn played a key role in the world's first swap associated with a new bond issue, as well as in the development of the global bond and in the furthering of understanding of derivatives. Joining the Bank in 1980 with a Fulbright scholarship, a PhD from Princeton, and after a spell at the US Treasury and State Department, Einhorn ran the Bank's borrowing programme for a number of years before succeeding Dan Roth as treasurer in early 1992. The World Bank had usually replaced treasurers from outside the organisation. But Einhorn has chalked up several firsts, recently becoming the first graduate of the School of Advanced International Studies at the John Hopkins University to return there as dean.