Francesco Sassetti

Francesco Sassetti was an Italian banker in the service of the famous Medici banking house.

Sasseti was born in Florence into a noble family that derived its wealth from trade and land properties in Florence and the surrounding country. He started his career at age 17 when he entered the Medici Bank, which was at that time managed by Cosimo de Medici. His first employment was that of the factor in the Avignon branch, and having proved to be a capable and diligent clerk he progressed rapidly.

Francesco’s rise in the hierarchy of the firm was impressive – first he was promoted in a junior partner, and after a while in the general manager. As a general manager he was also able to invest his own funds in business operations and to participate in a share of the profits. By 1453 his service in the Avignon branch was replaced by that in Geneva. He continued to own a share in Avignon branch as well as in Geneva. At age of 37 Sassetti was permanently recalled to Florence to serve as an advisor in business matters first to Cosimo’s on Giovanni (1421- 1463) and later to Piero the Gouty and Lorenzo de’ Medici. Except for a few trips abroad, he spent the rest of his life in Florence. He was promoted to the position of General Manager, which was the highest position in the Medici Bank in charge for the proper functioning of the bank. Lorenzo the Magnificent referred to him as “nosto ministro”, that is our administrator. His power extremely increased during Lorenzo the Magnificent, and nothing was done or decided against his will.

“Il libro segreto” or “secret account book” that Sasseti kept between 1462 and 1472 provides information on his honest management and internal dealings of the bank while he was a manager.

However despite his expertise, Sasseti was unable to avoid the liquidations of the Bruges, London and Milan branch.