He then returned to Australia, where he worked for various banking institutions, including Darling & Co. In the late 1960s, he became a director of Darling's major shareholder J. Henry Schroder & Co, a London-based investment bank. He was a senior executive in the London office before becoming managing director of the bank's New York City office from 1970 to 1976. He later became a senior executive at Salomon Brothers. In 1979, together with Chrysler Corporation's then chief executive officer Lee Iacocca and then President of the New York Fed Paul A. Volcker, who later became Chairman of the Board of Governors of the Federal Reserve System, Wolfensohn helped orchestrate the rescue of Chrysler from the verge of bankruptcy. In what has been described as the largest corporate bailout at that time, in addition to his banking skills he is noted to have played a role in smoothening a cultural rift between Lee Iacocca and Japanese Bankers, who went on to invest more than $600 million in the company.