In 1980, he became a naturalized citizen of the United States, after it was rumored that he was a candidate to succeed Robert McNamara as president of the World Bank. He renounced his Australian citizenship at this time. He next established his own investment firm, James D. Wolfensohn, Inc., along with partners including Paul Volcker. Upon accepting his nomination to serve as president of the World Bank in 1995, Wolfensohn divested of his ownership interest in James D. Wolfensohn, Inc. The firm was later bought by Bankers Trust. The firm had a diverse client which included Ralph Lauren Corporation and Mercedes-Benz.