University of California, Berkeley.
At first they lived in Youngstown, Ohio, United States. In 1907 they joined a trainload of young Swedish families set out for California. They settled down in Los Los Angeles
In 1913 the family moved to Hilmar in Merced County, California, a Swedish immigrant farming colony outside Turlock, California.
He graduated from the Hilmar High School and the University of California, Berkeley, (Bachelor of Science 1925). During his career, he worked at Commercial Cr Corporation, the Transamerica Corporation and the Bank of Hawaii.
He joined Bank of America in 1936 and spent two decades in California before leaving for six years with the Bank of Honolulu. He was president of the Bank of Honolulu when he returned to Bank of America in 1961 as vice chairman.
Bank of America named him president and chief executive in 1963.
He retired at the end of 1969 and was succeeded by Alden West. Clausen. In 1972, Peterson became the second Administrator of the United Nations Development Programme, managing that body"s economic assistance activities throughout the world. In 1965, Peterson was selected to be Swedish-American of the Year by the Swedish Council of America.
He later served as chairman of Board of Directors of the Council from 1989–1991.