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NEW YORK, NY – AUGUST 28: Chase Manhattan’s Thomas G. Labrecque (L) and Chemical Financial institution’s Walter V. Shipley announce the merger of their two banks at a press convention 28 August in New York.
Walter V. Shipley, the previous chairman and chief govt officer of Chase Manhattan Financial institution, has died on the age of 83, the financial institution introduced on Saturday.
Shipley is credited with crafted a sequence of financial institution mergers that led to the formation of JPMorgan Chase, the present powerhouse that casts a protracted shadow on Wall Road. Shipley’s accomplishments are noteworthy, provided that he was compelled to depart school on account of poor grades. Over 4 many years, he helped to orchestrate mergers with Texas Commerce Financial institution in 1987, Producers Hanover in 1991 and Chase Manhattan Financial institution in 1995.
He retired in 1999, the yr earlier than Chase acquired the funding financial institution J.P. Morgan. Previous to that, he ran Chemical Financial institution, overseeing a string of mergers that culminated with Chase Manhattan within the 1995. He additionally served on the board of quite a lot of corporations, together with Exxon Mobil and Verizon.
He’s survived by 5 kids, seven grandchildren, two siblings and a companion, the financial institution mentioned.
Beneath is the total textual content of a observe that J.P. Morgan CEO Jamie Dimon shared with staff on Saturday:
It’s with a heavy coronary heart that I share the information of Walter V. Shipley’s passing.
On Friday, the world misplaced a essential drive behind what’s now JPMorgan Chase and, extra importantly, a person universally regarded with reward for his character, generosity and enterprise acumen.
Walter, 83, was the previous Chairman and CEO of each Chase Manhattan Financial institution and Chemical Financial institution. Throughout his over 40-year tenure with our firm, he engineered mergers with Texas Commerce Financial institution in 1987, Producers Hanover in 1991 and Chase Manhattan Financial institution in 1995. Walter retired on the finish of 1999, the yr earlier than Chase acquired J.P. Morgan.
Walter fostered an open, entrepreneurial meritocracy – one which carries by way of to this present day at JPMorgan Chase. Broadly revered for being a straight shooter, Walter believed there was no substitute for expertise, drive and onerous work.
Whereas we mourn the lack of an excellent chief and strategic thinker, we additionally keep in mind Walter with a smile for his capacity to encourage individuals whereas incomes their respect by way of intervals of super problem. You possibly can learn extra about what made Walter so particular to so many individuals within the obituary under.
We prolong our deepest sympathies to his household, and proceed to carry Walter in our ideas and prayers.
–Reuters contributed to this text.