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NEW YORK, NY – AUGUST 28: Chase Manhattan’s Thomas G. Labrecque (L) and Chemical Bank’s Walter V. Shipley announce the merger of their two banks at a press convention 28 August in New York.
Walter V. Shipley, the former chairman and chief government officer of Chase Manhattan Bank, has died at the age of 83, the financial institution introduced on Saturday.
Shipley is credited with crafted a collection of financial institution mergers that led to the formation of JPMorgan Chase, the present powerhouse that casts an extended shadow on Wall Street. Shipley’s accomplishments are noteworthy, provided that he was compelled to go away school as a result of poor grades. Over 4 a long time, he helped to orchestrate mergers with Texas Commerce Bank in 1987, Manufacturers Hanover in 1991 and Chase Manhattan Bank in 1995.
He retired in 1999, the 12 months earlier than Chase acquired the funding financial institution J.P. Morgan. Prior to that, he ran Chemical Bank, overseeing a string of mergers that culminated with Chase Manhattan in the 1995. He additionally served on the board of a range of corporations, together with Exxon Mobil and Verizon.
He is survived by 5 youngsters, seven grandchildren, two siblings and a companion, the financial institution mentioned.
Below is the full textual content of a notice that J.P. Morgan CEO Jamie Dimon shared with staff on Saturday:
It is with a heavy coronary heart that I share the information of Walter V. Shipley’s passing.
On Friday, the world misplaced a important pressure 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 former Chairman and CEO of each Chase Manhattan Bank and Chemical Bank. During his over 40-year tenure with our firm, he engineered mergers with Texas Commerce Bank in 1987, Manufacturers Hanover in 1991 and Chase Manhattan Bank in 1995. Walter retired at the finish of 1999, the 12 months earlier than Chase acquired J.P. Morgan.
Walter fostered an open, entrepreneurial meritocracy – one which carries by way of to at the present time at JPMorgan Chase. Widely revered for being a straight shooter, Walter believed there was no substitute for expertise, drive and onerous work.
While we mourn the loss of a terrific chief and strategic thinker, we additionally keep in mind Walter with a smile for his capability to encourage individuals whereas incomes their respect by way of durations of great problem. You can learn extra about what made Walter so particular to so many individuals in the obituary beneath.
We prolong our deepest sympathies to his household, and proceed to carry Walter in our ideas and prayers.
–Reuters contributed to this text.