On Friday, Walter V. Shipley, the former chairman and CEO of Chase Manhattan Bank and an influential architect of bank mega-mergers in the 1980s and 90s, passed away. He was 83 years old.
Shipley was born in Newark, NJ, on November 2, 1935. He first served as chairman and CEO of Chemical Bank before its merger with Chase Manhattan in 1995, whereupon it adapted the Chase brand. During his 40-year executive tenure, he also engineered mergers with Texas Commerce Bank in 1987 and Manufacturers Hanover in 1991 and was a critical force behind what is now JPMorgan Chase.
Shipley retired in 1999, a year before the JPMorgan merger was completed.
The industry had a general regard for his character, generosity and business acumen. For instance, in a quote CNN.com retrieved from a 1999 New York Times interview, Shipley opined on the importance of keeping on talented professionals after an acquisition: “Some people’s philosophy is I win, you lose. Our philosophy is that the best is when both sides feel they’ve come out winners.”_x000D_
“Walter believed there was no substitute for talent, drive and hard work,” said JPMorgan Chase CEO Jamie Dimon. “While we mourn the loss of a great leader and strategic thinker, we also remember Walter with a smile for his ability to motivate people while earning their respect through periods of tremendous challenge.”
Shipley is survived by his five children.
