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August 28, 1995. In a year of record bank mergers, Chase Manhattan Bank’s CEO Thomas Labrecque and Chemical Bank’s CEO Walter Shipley sign off on the granddaddy of them all. Their partnership, which created the country’s largest bank, was cheered by the financial world and made the new Chase a more potent global player. For Labrecque, a 33-year veteran of the legendary Chase, the merger was a strategic success. But at the same time, it meant major internal changes all through the ranks: the loss of 12,000 positions and a shifting of roles even at the top. Labrecque, who had served as Chase’s CEO since 1990, stepped down for Shipley. Today, Labrecque helps lead the new Chase as its president and chief operating officer. (30 minutes)



 
    

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Copyright date: ©1998



Part of the Series : Managing Corporate Change
     


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