Influential banking executive Walter Shipley of Chase Manhattan fame has died.
"It is with a heavy heart that I share the news of Walter V. Shipley's passing," said Jamie Dimon, chief executive of JPMorgan Chase, in a letter to employees. "On Friday, the world lost a critical force behind what is now JPMorgan Chase and, more importantly, an individual universally regarded with praise for his character, generosity and business acumen."
Born in 1935 in New Jersey, Shipley had a long career that included four decades with the institution that would become JPMorgan.
Starting his career at New York Trust Company which was later bought out by Chemical Banking Corp., Shipley led mergers between Chemical and Texas Commerce Bank in 1987, Manufacturers Hanover in 1991 and Chase Manhattan Bank in 1995. Shipley was at the top of Chemical for some 15 years, having worked his way up the banking ranks. Though he retired in 1999, a year before Chase acquired J.P. Morgan, he's largely credited for laying the groundwork that made JPMorgan Chase the institution it is today.