Former banking govt Walter Shipley lifeless at 83: JPMorgan Chase

Former banking executive Walter Shipley dead at 83: JPMorgan Chase

(Reuters) – Walter Shipley, a former banking govt credited with serving to spur a sequence of mergers that led to the creation of JPMorgan Chase (JPM.N), has died at age 83, the corporate mentioned on Saturday.

Shipley was “a vital pressure behind what’s now JPMorgan Chase,” Chief Government Officer Jamie Dimon mentioned in a observe to staff. He died on Friday, Dimon mentioned.

The corporate didn’t present particulars on Shipley’s demise.

Shipley served as chairman and chief govt of each Chase Manhattan Financial institution and Chemical Financial institution, Dimon mentioned, and retired in 1999, the yr earlier than Chase acquired J.P. Morgan.

Over 4 a long time, he helped to orchestrate mergers with Texas Commerce Financial institution in 1987, Producers Hanover in 1991 and Chase Manhattan Financial institution in 1995.

“Walter had a imaginative and prescient of the place the banking trade was going, and he had the braveness and talent to behave,” former Chase CEO Invoice Harrison mentioned in a press release.

Born the son of a Wall Road funding banker in Newark, New Jersey, Shipley was compelled to depart Williams School attributable to poor grades. The six-foot, eight-inch former basketball captain subsequently needed to work and pay for his training, and attended night time college decided to show himself to his household, the financial institution mentioned in an obituary.

Dimon mentioned Shipley was broadly revered as a “straight shooter” who fostered an open, entrepreneurial meritocracy.

He’s survived by 5 youngsters, seven grandchildren, two siblings and a companion, the financial institution mentioned.

Reporting by Letitia Stein in Tampa, Florida

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