Walter V. Shipley, who masterminded a string of bank mergers instrumental in the creation of JPMorgan Chase, the largest U.S. lender, died Friday. He was 83.
Shipley was the former chairman and CEO of Chemical Bank, driving the acquisitions of Texas Commerce Bank in 1987, Manufacturers Hanover in 1991 and Chase Manhattan four years later, after which the growing lender took Chase Manhattan’s name. He retired in 1991, the year before Chase purchased investment bank J.P. Morgan.
“Walter fostered an open, entrepreneurial meritocracy — one that carries through to this day,” JPMorgan Chase CEO Jamie Dimon said in a memo to the bank’s employees. “Widely respected for being a straight shooter, Walter believed there was no substitute for talent, drive and hard work. 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.”
Active politically, Shipley donated to the presidential campaigns of Republican candidates Mitt Romney and George W. Bush, and according to the New York Times, was a contender for the role of Treasury Secretary in Bush’s first term. Born in Newark, N.J., in 1935, he studied at Williams College and attended night school at New York University.
Chemical’s landmark mergers under Shipley were due to his “contained ego,” colleagues said in an obituary provided by JPMorgan, and he was admired for sharing power. He routinely described acquisitions as “mergers of equals,” insisting that the most talented people from each company be given roles in the combined firm.
“Some people’s philosophy is I win, you lose,” he said in a 1999 interview cited in the obituary. “Our philosophy is that the best is when both sides feel they’ve come out winners.”
Shipley served on the boards of multiple companies, including Exxon Mobil, Verizon Communications Inc., and Wyeth, and was vice chairman of organizations such as Goodwill Industries of Greater New York and the Business Roundtable, which represents the 200 largest U.S. companies.
“Walter was a person of the highest values, a man of humility, compassion, and courage,” said Bill Harrison, a former Chase Manhattan CEO who worked closely with Shipley. “Walter had a vision of where the banking industry was going, and he had the courage and ability to act. Walter played a critical role in making JPMorgan Chase what it is today.”
Former President Bush’s office didn’t immediately return a message seeking comment, and Romney’s office couldn’t be reached.
