Walter V. Shipley
| Walter V. Shipley | |
|---|---|
| Born |
November 2, 1935 Newark, New Jersey, United States |
| Alma mater |
Williams College New York University (1961) |
| Occupation | Investment banking |
| Years active | 1975–present |
| Employer |
Chase Manhattan Bank Chemical Bank (prior) |
Walter V. Shipley (born November 2, 1935) was the former Chairman and Chief Executive Officer of Chase Manhattan Bank and its predecessor Chemical Bank. Shipley was named chief executive of Chemical in 1981 and held the position through 1999 and remained at the bank as chairman through January 2000, just prior to the bank's merger with J.P. Morgan & Co.. During his 18-year tenure, Shipley oversaw Chemical's mergers with Texas Commerce Bank in 1987, Manufacturers Hanover in 1991 and Chase Manhattan Bank in 1996.
Shipley attended Williams College but did not graduate. He subsequently obtained a B.S. from New York University in 1961.
Shipley started his career in the loan department at New York Trust Company in 1956. New York Trust was acquired by Chemical Bank in 1959. By the late 1970s, he was the head of Chemical Bank's international department. He was named executive vice president in 1979, president in 1981, and CEO in 1983, all at Chemical Bank. After Chemical Bank's merger with Manufacturer's Hanover in 1991, he took a lower executive-level position. However, he was renamed as CEO of Chemical Bank in 1994. From 1996 through 1999, Shipley was CEO and Chairman of the Board of Directors at Chase Manhattan, after its merger with Chemical Bank in 1996.
In 1987, Shipley oversaw Chemical Bank's purchase of the Texas Commerce Bank in Houston. Initially, Texas Commerce incurred big losses for Chemical Bank due to a deteriorating economy in Texas. The acquisition was viewed unfavorably by many executives at Chemical Bank, and Wall Street bankers encouraged Chemical Bank to sell Texas Commerce. However, Texas Commerce was viewed as a "star-jewel" for Chemical Bank by the mid-1990s, according to New York Times journalist Michael Quint.
Throughout his career, Shipley served on the Board of Directors at several corporations. They include Exxon Mobil, Wyeth, and Verizon.
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