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I will always remember him.
In Memoriam: Walter Shipley, 83
Architect of Bank Mergers
Walter V. Shipley, the former Chairman and Chief Executive Officer of Chase Manhattan Bank, died in Jacksonville, FL, on Friday, January 11, 2019 after a long battle with cancer.
Below is the full text of a note that JPMorgan CEO Jamie Dimon shared with employees on Saturday:
It is with a heavy heart that I share the news of Walter V. Shipley's passing.
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.
Walter, 83, was the former Chairman and CEO of both Chase Manhattan Bank and Chemical Bank. During his over 40-year tenure with our company, he engineered mergers with Texas Commerce Bank in 1987, Manufacturers Hanover in 1991 and Chase Manhattan Bank in 1995. Walter retired at the end of 1999, the year before Chase acquired J.P. Morgan.
Walter fostered an open, entrepreneurial meritocracy – one that carries through to this day at JPMorgan Chase. 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. You can read more about what made Walter so special to so many people in the obituary below.
We extend our deepest sympathies to his family, and continue to hold Walter in our thoughts and prayers.
He was the son of a Wall Street investment banker. CNBC noted that Shipley's accomplishments are noteworthy, given that he was forced to leave Williams College due to poor grades. According to Reuters, the six-foot, eight-inch former basketball captain subsequently had to work and pay for his education, and attended night school determined to prove himself to his family. (He later received a B.S. degree from New York University.)
He also served on the board of a variety of companies, including Exxon Mobil and Verizon.
He is survived by five children, seven grandchildren, two siblings and a companion, the bank said. His wife, Judith, died in 2014.
Notes of condolence may be sent to the Shipley Family at 205 Settlers Row North, Ponte Vedra Beach, FL 32082.