Occupation Investment banking Years active 1975 - Present | Name Walter Shipley Employer Chase, Chemical Bank | |
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Born November 2, 1935 Newark, New Jersey, United States Alma mater Williams College
New York University (1961) Education New York University (1961), Williams College | ||
Walter V. Shipley (born November 2, 1935) was the former Chairman and Chief Executive Officer of Chase Manhattan Bank and, before that, the company with which it merged 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.
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Education
Shipley attended Williams College but did not graduate. He subsequently obtained a B.S. from New York University in 1961.
Career
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.
Political involvement
Shipley participated in several political campaigns. These include Bill Bradley's run to be Democratic nominee for the United States President in 2000. He was also involved on George W. Bush's run for presidency in 2000 and 2004, Mitt Romney's presidential campaigns in 2008 and 2012, and Alphonse D'Amato run for the United States Senate in 1998.
Shipley was a rumored candidate for Secretary of the Treasury in 2000 but was passed over in favor of Paul H. O'Neill.
Personal life
Shipley was the son of noted investment banker Linwood Parks Shipley, a former partner in the investment banking firm of Brown Brothers Harriman & Company. He was married to Judith V. Shipley from 1957 until her death in 2014. They had five children including Barbara T. Shipley, Allison P. Shipley, Pamela J. Shipley, Dorothy B. Shipley, and John P. Shipley. As of 2014, he resides in Summit, New Jersey where he lived from his childhood.
Philanthropy
Shipley was actively involved in many philanthropic organizations. He served as trustee at American Museum of Natural History, Lincoln Center, and Goodwill Industries. He was head of Goodwill's strategic planning committee from 1983 until 2002, when he received Goodwill's Volunteer Leader Award.
Shipley and his wife Judith V. Shipley were major supporters and donors at the Greater Newark Conservancy. The Greater Newark Conservancy named its Urban Environmental Center after Judith Shipley. Shipley and his wife were also supporters of the Summit Speech School and NJPAC.