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Walter V. Shipley: Bank Roll
Just before Christmas, Chase said it would beat analysts' expectations for fourth-quarter earnings. In fact, Chase said it might have its best quarter ever. And its share price, after tanking with the rest of the industry last summer, has come charging back. Consider it the latest example of slow-and-steady wins the race. And steady is just the word for Shipley, who joined a predecessor of the old Chemical Bank in 1956. In the 1990s, Shipley has presided over two megamergers--with Manufacturers Hanover and the old Chase Manhattan--without suffering many of the problems that have plagued some rivals. Even his shortcomings haven't hurt much. Unable to buy an equity business, Shipley avoided the pain suffered by competitors who did. With more tough times on the horizon for the banking industry, Shipley seems better prepared than most. Perseverance is his trademark. Back in his college days, he was a basketball star at Williams College with a reputation as a standout rebounder. Shipley, though, flunked out of school and had to finish his degree at night at New York University. Now, he has presided over the banking industry's biggest comeback in '98, proving once again that Shipley knows how to bounce back.
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Updated Dec. 30, 1998 by bwwebmaster
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