Word: chases
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Dates: during 1970-1979
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When Rockefeller took over as chairman from George Champion in 1969, he inherited one big mistake-the Chase's failure to expand into foreign markets, where the Bank of America and Citibank were making major and highly profitable inroads. Rockefeller belatedly corrected that failing. But under his leadership, the Chase made other errors. Citibank set up a special data-processing operation with a team of industrial engineers to cope with the growing volume of checks and other paper. Chase, though it has computerized its operations, still has not completely solved its paperwork problems...
Most important, the bank took financial risks that resulted in a higher percentage of bad loans than its competitors. Critics contend that the losses stemmed from more lenient lending standards than those of other banks. One consequence: the Chase has written off $136.8 million in actual bad loans so far this year. That is a greater loss proportionately in relation to Chase's outstanding loans than those suffered by its two big competitors. Last winter the Federal Reserve reportedly placed Chase on its "problem" list (TIME, Jan. 26) and criticized the bank's loan operation as suffering from...
...large part of the bank's liabilities stems from Rockefeller's high-minded conviction that the Chase should be a good corporate citizen. To help bail out New York City, the Chase bought more of the city's notes and bonds than any other bank did-$408 million, at last count. The city's dire financial condition makes these investments unattractive. The bank has also spent $731 million in REITs (for real estate investment trusts). Since real estate was particularly hard hit by the recession, nearly three-quarters of the Chase's REITs are either...
Last year Rockefeller and his management staff set up a profitability analysis project to halt the bank's downward slide. Consequently, the Chase has been moving faster into the merchant banking field abroad. Loan standards have been tightened. The Chase has closed six of its 265 branches because they were unprofitable, and as many as 30 more might be shut down. In an effort to trim its paperwork problems, the bank has sold off its payroll processing and stock-transfer departments to smaller data-processing firms. As a result, in a move that one veteran officer describes...
...Schedule. There are rumors that Rockefeller's job is at stake. Supposedly, a few disenchanted Chase directors have sounded out potential candidates for the chairmanship. Two of the leading possible replacements: Donald Regan, chairman of Merrill Lynch, the nation's largest brokerage house, and Thomas Wilcox, chairman of Crocker National Bank (national ranking: 15th). Publicly, however, the directors join ranks behind Rockefeller. For his part, Rockefeller insists that he has no intention of stepping down until he reaches the mandatory retirement age of 65 in four more years. "We've gone through some difficult times," he concedes...