Daniel P. Davison
Encyclopedia
Daniel Pomeroy Davison (January 30, 1925 – August 25, 2010) was an American banker who served from 1979 to 1990 as president of United States Trust
, the oldest trust company
in the United States, helping guide the company's transformation and growth through a focus on the richest of the rich, offering such personal services as walking the dogs of its top clients.
Davison was born on January 30, 1925, in Manhattan
to Frederick Trubee Davison, who had served in the New York State Assembly
and as Assistant United States Secretary of War, before becoming president of the American Museum of Natural History
. attended the Groton School
, which had been founded in 1884 by his grandfather, Endicott Peabody
. Davison enlisted during World War II
in the United States Army Air Forces
where he was a pilot of a Boeing B-17 Flying Fortress. He earned his undergraduate degree in 1949 from Yale University
in 1949 where he was a member of the Skull and Bones
society, and earned his legal degree from Harvard Law School
in 1952.
He was an associate for three years at White & Case
and became the fifth generation of his family to be employed by the J. P. Morgan & Company when he was hired in 1955. He became secretary of the bank in 1957 and was involved with the legal aspects of the bank's 1959 merger with Guaranty Trust Company, becoming secretary of the merged firm. He had risen to executive vice president, and left after being passed over for a more senior position.
Davison was hired as president and chief operating officer of U.S. Trust in 1979. Davison segmented the firm's clients with those with more than $2 million in assets being called "first class", those with $300,000 to $2 million "middle class" and those with less than $300,000 termed "poor". He had the firm focus their intentions on its first class clients, a group that it called "underprivileged" in ads, offering personal service that extended to walking the dogs of its top customers. In 1982, the board commissioned a Edwina Sandys
sculpture that depicts Davison walking a client's dog, as a way of demonstrating the firm's commitment to the best possible service for the super-rich. The changes he made at U.S. Trust helped the company grow from a market capitalization
of $40 million when he took the helm to $2.7 billion when it was acquired by Charles Schwab in 2000 and $3.3 billion when it was taken over by Bank of America
, where by the time of Davison's death it was operated as U.S. Trust, Bank of America Private Wealth Management. He left United States Trust in 1990 as chairman when he reached the mandatory retirement age of 65.
Davison died at age 85 at his family home in Locust Valley, New York
on August 25, 2010, due to pancreatic cancer
. He was survived by his wife, the former Katusha Cheremeteff, as well as by three sons and seven grandchildren.
U.S. Trust Corporation
United States Trust Corporation is an American bank holding company based in New York, NY. It is the oldest trust company in the U.S., and provides personal wealth management to some of the wealthiest individuals and families.-History:...
, the oldest trust company
Trust company
A trust company is a corporation, especially a commercial bank, organized to perform the fiduciary of trusts and agencies. It is normally owned by one of three types of structures: an independent partnership, a bank, or a law firm, each of which specializes in being a trustee of various kinds of...
in the United States, helping guide the company's transformation and growth through a focus on the richest of the rich, offering such personal services as walking the dogs of its top clients.
Davison was born on January 30, 1925, in Manhattan
Manhattan
Manhattan is the oldest and the most densely populated of the five boroughs of New York City. Located primarily on the island of Manhattan at the mouth of the Hudson River, the boundaries of the borough are identical to those of New York County, an original county of the state of New York...
to Frederick Trubee Davison, who had served in the New York State Assembly
New York State Assembly
The New York State Assembly is the lower house of the New York State Legislature. The Assembly is composed of 150 members representing an equal number of districts, with each district having an average population of 128,652...
and as Assistant United States Secretary of War, before becoming president of the American Museum of Natural History
American Museum of Natural History
The American Museum of Natural History , located on the Upper West Side of Manhattan in New York City, United States, is one of the largest and most celebrated museums in the world...
. attended the Groton School
Groton School
Groton School is a private, Episcopal, college preparatory boarding school located in Groton, Massachusetts, U.S. It enrolls approximately 375 boys and girls, from the eighth through twelfth grades...
, which had been founded in 1884 by his grandfather, Endicott Peabody
Endicott Peabody (educator)
The Reverend Endicott Peabody was the American Episcopal priest who founded the Groton School for Boys , in Groton, Massachusetts in 1884. Peabody served as headmaster at the school from 1884 until 1940, and also served as a trustee at Lawrence Academy at Groton...
. Davison enlisted during World War II
World War II
World War II, or the Second World War , was a global conflict lasting from 1939 to 1945, involving most of the world's nations—including all of the great powers—eventually forming two opposing military alliances: the Allies and the Axis...
in the United States Army Air Forces
United States Army Air Forces
The United States Army Air Forces was the military aviation arm of the United States of America during and immediately after World War II, and the direct predecessor of the United States Air Force....
where he was a pilot of a Boeing B-17 Flying Fortress. He earned his undergraduate degree in 1949 from Yale University
Yale University
Yale University is a private, Ivy League university located in New Haven, Connecticut, United States. Founded in 1701 in the Colony of Connecticut, the university is the third-oldest institution of higher education in the United States...
in 1949 where he was a member of the Skull and Bones
Skull and Bones
Skull and Bones is an undergraduate senior or secret society at Yale University, New Haven, Connecticut. It is a traditional peer society to Scroll and Key and Wolf's Head, as the three senior class 'landed societies' at Yale....
society, and earned his legal degree from Harvard Law School
Harvard Law School
Harvard Law School is one of the professional graduate schools of Harvard University. Located in Cambridge, Massachusetts, it is the oldest continually-operating law school in the United States and is home to the largest academic law library in the world. The school is routinely ranked by the U.S...
in 1952.
He was an associate for three years at White & Case
White & Case
White & Case was founded in New York in 1901 and has grown into one of the world's leading global law firms. The firm has since expanded, and has practice groups in emerging markets including Latin America, Central & Eastern Europe, Africa, the Middle East and Asia, as well as in Europe...
and became the fifth generation of his family to be employed by the J. P. Morgan & Company when he was hired in 1955. He became secretary of the bank in 1957 and was involved with the legal aspects of the bank's 1959 merger with Guaranty Trust Company, becoming secretary of the merged firm. He had risen to executive vice president, and left after being passed over for a more senior position.
Davison was hired as president and chief operating officer of U.S. Trust in 1979. Davison segmented the firm's clients with those with more than $2 million in assets being called "first class", those with $300,000 to $2 million "middle class" and those with less than $300,000 termed "poor". He had the firm focus their intentions on its first class clients, a group that it called "underprivileged" in ads, offering personal service that extended to walking the dogs of its top customers. In 1982, the board commissioned a Edwina Sandys
Edwina Sandys
Edwina Sandys was born 22 December 1938. She is the second child of Edwin Duncan Sandys, Baron Duncan-Sandys and Diana Churchill, and a granddaughter of the statesman Sir Winston Churchill. She has been married twice. Her first husband, Piers Dixon, formerly represented Truro as the Conservative...
sculpture that depicts Davison walking a client's dog, as a way of demonstrating the firm's commitment to the best possible service for the super-rich. The changes he made at U.S. Trust helped the company grow from a market capitalization
Market capitalization
Market capitalization is a measurement of the value of the ownership interest that shareholders hold in a business enterprise. It is equal to the share price times the number of shares outstanding of a publicly traded company...
of $40 million when he took the helm to $2.7 billion when it was acquired by Charles Schwab in 2000 and $3.3 billion when it was taken over by Bank of America
Bank of America
Bank of America Corporation, an American multinational banking and financial services corporation, is the second largest bank holding company in the United States by assets, and the fourth largest bank in the U.S. by market capitalization. The bank is headquartered in Charlotte, North Carolina...
, where by the time of Davison's death it was operated as U.S. Trust, Bank of America Private Wealth Management. He left United States Trust in 1990 as chairman when he reached the mandatory retirement age of 65.
Davison died at age 85 at his family home in Locust Valley, New York
Locust Valley, New York
Locust Valley is a hamlet located in Nassau County, New York. Locust Valley is an unincorporated area of the Town of Oyster Bay...
on August 25, 2010, due to pancreatic cancer
Pancreatic cancer
Pancreatic cancer refers to a malignant neoplasm of the pancreas. The most common type of pancreatic cancer, accounting for 95% of these tumors is adenocarcinoma, which arises within the exocrine component of the pancreas. A minority arises from the islet cells and is classified as a...
. He was survived by his wife, the former Katusha Cheremeteff, as well as by three sons and seven grandchildren.