John McGillicuddy
Encyclopedia
John Francis McGillicuddy (December 30, 1930 – January 4, 2009) was an American
bank
ing industry executive who oversaw the merger between Manufacturers Hanover Trust and Chemical Bank in the early 1990s.
McGillicuddy played football for Harrison High School (New York)
and then attended Princeton University
on a football scholarship, playing defensive back on the college's undefeated football teams in 1950 and 1951. His roommate at Princeton was fellow football player Dick Kazmaier
, who won the Heisman Trophy
for 1951. John McGillicuddy later attended Harvard Law School
and was hired by the law firm of Simpson Thacher & Bartlett
after serving in the United States Navy
.
He was hired by Manufacturers Trust Company in 1958. He was elected to serve as the bank's president in 1971 at age 40, making him one of the youngest people to run a major banking company, after his predecessor R. E. McNeil, Jr. announed that he would be stepping down.
During New York City's fiscal crisis during the 1970s, McGillicuddy helped organize the financial aid needed to bail out the city. He later played a key role in the late 1970s in the Bailout of Chrysler, working to organize the government loan guarantees that helped that company avoid bankruptcy.
In 1991, as chairman and chief executive of Manufacturers Hanover, McGillicuddy was the chief architect of a merger with the Chemical Banking Corporation that was the largest bank merger in the United States to that time, helping both companies deal with difficulties arising from problem loans in previous years. Following the merger, McGillicuddy became the chairman and chief executive of the combined institution, remaining with the bank until his retirement in 1993 when he was to be followed by Walter V. Shipley
, who had been the chairman of Chemical.
The merger ushered in a wave of consolidation in the banking industry that continued with Chemical purchasing Chase Manhattan Corporation and assuming that company's name in 1996 and a December 2000 deal with J.P. Morgan & Co.
that formed JPMorgan Chase & Co.
McGillicuddy served on the boards of organizations and companies including the Boy Scouts of America
, Kraft Foods
, United Airlines
and U.S. Steel
.
McGillicuddy died at age 78 on January 4, 2009 at his home in Harrison, New York
due to complications from prostate cancer
. He is interred at Greenwood Union Cemetery, Rye, New York.
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
bank
Bank
A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...
ing industry executive who oversaw the merger between Manufacturers Hanover Trust and Chemical Bank in the early 1990s.
McGillicuddy played football for Harrison High School (New York)
Harrison High School (New York)
For schools with a similar name, see Harrison High School.Harrison High School is a public high school located in Harrison, Westchester County, New York. The school is approximately northeast of New York City. It is the only high school operated by the Harrison Central School District...
and then attended Princeton University
Princeton University
Princeton University is a private research university located in Princeton, New Jersey, United States. The school is one of the eight universities of the Ivy League, and is one of the nine Colonial Colleges founded before the American Revolution....
on a football scholarship, playing defensive back on the college's undefeated football teams in 1950 and 1951. His roommate at Princeton was fellow football player Dick Kazmaier
Dick Kazmaier
Richard Kazmaier was an American football player for Princeton University from 1949 through 1951 and winner of the 1951 Heisman Trophy. As a halfback, kicker and quarterback, he ended his career third all time in Princeton history with over 4000 yards of offense and 55 touchdowns...
, who won the Heisman Trophy
Heisman Trophy
The Heisman Memorial Trophy Award , is awarded annually to the player deemed the most outstanding player in collegiate football. It was created in 1935 as the Downtown Athletic Club trophy and renamed in 1936 following the death of the Club's athletic director, John Heisman The Heisman Memorial...
for 1951. John McGillicuddy later attended 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...
and was hired by the law firm of Simpson Thacher & Bartlett
Simpson Thacher & Bartlett
Simpson Thacher & Bartlett LLP is a law firm headquartered in New York City which employs over 800 attorneys in ten offices worldwide. The firm is highly regarded for its litigation and corporate practices, with special attention focused on its mergers and acquisitions specialty...
after serving in the United States Navy
United States Navy
The United States Navy is the naval warfare service branch of the United States Armed Forces and one of the seven uniformed services of the United States. The U.S. Navy is the largest in the world; its battle fleet tonnage is greater than that of the next 13 largest navies combined. The U.S...
.
He was hired by Manufacturers Trust Company in 1958. He was elected to serve as the bank's president in 1971 at age 40, making him one of the youngest people to run a major banking company, after his predecessor R. E. McNeil, Jr. announed that he would be stepping down.
During New York City's fiscal crisis during the 1970s, McGillicuddy helped organize the financial aid needed to bail out the city. He later played a key role in the late 1970s in the Bailout of Chrysler, working to organize the government loan guarantees that helped that company avoid bankruptcy.
In 1991, as chairman and chief executive of Manufacturers Hanover, McGillicuddy was the chief architect of a merger with the Chemical Banking Corporation that was the largest bank merger in the United States to that time, helping both companies deal with difficulties arising from problem loans in previous years. Following the merger, McGillicuddy became the chairman and chief executive of the combined institution, remaining with the bank until his retirement in 1993 when he was to be followed by Walter V. Shipley
Walter V. Shipley
Walter V. Shipley was the former Chairman and Chief Executive Officer of Chase Manhattan Bank and its predecessor 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...
, who had been the chairman of Chemical.
The merger ushered in a wave of consolidation in the banking industry that continued with Chemical purchasing Chase Manhattan Corporation and assuming that company's name in 1996 and a December 2000 deal with J.P. Morgan & Co.
J.P. Morgan & Co.
J.P. Morgan & Co. was a commercial and investment banking institution based in the United States founded by J. Pierpont Morgan and commonly known as the House of Morgan or simply Morgan. Today, J.P...
that formed JPMorgan Chase & Co.
JPMorgan Chase & Co.
JPMorgan Chase & Co. is an American multinational banking corporation of securities, investments and retail. It is the largest bank in the United States by assets and market capitalization.It is a major provider of financial services, with assets of $2 trillion and according to Forbes magazine is...
McGillicuddy served on the boards of organizations and companies including the Boy Scouts of America
Boy Scouts of America
The Boy Scouts of America is one of the largest youth organizations in the United States, with over 4.5 million youth members in its age-related divisions...
, Kraft Foods
Kraft Foods
Kraft Foods Inc. is an American confectionery, food and beverage conglomerate. It markets many brands in more than 170 countries. 12 of its brands annually earn more than $1 billion worldwide: Cadbury, Jacobs, Kraft, LU, Maxwell House, Milka, Nabisco, Oscar Mayer, Philadelphia, Trident, Tang...
, United Airlines
United Airlines
United Air Lines, Inc., is the world's largest airline with 86,852 employees United Air Lines, Inc., is the world's largest airline with 86,852 employees United Air Lines, Inc., is the world's largest airline with 86,852 employees (which includes the entire holding company United Continental...
and U.S. Steel
U.S. Steel
The United States Steel Corporation , more commonly known as U.S. Steel, is an integrated steel producer with major production operations in the United States, Canada, and Central Europe. The company is the world's tenth largest steel producer ranked by sales...
.
McGillicuddy died at age 78 on January 4, 2009 at his home in Harrison, New York
Harrison, New York
Harrison is a village and town in Westchester County, New York, United States, located approximately northeast of Manhattan. The population was 27,472 at the 2010 census.-Establishment:...
due to complications from prostate cancer
Prostate cancer
Prostate cancer is a form of cancer that develops in the prostate, a gland in the male reproductive system. Most prostate cancers are slow growing; however, there are cases of aggressive prostate cancers. The cancer cells may metastasize from the prostate to other parts of the body, particularly...
. He is interred at Greenwood Union Cemetery, Rye, New York.