Thomas G. Labrecque
Encyclopedia
Thomas G. Labrecque served as a former President
, CEO
, and COO
of Chase Manhattan Bank
.
descent and Marjorie Labrecque . He attended Villanova University
and graduated in 1960 and later went to the pursue his graduate studies at the Kogod School of Business
of American University
and the New York University Stern School of Business
. Before beginning his banking career he decided to go join The United States Navy and serve four years, rising to the rank of lieutenant
. During his service, Labrecque spent time serving on a destroyer at Guantanamo Bay in 1960, in the Mediterranean and Baltic Sea
during the building of the Berlin Wall
, and also during the Cuban Missile Crisis
where he headed a section of the Office of Naval Intelligence
, marshaling ships in the blockade off Cuba .
(the Chief Executive during this period) Labrecque served to resolve the financial crisis at the time.
In 1981, Labrecque finally made it to President and COO of Chase Manhattan Bank.
When 1990 came, Chase bank was suffering from defaults on loans given to real estate developers and less-developed countries. To settle the problem, the company's board looked upon Labrecque to solve the issue and named him CEO and Chairman of the firm. In turning around the bank he divested the company's underperforming businesses and boosted profits in core divisions such as credit cards, trust and custody, and mortgage banking. And in 1996 he orchestrated Chase Manhattan Bank's $11 billion merger deal with Chemical Bank. As part of the merger agreement, Labecque agreed to relinquish his position to Chemical's Chairman and CEO, Walter V. Shipley
and return back to President and COO of the company.
During the rest of Labrecque's time, he was the key person from the bank who coped with Russia's loan default and he was also pivotal in negotiations to restructure the hedge fund, Long-Term Capital Management
. In June 1999 he had stepped down to retirement. Afterwards, he served as the Chairman of Chase's International Advisory Council, a Director of Pfizer
and Delphi Automotive Systems, and on the Board of Trustees of the University of Notre Dame
.
In September 2000, Labrecque was diagnosed with lung cancer
, though he did not smoke and was in good health prior. Only a month later in October he died at Memorial Sloan Kettering Cancer Center. He was survived by his wife, Sheila; four children, Thomas Jr., Douglas, Karen Shea and Barbara Corbin; five grandchildren; three brothers; and four sisters.
President
A president is a leader of an organization, company, trade union, university, or country.Etymologically, a president is one who presides, who sits in leadership...
, CEO
Chief executive officer
A chief executive officer , managing director , Executive Director for non-profit organizations, or chief executive is the highest-ranking corporate officer or administrator in charge of total management of an organization...
, and COO
Chief operating officer
A Chief Operating Officer or Director of Operations can be one of the highest-ranking executives in an organization and comprises part of the "C-Suite"...
of Chase Manhattan Bank
Chase Manhattan Bank
JPMorgan Chase Bank, N.A., doing business as Chase, is a national bank that constitutes the consumer and commercial banking subsidiary of financial services firm JPMorgan Chase. The bank was known as Chase Manhattan Bank until it merged with J.P. Morgan & Co. in 2000...
.
Life
Labrecque, the third child of eight, was born to Theodore J. Labrecque, a New Jersey Superior Court Judge of French CanadianFrench Canadian
French Canadian or Francophone Canadian, , generally refers to the descendents of French colonists who arrived in New France in the 17th and 18th centuries...
descent and Marjorie Labrecque . He attended Villanova University
Villanova University
Villanova University is a private university located in Radnor Township, a suburb northwest of Philadelphia, Pennsylvania, in the United States...
and graduated in 1960 and later went to the pursue his graduate studies at the Kogod School of Business
Kogod School of Business
The Kogod School of Business, commonly referred to as Kogod, serves as the undergraduate and graduate business school at American University in Northwest Washington, DC. Kogod is accredited by the Association to Advance Collegiate Schools of Business . Kogod offers undergraduate and graduate degree...
of American University
American University
American University is a private, Methodist, liberal arts, and research university in Washington, D.C. The university was chartered by an Act of Congress on December 5, 1892 as "The American University", which was approved by President Benjamin Harrison on February 24, 1893...
and the New York University Stern School of Business
New York University Stern School of Business
The Leonard N. Stern School of Business is New York University's business school. It was established in 1900 as the NYU School of Commerce, Accounts and Finance. In 1988 it was named after Leonard N. Stern, an alumnus and benefactor of the school...
. Before beginning his banking career he decided to go join The United States Navy and serve four years, rising to the rank of lieutenant
Lieutenant
A lieutenant is a junior commissioned officer in many nations' armed forces. Typically, the rank of lieutenant in naval usage, while still a junior officer rank, is senior to the army rank...
. During his service, Labrecque spent time serving on a destroyer at Guantanamo Bay in 1960, in the Mediterranean and Baltic Sea
Baltic Sea
The Baltic Sea is a brackish mediterranean sea located in Northern Europe, from 53°N to 66°N latitude and from 20°E to 26°E longitude. It is bounded by the Scandinavian Peninsula, the mainland of Europe, and the Danish islands. It drains into the Kattegat by way of the Øresund, the Great Belt and...
during the building of the Berlin Wall
Berlin Wall
The Berlin Wall was a barrier constructed by the German Democratic Republic starting on 13 August 1961, that completely cut off West Berlin from surrounding East Germany and from East Berlin...
, and also during the Cuban Missile Crisis
Cuban Missile Crisis
The Cuban Missile Crisis was a confrontation among the Soviet Union, Cuba and the United States in October 1962, during the Cold War...
where he headed a section of the Office of Naval Intelligence
Office of Naval Intelligence
The Office of Naval Intelligence was established in the United States Navy in 1882. ONI was established to "seek out and report" on the advancements in other nations' navies. Its headquarters are at the National Maritime Intelligence Center in Suitland, Maryland...
, marshaling ships in the blockade off Cuba .
Career
In 1964, Labrecque entered the management training program at [Chase Manhattan Bank] and quickly made his way up. By 1976 he was appointed to Chase's management committee when he was only 38, making him ten years younger than any other member. During this stage point in the committee at the request of David RockefellerDavid Rockefeller
David Rockefeller, Sr. is the current patriarch of the Rockefeller family. He is the youngest and only surviving child of John D. Rockefeller, Jr. and Abby Aldrich Rockefeller, and the only surviving grandchild of oil tycoon John D. Rockefeller, founder of Standard Oil. His five siblings were...
(the Chief Executive during this period) Labrecque served to resolve the financial crisis at the time.
In 1981, Labrecque finally made it to President and COO of Chase Manhattan Bank.
When 1990 came, Chase bank was suffering from defaults on loans given to real estate developers and less-developed countries. To settle the problem, the company's board looked upon Labrecque to solve the issue and named him CEO and Chairman of the firm. In turning around the bank he divested the company's underperforming businesses and boosted profits in core divisions such as credit cards, trust and custody, and mortgage banking. And in 1996 he orchestrated Chase Manhattan Bank's $11 billion merger deal with Chemical Bank. As part of the merger agreement, Labecque agreed to relinquish his position to Chemical's Chairman and CEO, 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...
and return back to President and COO of the company.
During the rest of Labrecque's time, he was the key person from the bank who coped with Russia's loan default and he was also pivotal in negotiations to restructure the hedge fund, Long-Term Capital Management
Long-Term Capital Management
Long-Term Capital Management L.P. was a speculative hedge fund based in Greenwich, Connecticut that utilized absolute-return trading strategies combined with high leverage...
. In June 1999 he had stepped down to retirement. Afterwards, he served as the Chairman of Chase's International Advisory Council, a Director of Pfizer
Pfizer
Pfizer, Inc. is an American multinational pharmaceutical corporation. The company is based in New York City, New York with its research headquarters in Groton, Connecticut, United States...
and Delphi Automotive Systems, and on the Board of Trustees of the University of Notre Dame
University of Notre Dame
The University of Notre Dame du Lac is a Catholic research university located in Notre Dame, an unincorporated community north of the city of South Bend, in St. Joseph County, Indiana, United States...
.
In September 2000, Labrecque was diagnosed with lung cancer
Lung cancer
Lung cancer is a disease characterized by uncontrolled cell growth in tissues of the lung. If left untreated, this growth can spread beyond the lung in a process called metastasis into nearby tissue and, eventually, into other parts of the body. Most cancers that start in lung, known as primary...
, though he did not smoke and was in good health prior. Only a month later in October he died at Memorial Sloan Kettering Cancer Center. He was survived by his wife, Sheila; four children, Thomas Jr., Douglas, Karen Shea and Barbara Corbin; five grandchildren; three brothers; and four sisters.