Chase Announces Organizational Changes Increased Focus on the New Economy and Growth.Business Editors NEW YORK--(BUSINESS WIRE)--Jan. 27, 2000 The Chase Manhattan Corporation The Chase Manhattan Corporation was a bank holding company formed as parent of the Chase Manhattan Bank. During its time as the parent company, it was led in succession by David Rockefeller, Willard C. Butcher, and Thomas G. Labrecque. (NYSE NYSE See: New York Stock Exchange : CMB Noun 1. CMB - (cosmology) the cooled remnant of the hot big bang that fills the entire universe and can be observed today with an average temperature of about 2. ) today announced several organizational changes designed to increase its focus on the New Economy and growth opportunities in other businesses. &uot;Our goal is to increase the focus on the growth opportunities in the New Economy, while strategically identifying other growth opportunities in existing businesses,&uot; said William B. Harrison William Benjamin Harrison was mayor of Louisville, Kentucky from 1927 to 1933. He graduated from Louisville Male High School in 1907 and the University of Virginia School of Law in 1910. He served as a captain in the United States Army during World War I. , Jr., Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Chase. &uot;The changes we are announcing today align our structure to achieve those goals.&uot; -- Neal Garonzik, Vice Chairman, will focus his efforts on our high growth areas of Chase.com, Global Private Banking, and Global Asset Management and the following people will report to him: -- Denis O'Leary A Representative from New York, Denis O`Leary (January 22 1863–September 27 1943) was born in Manhasset, Long Island, New York. He attended and later taught in the public schools. He was graduated from the law school of New York University in 1890. , formerly Chief Information Officer and deputy head of National Consumer Services Consumer Services refers to the formulation, deformulation, technical consulting and testing of most consumer products, such as food, herbs, beverages, vitamins, pharmaceuticals, cosmetics, hair products, household cleaners, [paints, plastics, metals, waxes, coatings, minerals, , will lead Chase.com, the company's focal point focal point n. See focus. for Internet business expansion; -- Maria Elena Lagomasino Maria Elena Lagomasino has been a director of The Coca-Cola Company since 2003. Ms. Lagomasino is the past chairman and chief executive officer of J.P. Morgan Private Bank, a unit of J.P. Morgan Chase & Co. Prior to assuming this position in September 2001, Ms. , head of Global Private Bank; -- Henry Lartigue, who will head Global Asset Management, in line with the recent move of part of that business to Texas. As another area of future growth, Chase's institutional custody business, Global Investor Services will now report jointly to Don Layton, Vice Chairman and Neal Garonzik, for the purpose of Neal exploring strategic opportunities with Chase's equities, securities, asset management and Internet businesses. -- Joseph Sponholz, Vice Chairman responsible for Chase.com and Technology Solutions has elected to retire to pursue personal interests. &uot;After two decades of dedicated service in many key assignments, including the success of Y2K See Y2K problem and Y2K compliant. Y2K - Year 2000 and the launching of Chase.com, Joe thinks the time is right to chart a new course for himself. Chase has benefited greatly from his contributions and accomplishments and we wish him well in his new endeavors,&uot; said Mr. Harrison. --- Technology Solutions, Chase's technology infrastructure and support group, will now report to Marc Shapiro, Vice Chairman Finance and Risk Management. -- Deborah Duncan, Executive Vice President and formerly head of Global Asset Management has elected to remain in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of and will work closely with Neal Garonzik and Henry Lartigue through April of this year. &uot;Over a 21 year career, Debbie Duncan has made many significant contributions at Chase, including serving as Co-head of Global Markets and Treasurer,&uot; said Mr. Harrison. &uot;We appreciate all of her contributions.&uot; Some Further Comments on the Changes &uot;We are off to an excellent start with Chase.com, which was started just six months ago,&uot; said Mr. Harrison. &uot;Our early success has convinced us that more resources and talent will help identify and realize Internet opportunities even more quickly.&uot; Noting that Denis O'Leary was formerly Chase's Chief Information Officer, Mr. Harrison said, &uot;By assigning Denis Denis, king of Portugal: see Diniz. to this key job, we are aligning the skills of one of our most capable managers and technologists with the growth opportunities presented by Chase.com and the Internet.&uot; Global Private Banking &uot;With over forty thousand clients and revenue exceeding $1 billion, our Global Private Banking business presents a key growth opportunity,&uot; said Mr. Harrison. &uot;Our goal is to grow this business in a manner that aligns our clients' interests with our own,&uot; said Mr. Harrison. Mr. Garonzik said, &uot;I am excited about the growth opportunities of our Global Private Bank. My partners who head the Global Investment Bank, Chase H&, Chase.com, Chase Capital Partners and Capital Markets are committed to supporting the mission of the Private Bank. That mission is to deliver the very best wealth management advice in the marketplace, so that our clients benefit from the highest quality products and technology available,&uot; said Mr. Garonzik. Global Investor Services &uot;Our Global Investor Services (GIS) business is unique in its very strong client base, global scale and the richness of its service offerings,&uot; said Mr. Harrison. &uot;Among senior management, Neal Garonzik has unique expertise in realizing the full potential of revenue generation in our equities activities across many units, including private banking, asset management, trading and sales, and also custody. Therefore, Neal will spearhead a development effort to build additional capabilities from these activities where there is a strategic opportunity for Chase, either through internal growth, acquisitions and /or other forms of partnering. Because the custody business housed in GIS is so key to this effort, Tom Swayne, head of GIS will report to Neal for this business development purpose, and continue to report to Don Layton,&uot; Mr. Harrison said. Global Asset Management Regarding Mr. Lartigue's new responsibilities, Mr. Harrison said, &uot;In his previous role as the chief investment officer for Global Asset Management, Henry Lartigue built an outstanding investment management organization. Our asset management products are distinguished for their superior performance and overall quality. We see many opportunities to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. this competitive strength and to grow our franchises in the mutual fund, private client, and institutional asset management areas. We are delighted that Henry has agreed to take on this new leadership role,&uot; said Mr. Harrison. The Chase Manhattan Corporation is one of the world's premier financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. institutions, with operations in 48 countries around the globe. Chase has top-tier ranking in all areas of investment banking, private banking, trading and global markets activities as well as information and transaction processing Updating the appropriate database records as soon as a transaction (order, payment, etc.) is entered into the computer. It may also imply that confirmations are sent at the same time. Transaction processing systems are the backbone of an organization because they update constantly. . Chase, a leading provider of financial solutions to large corporations, financial institutions, government entities, middle market firms, small businesses and individuals, has relationships with more than 30 million consumers across the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. through products and services such as credit cards, mortgages, online banking, debit cards, deposit products and auto loans. Chase can be reached on the web at www.chase.com. |
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