Chase Hires Head of Institutional Equities; Steven Black will Lead Newly Created Unit.Business Editors NEW YORK--(BUSINESS WIRE)--April 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. ) announced today that Steven Black Steven Black is the Co-Chief Executive Officer of the Investment Bank at JP Morgan Chase & Co. He is a 1974 graduate of Duke University, and has served on the New York Development Council. Black and his wife Deborah live with their three children in Greenwich, Connecticut. has been named Head of Institutional Equities. Chase is creating an Institutional Equities business to coordinate its worldwide institutional equity sales, trading and research activities. Mr. Black has been named a managing director and a member of Chase's Management Committee. He will report to Donald H. Layton, Chase's Vice Chairman for Global Markets and Global Services. "One of our longstanding goals has been to add global equities capabilities to the Chase platform, and the pieces are rapidly coming together," said Mr. Layton. "With the Robert Fleming Holdings transaction scheduled to close this summer, with Chase H&Q exceeding our expectations for synergies for all of 2000 in just a few short months, and with our equity derivatives business experiencing a surge of growth, we felt it was the appropriate time to link these businesses together to optimize revenues and capitalize on new opportunities. I think we've found an outstanding professional in Steve Black." Mr. Black joins Chase after a 25-year career at Salomon Smith Barney and its predecessor companies. He most recently served as Vice Chairman responsible for global equities, research, securities lending Securities Lending When a brokerage lends securities owned by its clients to short sellers. Notes: This allows brokers to create additional revenue (commissions) on the short sale transaction. and tax-exempt securities. Prior to its merger with Salomon, Mr. Black was Vice Chairman and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of Smith Barney. He will be based 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 . "I'm extremely excited to be joining Chase. It's a once-in-a-lifetime opportunity for me to help build a world-class equity franchise for a world-class firm," said Mr. Black. The Chase Manhattan Corporation is a premier global financial services firm with assets in excess of $390 billion. Chase combines the best of commercial and investment banking, offers world-class information and transaction processing services, and has a leading U.S. consumer franchise that serves 32 million customers. Through its newly formed business unit Chase.com, Chase is successfully creating innovative business models for the new economy. Chase, with offices in more than 45 countries, has a presence in all of the principal financial centers around the world. Chase can be reached on the web at www.chase.com. |
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