American banker (1930?2009)
The gravesite of John McGillicuddy
John Francis McGillicuddy
(December 30, 1930 – January 4, 2009) was an American
banking
industry executive who oversaw the merger between
Manufacturers Hanover Trust
and
Chemical Bank
in the early 1990s.
McGillicuddy played football for
Harrison High School
and then attended
Princeton University
on a football scholarship, playing defensive back on the college's undefeated football teams in 1950 and 1951.
[1]
[2]
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
.
[2]
He was hired by Manufacturers Trust Company in 1958.
[2]
He was elected to serve as the bank's president in 1970 at age 39, making him one of the youngest people ever to run a major banking company, after his predecessor R. E. McNeil, Jr. announced that he would be stepping down.
[1]
[2]
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.
[2]
The John McGillicuddy Scoreboard at Harrison High School
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.
[2]
[3]
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.
[3]
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.
[2]
McGillicuddy served on the boards of organizations and companies including the
Boy Scouts of America
,
Kraft Foods
,
United Airlines
and
U.S. Steel
.
[2]
McGillicuddy died at age 78 on January 4, 2009, at his home in
Harrison, New York
due to complications from
prostate cancer
.
[2]
He was survived by his wife, the former Constance Burtis, five children and six grandchildren. McGillicuddy is interred at
Greenwood Union Cemetery
.
References
[
edit
]
- ^
a
b
Heinemann, H. Erich.
"Personality:; 'New Kid' to Lead Manufacturers Hanover"
,
The New York Times
, July 5, 1970. Accessed January 8, 2009.
- ^
a
b
c
d
e
f
g
h
i
Dash, Eric.
"John F. McGillicuddy, 78, Banking Leader, Is Dead"
,
The New York Times
, January 6, 2009. Accessed January 8, 2009.
- ^
a
b
Quint, Michael.
"The Bank Merger; BIG BANK MERGER TO JOIN CHEMICAL, MANUFACTURERS "
,
The New York Times
, July 16, 1991. Accessed January 8, 2009. "Chemical Bank and Manufacturers Hanover, two of New York's biggest banks, announced plans yesterday for the largest bank merger in American history."
External links
[
edit
]