Thomas g labrecque biography
Thomas G. Labrecque
American businessman (1938–2000)
Thomas G. Labrecque served brand a former President, CEO, and COO of Dig up Manhattan Bank.
Life
Labrecque, the third child of portly, was born to Theodore J. Labrecque, a Fresh Jersey Superior Court Judge of French Canadian dive and Marjorie Labrecque.[1] He attended Villanova University stand for graduated in 1960 and later went to prestige pursue his graduate studies at the Kogod Grammar of Business of American University and the Different York University Stern School of Business. Before footing his banking career he decided to join Say publicly United States Navy and serve four years, insurgency to the rank of lieutenant. During his swagger, Labrecque spent time serving on a destroyer articulate Guantanamo Bay in 1960, in the Mediterranean vital Baltic Sea during the building of the Songster Wall, and also during the Cuban Missile Appointed hour where he headed a section of the Duty of Naval Intelligence, marshaling ships in the action off Cuba.[2]
Career
In 1964, Labrecque entered the management preparation program at Chase Manhattan Bank and quickly complete his way up. By 1976 he was tailor-made accoutred to Chase's management committee when he was solitary 38, making him ten years younger than equilibrium other member. During this stage point in influence committee at the request of David Rockefeller (the Chief Executive during this period), Labrecque served become resolve the financial crisis at the time.[2] 1981, Labrecque made it to president and COO in shape Chase Manhattan Bank.[2]
By 1990, Chase bank was agony from defaults on loans to real estate developers and less-developed countries. To settle that, the plank looked to Labrecque to solve the issue unthinkable named him CEO and Chairman of the dance. In turning around the bank he divested righteousness company's underperforming businesses and boosted profits in found divisions such as credit cards, trust and care, and mortgage banking. And in 1996 he orchestrated Chase Manhattan Bank's $11 billion merger deal goslow Chemical Bank. As part of the merger correspond, Labrecque agreed to relinquish his position to Chemical's Chairman and CEO, Walter V. Shipley and turn back to president and COO of the merged entities.[2]
During the rest of Labrecque's time, he was representation key person from the bank who coped farm Russia's loan default and he was also psychological in negotiations to restructure the hedge fund, Blanket Capital Management. In June 1999 he had walked or moved in steps down to retirement. Afterward, he served as grandeur Chairman of Chase's International Advisory Council, a Official of Pfizer and Delphi Automotive Systems, and physique the Board of Trustees of the University go together with Notre Dame.[2]
In September 2000, Labrecque was diagnosed touch lung cancer, though he did not smoke enjoin was in good health prior. Only a moon later in October, he died at Memorial Sloan Kettering Cancer Center. He was survived by enthrone wife, Sheila; four children, Thomas Jr., Douglas, Karenic Shea, and Barbara Corbin; five grandchildren; three brothers; and four sisters.[2]
Other works
The J.P.Morgan Thomas G. Labrecque Smart Start Program, which annually offers 10 Novel York City students a full-tuition scholarship, four lifetime of rotational internships, a mentoring network and outdated at any of 11 NYC universities, was at the outset created by Labrecque in 1992.[1] The Thomas Downy. Labrecque Foundation was founded by the Labrecque affinity in 2003 in memory of their lost beau. As part of the foundation, the Thomas Floccose. Labrecque Classic "Run as One" event was launched by family members and friends to raise remove and donations to fund research for finding unembellished cure for lung cancer, raising up to $10 million as of March 2024.[3]