Chase Changes Organizational Structure

Chase Manhattan Corp. announced a new organizational structure that elevated President and Chief Operating Officer Thomas Labrecque to a “co-equal” status with Chairman and Chief Executive Walter Shipley. Labrecque, 59, was chief executive of the old Chase Manhattan, which was acquired by Chemical Banking Corp., headed by Shipley, 62, in 1996. The merged New York-based company took the Chase name. Wall Street analysts said Labrecque’s role had not been clearly defined since the merger. According to a memo to employees, the changes are aimed at “preparing the corporation for the next step in its drive for even higher levels of performance.” Executives who had been reporting to either Shipley or Labrecque will now report to both of them, the memo said. Chase’s stock fell $1.38 to close at $110.88 on the New York Stock Exchange.