Posted on 05/17/2004 6:11:13 PM PDT by Land_of_Lincoln_John
CHICAGO (AP) Former Commerce Secretary William Daley, who resigned last week as president of SBC Communications Inc., was named Midwest chairman of J.P. Morgan Chase on Monday.
William Harrison, chairman and chief executive of J.P. Morgan Chase, and James Dimon, CEO of Bank One Corp., announced the appointment. The two banks are in the process of merging.
Daley will be the face of J.P. Morgan at the senior levels of the bank's clients in the Midwest and will serve on the combined firm's executive committee. He will report to Harrison and work from Chicago.
The merger, which is awaiting regulatory and shareholder approval, is expected to close later this year.
J.P. Morgan Chase is headquartered in New York, and Bank One is based in Chicago. The combined bank will be headquartered in New York but will retain Chicago as the base for some retail operations. It will be second in size only to Citigroup, the nation's largest financial institution.
"The Midwest is a very important market for J.P. Morgan Chase, and Bill will be an important leader with our clients and communities," Harrison said in a statement.
In 1993, as special counsel to President Clinton, Daley coordinated the successful campaign to pass the North American Free Trade Agreement. In 2000, he coordinated the effort for permanent Normal Trade Relations with China, and he served as chairman of Vice President Al Gore's presidential campaign.
"I'm excited to join one of the leading financial services firms in the world and to return to the home that I love, Chicago," Daley said in a statement.
Before becoming commerce secretary in the Clinton administration, Daley was a partner at the law firm of Mayer, Brown & Platt; president of Amalgamated Bank of Chicago; and a lawyer at the firm of Daley and George.
At the time he was hired by SBC in 2001, the telecommunications company had pending applications to provide long-distance service in Illinois. That application was approved last May.
Daley is the brother of Chicago Mayor Richard Daley.
Bill Daley was recently the head of SBC here in Illinois; funny thing, last summer after Blago got in office, SBC got a huge contract to do all of the phone repair for the state's agencies....things that make you go hmmmm....
After a nationwide search,I presume.
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