BANKING: New President at Chase

Rumors of dissension in the board room, an exodus of top-level executives, and a decline in competitive vigor have rubbed some of the luster from David Rockefeller's Chase Manhattan Bank, the world's third largest. Last week Chairman Rockefeller made two related announcements. The bank's third-quarter earnings were down 10% from last year, to about $35 million. More surprisingly, President Herbert P. Patterson, 47, had resigned after scarcely three years in the $172,500-a-year job that he had reached after a 23-year career with Chase, his only employer. He was replaced by tough-minded Willard...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!