Business: The Change at David's Bank

At Chase Manhattan, the man on the spot was Rockefeller

For years the standing joke in banking circles was that Chase Manhattan Chairman David Rockefeller kept firing the wrong person. In his attempts to straighten out the nation's third largest bank, he should have let himself go. When Rockefeller became president in 1961, Chase was New York City's largest bank. But it was soon outpaced in both size and earnings by its aggressive rival Citibank.

Suggestions that Rockefeller should step down became so pointed that in 1977 he wrote a memo to the bank's vice...

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