Chase executive universally respected
Thomas G. Labrecque, 62, who died Monday, guided bank through difficult time
By john burton
Staff Writer

T homas G. Labrecque, of Fair Haven, died at Memorial Sloan-Kettering Cancer Center, New York City, on Monday from lung cancer. He was 62.

At the time of his death, Labrecque was chairman of Chase’s International Advi-sory Council, a post he assumed following his retirement in June 1999, after 35 years at Chase.

Labrecque was described in 1993 by Forbes magazine as "the Gary Cooper of banking" and "a strong, silent leader" because of his low-key, laconic style.

He was chairman and chief executive officer of the Chase Manhattan Corp. and the Chase Manhattan Bank from October 1990 through March 1996. In April 1996, after helping to orchestrate one of the largest mergers in banking history between Chase and the Chemical Banking Corp., Labrecque assumed the position of president and chief operating officer.

Although Chase was the larger bank of the two, Labrecque agreed to become president and chief operating officer, the No. 2 spot in the merged company. Chemical’s chairman Walter Shipley became Chase chairman and chief executive officer.

Labrecque said later he believed taking the lesser of the positions substantially improved the merger’s prospects.

"It wasn’t the easiest thing personally," he said of that decision.

When Labrecque retired last year, Shipley said, "There has been no better partner for me in my career than Tom."

In the mid-1970s Labrecque helped form the Municipal Assistance Corporation, which helped resolve New York City’s financial crisis.

In 1980 he was Chase’s representative on the team that worked out the financial arrangement that led to the release of American hostages from Iran. In recent years, he represented Chase in the negotiations concerning the Mexican and Russian financial crises.

Labrecque was a member of the board of directors of Pfizer Inc., Delphi Automotive Systems, and a trustee of the Hospital for Special Surgery, New York City. He was past president of the International Monetary Conference and The Financial Services Roundtable, an active member of the U.S. Treasury Advisory Committee on the International Monetary Fund and of the Business Council.

He was a trustee of the Trilateral Commission and the Brookings Institution as well as the Central Park Conservancy, a director of the International Rescue Committee and a member of the Council on Foreign Relations.

He was also served on the board of trustees at the University of Notre Dame.

"I have never had a finer friend or business colleague than Tom Labrecque," said David Rockefeller, a former Chase chairman who worked closely with Labrecque.

"He was a man of total integrity with great business skills and an exceptional sense of fairness and kindness in his dealings with others. His passing will leave a big gap in the lives of many," Rockefeller said.

In 1995, Labrecque was named knight commander of the Order of St. Gregory the Great, a rare pontifical honor bestowed by Pope John Paul II in recognition of outstanding service to the Roman Catholic Church.

He is survived by his wife, the former Sheila English Cardone, of Ardmore, Pa.; and four children, Thomas G. Labrecque Jr., Douglas T., Karen L. Shea and Barbara L. Corbin; three brothers, Theodore, Robert, and David; four sisters, Cathy Skiba, Jeanne Gagliano, Susan Wooley and Barbara Danowitz; and by five grandchildren.

"He will be remembered for his humility, his honesty and his integrity," said Labrecque’s son, Thomas Jr.

"My father said there were three types in business: sharks, minnows and dolphins," the younger Labrecque said. "He always considered himself a dolphin. A dolphin stays ahead through hard work and being smart. He always believed you didn’t have to be underhanded or deceitful."

A private funeral service for close family and friends was held at Holy Cross Roman Catholic Church, Rumson, on Oct. 19. A memorial service will be held at St. Patrick’s Cathedral, New York City, on Nov. 8 at 10 a.m.

In lieu of flowers the family requests that memorials be sent to: The Thomas G. Labrecque Leadership Institute of Red Bank Catholic High School, 112 Broad St., Red Bank; or to Memorial Sloan-Kettering Cancer Center-Lung Cancer Research Fund, Box E, 1275 York Ave., New York, NY 10021.