Word: banks
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Dates: during 1960-1969
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Died. Henry C. Alexander, 67, architect of the merger that created Morgan Guaranty Trust, the country's sixth largest commercial bank (assets: $11 billion); of a stroke; in Manhattan. Alexander accepted a partnership in the faltering house of Morgan in 1939, and shook up the stodgy banking community by aggressively scouring the country for new accounts and training a new generation of bright young employees to follow his lead. By 1959, Morgan was a growing, $915 million concern, and Alexander had the stage set for his greatest coup: merger with $3.13 billion Guaranty Trust...
...officers of many major corporations, the man to see about a particularly complicated loan has been Alden Winship Clausen, vice chairman of the San Francisco-based Bank of America. Outside the corridors of corporate power, however, Clausen is almost unknown. He belongs to few clubs and, unlike many bankers, has never headed a Chamber of Commerce. From now on, he will operate more in the public eye. Last week Bank of America directors chose "Tom" Clausen, 46, to become president and chief executive of the world's largest commercial bank...
Clausen grew up in Hamilton, Ill., where his father, a Norwegian immigrant, owned and edited the local paper. He studied law at the University of Minnesota (LL.B., '49), and got a part-time job counting cash at the Bank of America while preparing for bar exams. After he passed, he decided to become a banker rather than a lawyer. He rose rapidly through a succession of lending jobs, many of them involving the financing of corporate mergers and takeovers. Clausen owes his big promotion partly to the fact that he is eleven years younger than his chief rival, Executive...
...Profit Alone. Clausen's main challenge will be continuing the bank's phenomenal expansion. During Peterson's six-year tenure, assets have risen from $14.7 billion to more than $25 billion, and the number of foreign branches has expanded from 44 in 1966 to 96 now. Four years ago the BankAmericard operation counted 1,300,000 cardholders in California; it now has 27.5 million cardholders in 48 states and 40 foreign countries, and is adding a million new customers a month...
Executive Infighting. The most damaging threat to Mekong development has come from the United Nations. Eager to borrow big money from Robert McNamara's World Bank and other international banks the U.N. shook up the Mekong management two months ago in a way intended to heighten its appeal to Western capitalists and Asian Communists alike. Dr. C. Hart Schaaf, 57, an outspoken and visionary Indiana professor who in ten years as chief executive became known as "Mr. Mekong," was reassigned to Ceylon. U.N. executives felt that the chief should be non-American, particularly if the project is ultimately...