UpDate - Vol. 11, No. 23, Page 1
March 12, 1992
Chase Manhattan CEO to predict future job market

     Thomas Labrecque, the man who engineered Chase Manhattan's
financial rescue two years ago, will keynote the 15th annual
Student/Business Executive Conference, hosted by the University of
Delaware College of Business and Economics, from 9 a.m.-1:30 p.m.,
Friday, March 20, in Clayton Hall.
     His topic parallels the theme of this year's conference,
"Restructuring Corporate America: The Outlook for Jobs."
     Labrecque was serving as president of The Chase Manhattan
Corp. and The Chase Manhattan Bank, N.A., in 1990 when the third
largest bank in the nation began foundering under escalating rumors
of impending bankruptcy.
     He co-created a plan to restructure the company, which
included slashing 5,0000 jobs, writing off $625 million in bad
loans and cutting stockholder dividends in half.
     The plan was meant to squelch rumors and assure investors and
bond rating companies that the bank was getting a grip on its
financial situation. It worked. The rumors subsided and one month
later, Labrecque became CEO of the corporation and the bank.
     In 1980, Labrecque was the Chase representative on the team
that worked out financial arrangements associated with the release
of American hostages in Iran.
     He is a director of the Federal Reserve Bank of New York, a
trustee of the Brookings Institution and a member of the Council on
Foreign Relations and the Trilateral Commission.
     This annual Student/Business Executive Conference allows
students, faculty and corporate representatives to interact, engage
in group discussions and socialize.
     For more information, call Joyce Hart at 831-2551.
                                        - Barbara Garrison