A Chemical Relation
Now that competitors have "rediscovered relationship banking," Chemical Bank is moving to strengthen its position by appointing a new boss to head its client-wooing efforts. That news came in a memo that vice chairman William Harrison Jr. sent to his institutional banking staff.
The new czar of Chemical clientology is Maurice Hartigan, a 26-year bank veteran who since last summer has worked in the bank's middle market group as deputy to vice chairman Edward O'Neal.
But Mr. Hartigan, 51, has a long wholesale banking background, including stints as head of Chemical's credit policy committee, its real estate and financial institutions groups and its activities in North Asia, the Middle East, and Africa. He also has more power in his new post as head of origination and relationships than his predecessor, John "Casey" Roach.
Mr. Hartigan also has gained control of Chemical's financial institutions group and its Latin America banking group. And he reports directly to Mr. Harrison.
As expected, relationships inside Chemical are shaking a little from the changes. Mr. Hartigan's elevation is viewed by some as a slap to Mr. Widmann, who one official calls a consummate investment banker but with little lending experience.
Mr. Hartigan's replacement as second-in-command at the regional bank is Patrick Scollard, Chemical's former chief administrative officer. That post goes to Sanford A. Ibrahim, who also is chief of staff for technologies and business services.