Chemical Banking Corp. has added three vice chairmen, giving it four officers with that title.
Michael Hegarty, 50, was named vice chairman for consumer and relationship banking, responsible for nationwide consumer services, including credit cards, mortgage banking, consumer finance, insurance, mutual funds, and other investment products.
William H. Turner, 55, has been named vice chairman for consumer and relationship banking, responsible for middle-market banking, private banking, Chemical Bank New Jersey, and Geoserve.
Both men report to president Edward D. Miller.
Donald H. Layton, 45, has been named vice chairman for the Global Bank in charge of capital markets, trading and treasury, technology, strategic planning, and administration.
Chemical also named James B. Lee Jr., 42, senior executive vice president at the Global Bank, responsible for global investment banking, including structured and syndicated finance, high-yield securities, and mergers and acquisitions.
Both Mr. Layton and Mr. Lee report to vice chairman William B. Harrison Jr.
Analysts attached little significance to the changes, saying they basically confirmed the increased responsibilities taken on by the four executives over the last several months.
"It's a step up, which reflects enhanced responsibilities without any change in reporting lines," said a spokesman for Chemical.
Separately, Chemical said it has increased its quarterly dividend on outstanding shares of common stock to 50 cents a share, marking the fourth increase since March 1993.
"It's significant because it shows the board of directors continues to be optimistic about the company's earning power," remarked Diane Glossman, a banking analyst with Salomon Brothers Inc.
"It's quite a good increase but still a reasonable payout ratio," said Raphael Soifer, an analyst with Brown Brothers Harriman & Co. Mr. Soifer said the increase was part of a broader trend among banks to dispose of excess capital by either buying back shares or boosting dividends.