First Chicago NBD Corp., apparently sending a message to Wall Street that it is looking beyond last year's merger, has shuffled its management and reorganized into three major business lines.
Each business line will be headed by a vice chairman.
Former NBD executive Thomas H. Jeffs 2d will lead regional banking, which includes retail banking and middle-market lending; former First Chicago executive David J. Vitale will head corporate banking and investments; and Scott P. Marks Jr., also from First Chicago, will direct credit cards, insurance, and operations.
Four executive vice presidents were left out of the new lineup. All have said they will retire by yearend.
Among them are Thomas H. Hodges, 50, who oversaw large corporate relationships; Gordon Crimmins, 61, who headed operations and technology; and Robert A. DeAlexandris, 55, who oversaw investment management services.
James Lancaster, 64, head of Illinois retail, will take early retirement. Assuming those duties will be David P. Bolger, president of American National Bank, First Chicago's $7 billion-asset middle market lender. Mr. Bolger was elected an executive vice president of the parent company last week.
W.G. Jurgensen, who had been manager of First Chicago's merger implementation, will head the company's credit card subsidiary, First Card. The unit contributes about 20% of First Chicago's earnings. Mr. Jurgensen will report to Mr. Marks.
First Chicago Corp. and Detroit-based NBD Corp. merged last Nov. 30. Analysts and other observers have questioned which corporate culture would survive at First Chicago after the two banks were fully integrated.
But Joseph Duwan, an analyst with Keefe, Bruyette & Woods, said he sees something different emerging.
"I think it's going to be a new culture going forward," he said, "and I think it's evolving. I don't think either culture has survived."
Mr. Duwan said he was encouraged to see the company announce an organization structured along lines of business. "In some respects, I'm glad to see some of this. It appears they're making some tough decisions," he said.
First Chicago spokesman Thomas Kelly said the new structure was chosen to match the company's core businesses. Executives were given responsibilities according to who had the most experience in a given area.