The new Chase Manhattan Corp. has put Terence A. Todman Jr. in charge of its $40 billion-asset personal trust business and named 26 trust vice presidents to his group.
Mr. Todman, a vice president, adds the title of executive in charge of the global trust and fiduciary division, according to a memorandum distributed internally last Thursday. He reports to James W. Zeigon, executive vice president of Chase Global Asset Management.
The trust restructuring is the latest in a series of moves to bring together the staffs of the former Chemical Banking Corp. and the old Chase Manhattan Corp. The two companies merged April 1 to form the largest U.S. banking company, with more than $300 billion of assets.
The appointments solidify a restructuring that began to take shape last fall, when a transition team began working on the postmerger table of organization.
"It's pretty far along at this point," Mr. Todman said in a telephone interview; "we have a very good understanding of the structure and the direction we're going in." The executive, who is 42, joined Chase eight years ago.
Under Mr. Todman, the personal trust division will operate in seven management teams, each with a portfolio of responsibilities. They are:
*Three trust and estate administration teams catering, respectively, to international, domestic, and New York clients. These teams focus on account management.
Lee C. Wortham was named to head the international team; Brian C. Lincoln, to head the domestic unit; and Thomas E. Roepe, to head the New York group.
*Two fiduciary oversight teams, one for international business and one for domestic, including New York.
Heading the international group is Julian S. Bub; John H.F. Enteman was put in charge of the domestic team.
*A global trust sales team, led by Patricia J. Meier.
*A chief administrative officer's team, directed by Peter M. Tybursky.
Because the banks had different strengths - Chemical's domestic trust base was slightly larger, and Chase had more offshore clients - the transition team did not encounter too many redundancies, Mr. Todman said. More appointments are pending, he added.
"We intend to name everybody down to the last secretary," he said.
Representation in executive ranks from the old Chase and Chemical is fairly balanced, according to Gitelle C. Cardin, vice president of marketing and a former Chemical banker.