World Bank President Lewis Preston Dead at 68; Helped Shape J.P. Morgan

Lewis T. Preston, the former J.P. Morgan & Co. chairman who went on to guide the World Bank through the ferment that followed the collapse of European Communism, died late last Thursday in Washington.

Mr. Preston was 68. He died at his home after a long illness that was a factor in his plan to retire later this month after almost four years as the World Bank's president.

Richard Frank, acting president of the World Bank, called Mr. Preston "the premier banker of his time" and "a formidable leader for change" who left the global lending institution "much more open, responsive, and effective."

Douglas A. Warner 3d, J.P. Morgan & Co.'s current chairman, said, "The world has lost a statesman and we've lost a revered leader and friend.

"Lew Preston was the architect of the modern J.P. Morgan and the preeminent international banker of his era," Mr. Warner said. "He led our firm with penetrating vision, formidable intellect, and strength of character."

Mr. Preston joined Morgan out of Harvard College as a trainee in 1951. He was appointed head of the London office in 1966, just as Morgan and other multinational banks were establishing a presence in the Euromarkets.

He was named executive vice president for international banking in 1968 and saw Morgan through the boom years of globalization and the subsequent sovereign debt crisis. He joined the board as vice chairman in 1976 and became president in 1978 and chairman and chief executive officer in 1980.

Nine years later, Mr. Preston stepped down as CEO. He remained chairman of the executive committee until August 1991, when he left for the World Bank.

Since 1991, the World Bank has added 23 member countries, for a total of 178. Mr. Preston took strong measures to streamline and reorganize the staff and concentrate financing in such new areas as education, health, and the environment.

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