ALBERT HENRY WIGGIN
Born: 1868
Birthplace: Medfield, Mass.
Considered somewhat of a Wunderkind when he became youngest vice president
ever at Chase National Bank at 36, he had already helped to organize the
Banker's Trust Company (1903) and had been vice-president of the National
Park Bank in New York City for five years. He climbed steadily in rank and
influence, becoming president of Chase (1911); chairman (1917), then
chairman of the governing board (1930), while serving on some 59 corporate
boards. Under his reign, the Chase National Bank and its holdings,
including the Mercantile Trust Company and the Chase Securities
Corporation, grew significantly. A Congressional probe (1933) into the
company's holdings revealed that Chase (among others) had skirted laws
prohibiting banks from operating as a trust and from handling securities
in doing so through its affiliates. Wiggin personally was found to have
used his “official and fiduciary position for private profit,” leading to
an out-of-court settlement of a stockholder suit.
Died: 1951
Born: 1868
Birthplace: Medfield, Mass.
Considered somewhat of a Wunderkind when he became youngest vice president
ever at Chase National Bank at 36, he had already helped to organize the
Banker's Trust Company (1903) and had been vice-president of the National
Park Bank in New York City for five years. He climbed steadily in rank and
influence, becoming president of Chase (1911); chairman (1917), then
chairman of the governing board (1930), while serving on some 59 corporate
boards. Under his reign, the Chase National Bank and its holdings,
including the Mercantile Trust Company and the Chase Securities
Corporation, grew significantly. A Congressional probe (1933) into the
company's holdings revealed that Chase (among others) had skirted laws
prohibiting banks from operating as a trust and from handling securities
in doing so through its affiliates. Wiggin personally was found to have
used his “official and fiduciary position for private profit,” leading to
an out-of-court settlement of a stockholder suit.
Died: 1951