Executives are Chase-ened: facing management logjam at the bank, they export their expertise to competitors. (Chase Manhattan Bank)

Crain's New York Business, January, 1997 by Gabriel, Frederick

When Chemical Banking Corp. merged with Chase Manhattan Bank last year, Tom Kasulka knew he had a job at the new institution. He also knew that the glut of high-level managers in the middle-market lending group meant that he didn't have much of a future. "I just didn't see room to advance,"says the 36-year-old banker, who defected to Fleet Financial Group in October.

With more than 2,500 workers expected to hand in their resignations by the end of this year, the rate of attrition at Chase is running nearly 70% higher than the bank estimated when the merger was announced in late 1995. Some consultants say the number will climb even higher as Chase employees grow disillusioned by shrinking prospects for advancement or are lured by other banks. The executive fallout...

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