Former secretary of state Henry Kissinger today was named counselor for international affairs at Chase Manhattan Bank.
Kissinger's appointment was announced at the bank's annual meeting, at which David Rockefeller stepped down as chairmam. Rockefeller was succeeded as chairman by Willard Butcher, who announced the Kissinger appointment.
In his new role with the bank, Kissinger will serve as counselor for international affairs to both the bank and its International Advisory Committee, which consists of industrialists and economists from 14 countries who assess economic and other issues of relevance to the bank's lending policies.
Rockefeller received plaudits from shareholders as well as praise from Butcher as he presided over his last meeting as chairman. Rockefeller, who has been criticized for his close connections with the late shah or Iran defended Chase's "unfailing concern with its role in society" and as a "force in the world of free enterprise."
Butcher, who had been picked as Rockefeller's successor in December 1979 and has served as chief executive for the past year, urged Congress yesterday to move towards freeing banking regulations. This theme was also mentioned by Citicorp in its annual report.
At its annual shareholders' meeting yesterday morning Citicorp announced a 17 percent increase in first-quarter earnings from a year ago. The rise left Citicorp earnings at $97 million in the first quarter, Chairman Walter Wriston told shareholders.
Butcher said that the banking world was on the verge of an "earthquake" in terms of the nature and scope of competition for the provision of financial services. Many large banks resent the limitations on them that prevent interstate banking and branching and that have strengthened the hand of non-banking competitors. They have also allowed foreign banks to buy up U.S. banks when other U.S. banks could not.