In Memoriam: Lawrence J. Toal, 87

Led Chase in Hong Kong, European Consumer Banking

 
Lawrence J. Toal, a one-time Senior Vice President at Chase Manhattan, died at his NYC home on December 12, 2024. He was 87.
 
Born in Astoria, Queens to Scottish emigrees, Toal lost his father at the age of 15. With the support of his mother and his older brother and sister, he graduated from Dartmouth College in 1959 with a degree in economics. While there, he  served as president of Alpha Chi Rho fraternity, participated in the Reserve Officer Training Corps and ran on the cross country team. He remained active with Dartmouth after graduation, serving as Treasurer of his class, interviewing prospective students and serving as a board member for the Dartmouth Partners in Community Service.
 
After college, Toal served in the Navy as a Lieutenant on a destroyer escort. While there, a fellow officer set him up on a blind date with his cousin. He fell in love with the cousin's roommate, Sheila O'Connor, who would become Larry's wife of 61 years.
 
After leaving the Navy, Toal started in the officer training program for Chase Manhattan Bank and then earned his MBA from New York University at night. He worked at Chase for 26 years, rising to the rank of Senior Vice President, and serving as the bank's country manager in Hong Kong for three years and the Head of European Consumer Banking in London for three years.
 
Toal left Chase in 1988 to accept a position as President of PSFS, a $10 billion Philadelphia savings bank. Three years later, he returned to New York to work as President and later as Chairman and CEO of the Dime Bancorp, a $27 billion financial institution. He retired in 2002 after Dime was acquired by Washington Mutual (later acquired by JPMorgan Chase).
 
In retirement, he became an accomplished photographer after studying at the International Center of Photography and continued his devotion to several chariable causes. He served as a trustee and Chairman of the HealthCare Chaplaincy, a multi-faith organization advocating a new model for end-of-life care. He also served as trustee, Vice Chairman and President of Big Brothers/Big Sisters of New York City.
 
Among Toal's survivors are his wife, two sons and five grandchildren.
 
Family will receive friends between 5pm and 9pm on January 10, 2025 at Frank E. Campbell Funeral Home at 1076 Madison Avenue, New York, NY 10028. The funeral will be held at 10am on January 11, 2025 at St. Ignatius Church at 980 Park Avenue, New York, NY 10028 and will be followed by a reception at Siwanoy Country Club at 351 Pondfield Road, Bronxville, NY 10708. Donations may be made to St. Jude Children's Research Hospital, Big Brothers/Big Sisters of New York City or Breakthrough T1D (formerly known as the Juvenile Diabetes Research Foundation).
 
 
 
 
 

 Remembrances

 

Please send remembrances to
news@chasealum.org

 
From Ken Jablon: Not many individuals know that a 1977/78 project that Larry managed had a major impact on the growth and profitability of the consumer business at the Chase Manhattan Bank and ultimately at JPMorgan Chase.
     I don’t remember the exact title of the project, but its purpose was to determine how to expand the consumer business at the bank. The project recommendations led to the:
  • start of Chase Home Mortgage Corp.,
  • start of Chase Auto Finance Corp.,
  • major expansion of the credit card, and
  • expansion of International Consumer (although this was all later sold).
This was a considerable accomplishment considering that, in 1976, the head of Community Banking wanted to sell all of the consumer business – including the branches.
     I worked with Larry when I was in Chase Consumer Planning and International Consumer and when I joined Dime Savings Bank. He was always ready to take risks to expand what he was in charge of.
     On a personal basis, Larry took the time to meet with you and to listen to what you had to say.
     Also, he was a really nice guy.
 
From Steve Hirsch: Larry Toal played an important role in my life. Larry was division executive at Chase's credit card business on Long Island when I was responsible for operations and systems.
     I hired a woman from Avis to manage our systems department. Three of my systems people went to Larry to complain about my decision to hire someone from the outside, particularly a woman, for the job. They wanted me fired. Larry supported my decison100%. He saved my career. Thank you #1.
     I knew Larry was a Dartmouth graduate and active in Dartmouth recruiting activities. I asked Larry to write a letter of recommendation for my oldest son. Larry reviewed his credentials and wrote the letter. My son was accepted into Dartmouth and went on to NYU Law School and today is a very successful attorney. Thank you #2.
     I read the obituary in the NY Times. Enough cannot be said about what a wonderful person Larry was. The world will miss Larry Toal.
 
From Joe Murphy: Let me continue the story from where Ken and Steve shared memories and messages about Larry. 
     Larry Toal arrived in Hong Kong around 1981. He was appointed country manager of the BCC. At that time Chase had 10 retail branches on the island and Kowloon. Larry brought with him knowledge, expertise and experience from his consumer banking assignments in the United States, particularly New York City.
     Larry ‘s reputation preceded him to Hong Kong. At various meetings in the late 1970s, Larry would present retail bank strategies to Chase officers at head office. When asked what were the metrics and analytics that led him to close a branch in Manhattan, rather than a lengthy response, he said when the lease is up, we can close a branch or renew the lease. Simple.
     When I relocated to Philadelphia in 1991, Larry was one of the first Chase alumni to welcome me. His newly formed insight into the city between the nation’s capital and world financial universe was spot on. Most helpful and informative. A few years later he welcomed me to his new location overlooking Fifth Avenue. Man, had he come a long way, was basically my impression. 
     During the casual meeting with Larry reliving past mutual experiences, Dick Parsons, CEO of  Dime Savings Bank, joined us for a coffee. As Larry smiled across his desk, I realized Larry had invited me to an unofficial official interview. Coincidentally, as I write this memory, Dick Parson’s passing is announced, just two weeks after Larry’s.
     A point of pride for Larry during these three relocations was the role Sheila played in organizing and redesigning three homes in three cities in 10+ years – all unique locations and design. Sheila created a comfortable home for them.
     RIP Larry Toal. Thank you for keeping your advice simple and inspiring.