Implementing Organizational Change: An Ordinary Effort for an Extra-ordinary Situation
The Acquisition of Long Island Trust Company (LITCO) by The Bank of New York (BONY) in early 1987 more than doubled BONY’s asset and deposit base in the vibrant Long Island market. The acquisition created a retail division with 79 branches, approximately 2.1 billion dollars in deposits, approximately 1.5 billion dollars in loans, and about 875 retail employees. In addition, another 175 employees from other BONY line and staff functions, e.g., Trust, had dotted line relationships to the Division and provided appropriate support. At the same time, the two banks’ widely different cultures and immediate management problems resulted in deteriorating conditions that affected almost every aspect of the Long Island Division’s operations.
KeywordsCustomer Service Retail Sector Financial Focus Asset Quality Recognition Program
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