tapped Loyola alumnus William Daley (BA ’70), Midwest chairman of JPMorgan Chase. The Daley name is ubiquitous in Chicago—Bill is the brother of longtime mayor Richard M. Daley, who retired in 2011 and was succeeded by Emanuel.
A 22 LOYOLA UNIVERSITY CHICAGO “It’s a small town,” says Bill Daley. “I hired
Rahm to work on my brother’s mayoral cam- paign 22 years ago.” Daley’s ascension to White House chief of staff is the latest assignment in a wide-ranging career that has brought him to the highest levels of government, corporate America, and politics. An advisor to every Democratic presidential
nominee since 1984, Daley was called in as Al Gore’s third campaign manager and almost pulled off a victory in the nail-biting 2000 election. In an early stint in Washington, Daley crafted Congressional support for the North America Free Trade Agreement for President Bill Clinton in the mid-1990s and later served as Clinton’s secretary of commerce during a time of robust economic expansion. He practiced law in Chicago, was vice chairman of Amalgamated Bank of Chicago, and later became president of SBC Communications before returning to the Windy City with JPMorgan Chase in 2004. He served on the board of directors at top Chicago corporations, such as Abbott Laboratories and The Boeing Company. He served on Loyola’s Board of Trustees from 1994 to 1997 and 2002 to 2008. “Bill Daley is one of the sharpest, smartest po-
litical powerbrokers of his generation, who’s bril- liant at integrating policy with politics,” says Jon Cowan, president of the Third Way, a Washington think-tank on whose board Daley sat. “There are some people who are policy wonks, and others who are political operatives. He’s among a rare breed—someone with a deep understanding and mastery of policy, who can bring a sharp political eye to these issues.”
Sweet home Chicago The youngest of seven, Daley was raised
on politics in the Irish-American enclave of Bridgeport on the South Side. His father, Richard
J. Daley, became Chicago’s mayor when he was 7. Although the family was one of Chicago’s most powerful, William and his brothers still had to save up for a car. “Our parents told us that unless we could
afford a car, they weren’t buying us one,” says William’s brother John Daley (BA ’69), Finance Committee chairman of the Cook County Board of Commissioners. “When we finally had the money, we bought one, and the four of us shared it.” At Loyola, Daley majored in political science.
During one summer vacation, he was on the host committee of the 1968 Democratic National Con- vention in Chicago. He worked the convention floor while police clashed with demonstrators in Grant Park, and anti-war Democrats pressed their agenda inside the International Amphitheatre. “That was one of the most tumultuous years in American history,” says Daley. “And it all kind of blew up in Chicago.” Daley says his studies in political science
helped him understand what motivated his fa- ther, who ran the city for 21 years, until his death in 1976. Daley acknowledges that his father’s renown helped open doors for himself and his siblings. But there were also high expectations. “Because of your name, people expect greater
things, based on what your father accomplished, as opposed to what you are on your own,” he says.
Called to lead Obama’s decision to make Daley his chief of
staff in January wasn’t the first time he’d been called in during a crucial time. JPMorgan Chase faced skepticism in Chicago after the financial giant announced its purchase of Bank One for $58 billion in 2004. At the time, Bank One was the city’s leading financial institution, with 15,000 employees
FTER THE 2010 MID-TERM ELECTIONS, the White House seemed set back. The Republicans had taken control of the House of Representatives, and the Democrats’ Senate majority had narrowed. Obama’s chief of staff Rahm Emanuel had resigned to run for Chicago mayor. Obama, who cut his political teeth as a community
organizer on Chicago’s South Side in the 1980s, looked to his adopted hometown for Emanuel’s replacement. He
and a storied history, dating back to its earliest incarnation as First National Bank of Chicago, founded in 1871. Moving the bank headquarters to Manhattan was a blow to the city’s psyche. “It was one of Chicago’s biggest employers,
and I remember someone saying, ‘We should get someone of the stature of Bill Daley to help us out,’” recalls Jamie Dimon, then CEO of Bank One, who became JPMorgan Chase’s CEO and chairman. “I said, ‘Why not Bill Daley?’” Daley was in San Antonio, Texas, at the time,
serving as president of SBC Communications, a conglomerate of former Baby Bell phone compa- nies. He yearned to return to his hometown. “It was great to get back home,” says Daley,
who still keeps an apartment in Chicago. “All my siblings were there, and all my nieces and neph- ews. It was a great opportunity, and it felt good to get re-established there.” In what was called his first official act at JPMorgan, Daley announced that the bank
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