Shipley was the president and CEO of Chase Manhattan Bank. He has led several mergers in the 80s and 90s.
JP Morgan CEO Chase, Jamie Dimon, announced that Shipley delivered a letter to employees on Saturday.
"On Friday, the world has lost a critical force behind what is now JPMorgan Chase and, more importantly, an individual universally regarded with praise for his character, generosity and sense of business," he wrote Dimon.
The former CEO of JP Morgan Chase, Bill Harrison, who worked closely with Shipley, stated in a statement that "he had a vision of where the banking sector was going," Harrison said. "Walter played a key role in making JPMorgan Chase what it is today."
Shipley's wife, more than 55 years old, Judith, died in 201
Shipley, the son of a Wall Street Investment Banker, born in New Jersey in 1935
He began his career in his early 20s at the New York Trust Company, which was subsequently acquired from the Chemical Bank.
Shipley became a high-ranking official, and landed an executive office in 1978 and was appointed president and chief executive in 1983 at the age of 47.
An obituary of JP Morgan Chase said that Shipley tried to create "meritocracies" when it came to hiring a company after a merger, rather than
He retired from Chase in 1999, a year before he acquired JP Morgan.
"At the start of this year, it was clear to me that the next generation of leaders at Chase was ready to take over and that my job was finished," said Shipley in his retirement statement.
During his career, Shipley was also a member of the board of Champion International, Exxon Mobil, Verizon and Wyeth.
He was also involved in philanthropy and served as president of the Wallace Foundation, a charitable association focused on education. Shipley was also vice president of the Goodwill Industries region of New York.