At the time of the merger, Skandinaviska Banken was about three times bigger than Stockholms Enskilda Bank and the Wallenberg family was notably divided whether the merger should take place. The plan had originally been initiated by chairman Marcus Wallenberg (junior) whereas the former chairman of the bank, Jacob Wallenberg was a vocal opponent of the merger. This created some anxiety among the bank staff, and in November 1971, the CEO, Marc Wallenberg – who was one of the top negotiators of the merger – committed suicide, leaving the Wallenberg family without a natural successor in the banking business.