The 1912 sinking of RMS Titanic caused large losses at Fidelity and forced layoffs.
Petersen joined Fidelity-Philadelphia Trust Company in 1947 as executive vice president and went on to serve as the bank's president (1950-66), CEO (1966-75) and chairman (1966-78).
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He worked as a manufacturer of plumbing supplies and was a director of the F.W. Webb Company, Fidelity Trust Company, Hibernia Savings Bank, and the McAuliffe Company.