Major Banks Join Prime Rate Cut

Associated Press

The nation's big banks settled on a 10% prime rate today, joining a move begun last week to drop the key business lending rate to its lowest level in 6 1/2 years.

Among the major banks cutting the prime from 10.5% today were Bank of America, the nation's biggest bank, No. 4 Manufacturers Hanover Trust and No. 5 Morgan Guaranty Trust.

The change in the prime, the first since mid-January, was initiated Wednesday by Bankers Trust Co. of New York, the eighth largest bank.

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