Chase Opened Way for Bank Dividend Cuts:...
From Times Staff and Wire Reports
Chase Opened Way for Bank Dividend Cuts: New York-based Chase Manhattan Bank’s decision a little more than a week ago to cut its dividend to save money has made it easier for other strapped banks to do the same, analysts say. Other institutions feel that they can make the cuts now without inviting a public relations disaster. After Chase’s announcement, regional banks Midlantic Corp. and Southeast Banking Corp. said they would cut or eliminate dividends, followed by a similar announcement from the bigger Bank of Boston.
