Chemical Banking Corp.: The New York-based firm...
From Times Staff and Wire Reports
Chemical Banking Corp.: The New York-based firm reported a $43.7-million third-quarter loss and cut its quarterly dividend to 25 cents from 68 cents. The loss by the nation’s sixth-largest banking firm was an improvement over the 1989 period’s $824.6-million loss, when it added $600 million to its reserve for Third World loan losses and $300 million to its reserve for losses at its Texas Commerce Bancshares unit. Chemical said this year’s results stemmed primarily from a $250-million increase in reserves for loan losses and an $18.8-million accounting charge to cover the shutdown of securities-trading businesses abroad.
