BANKING & FINANCE - March 18, 1994
From Times Staff and Wire Reports
Two Big Banks Boost Prime Rate: J.P. Morgan & Co. raised its prime lending rate to 6% from 5.50% as of today, bringing the rate in line with that of most banks. Harris Trust & Savings Bank, a unit of the Bank of Montreal, also announced a prime rate hike to 6% from 5.75%, effective today. Chicago-based Harris has kept its prime rate--the rate it charges its best customers--lower than other banks’ to win new business, a spokeswoman said. The bank said economic and market fundamentals are behind the move.
Start your day right
Sign up for Essential California for news, features and recommendations from the L.A. Times and beyond in your inbox six days a week.
You may occasionally receive promotional content from the Los Angeles Times.
