BANKING & FINANCE - April 20, 1994
From Times Staff and Wire Reports
More Banks Raise Prime Lending Rates: A second wave of banks raised their prime lending rates by half a percentage point, following the lead of some of the largest banks. Monday, the nation’s largest banks, led by Citibank and Chemical Banking Corp., raised their base lending rates to 6.75% from 6.25% after the Fed boosted short-term interest rates. Tuesday, BankAmerica Corp. and Chase Manhattan raised their prime rates correspondingly, as did San Francisco-based Wells Fargo & Co., City National Bank of Beverly Hills and others. The prime rate is generally what banks charge their best commercial customers. It also serves as a benchmark for credit card and other consumer rates.
