BANKING & FINANCE - April 19, 1995
<i> Times Staff and Wire Reports</i>
Chase CEO Vows No Sale, No Seat for Price: Chase Manhattan Corp. Chief Executive Thomas Labrecque rebuffed insurgent shareholder Michael Price at the bank’s annual meeting. Labrecque said Chase is not for sale and that Price will not get a seat on its board. Price, the noted bargain hunter who controls 6.1% of Chase stock, told a lively meeting that he wants to see “dramatic change,” possibly including a sale, to boost the New York-based bank’s stock price. Labrecque responded that the nation’s sixth-largest bank is not for sale, and he reaffirmed the bank’s current commitment to lower costs by about $400 million and better integrate the bank’s corporate and consumer products.
