BANKING

Chase Manhattan Steps Up Cost-Cutting Program: Facing pressure by an activist shareholder to boost the bank’s stock price, Chase Manhattan Bank told employees to gear up for more belt-tightening and said some staffers will be axed in the process. In a letter to workers, Chairman Thomas Labrecque said the bank has brought in a high-profile cost-cutting expert, Tandon Capital Associates, and expects to exceed a previously announced $400-million expense reduction target. On April 5, New Jersey investor Michael Price said he’d taken a 6% stake in the bank and he demanded that management take steps to increase its stagnant share price. Since then, the bank’s stock has risen nearly $9 a share, or 26%.