BANKING & FINANCE - June 28, 1995

Chase Plans Layoffs: In a move to pare more than $400 million in expenses, Chase Manhattan Corp., the nation’s sixth-largest banking company, plans to cut 3,000 to 6,000 jobs by early 1996--as much as 17% of the work force, the Wall Street Journal reported. Chase is under pressure from dissident stockholder Michael Price, who bought 6.1% of the firm’s shares this spring and called for the company to be broken up and sold off. Chase said it had hired Tandon Capital Associates, consultants who previously advised Republic New York Corp. and Fleet Financial Group in their cost-cutting plans, which entailed massive layoffs.