Chase Manhattan Corp. said on Friday that it is withdrawing from the business of providing cash management services to correspondent financial institutions.

As part of the move, about 40 banks using Chase to provide cash management services for their corporate clients can switch to Mellon Bank Corp. for comparable services.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.