Bowing to pressures for improved shareholder returns, Chase Manhattan Corp. said Friday that it has hired a prominent consultant to advise it on what is likely to be an aggressive cost-cutting program.

Chase has retained Tandon Capital Associates, which is run by former McKinsey & Co. executive Chandrika Tandon. She was instrumental in radical restructuring and staff reduction programs at Fleet Financial Group, Midlantic Corp., and Republic New York Corp.

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