Chase Predicts Stronger Capital Status
MADRID - Chase Manhattan Corp. expects to raise its Tier 1 capital to more than 5% of assets by yearend, well above the 4% requirement taking effect at the end of next year, chairman Thomas Labrecque said Thursday.
In a press briefing, he also said Chase had no plans to follow other U.S. money-center banks into mergers, "though I'm not saying there would never be one."
Mr. Labrecque, who is on a trip to several European cities, said the company had emerged successfully from a 15-month adjustment with three consecutive quarters of earnings gains, a reduction in its work force of 5,700, a net cut in costs of $300 million, and a doubling of its share price. It has selectively cut back some overseas retail operations.
"We believe we have made adjustments to allow us to continue as one of the few truly global U.S. banks," he said.