Chase Manhattan Corp. announced Tuesday that it would buy back up to $3 billion of its own shares as part of its capital management strategy.

"While seeking to maintain strong capital ratios, we also believe that we must deliver a superior return to shareholders," said Walter V. Shipley, chairman and chief executive officer, in a press release.

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.