NEW YORK - Chase Manhattan Corp. said its losses from bad loans to companies will likely fall as it focuses on safer customers.
Chase, whose shares have fallen 7% in the past week amid worries about commercial bank loans in the United States, views its own portfolio as "stable to improving," William B. Harrison, chairman and chief executive officer, said in a memorandum to Chase employees.
"We have worked hard to diversify our portfolio by industry, geography, and customer," Mr. Harrison said in the memo. Chase believes commercial chargeoffs for the full year will be down, he said.
- Bloomberg News