Chase Manhattan Corp., the second-largest U.S. bank,...
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Chase Manhattan Corp., the second-largest U.S. bank, plans to cut costs by 20% in its Asian banking operations by year-end, partly through layoffs.
“Less than 200 people, representing 10% of the total staff in Asia, will be affected by the changes we have made or continue to make,” Senior Vice President Timothy McGinnis said.
Chase’s wholesale banking services include trade and corporate finance, risk management, foreign currency trading and swaps and securities transactions.
The bank last month announced a global restructuring to improve its financial performance. It will include 5,000 job cuts.
Chase expects to slash expenses in 1991 by more than $300 million.
McGinnis, who is responsible for Chase’s wholesale banking operations in the region, said 2,300 of the 5,000 jobs have been cut so far. The program in Asia, which began in July, is expected to be completed by Christmas, he said.
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