Word: chases
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...Wall Street, investor jitters have sent the industry into a slide, dropping share prices of a number of big money-center banks, including Chase Manhattan and Chemical Bank, to an average of only four times earnings. That is roughly the price-earnings ratio of the severely depressed oil drilling industry...
...Chase Manhattan, the third largest U.S. bank, suffered after-tax losses of more than $117 million from interest payment defaults on loans to Drysdale Government Securities Inc., an obscure and thinly capitalized Wall Street trading firm that went bankrupt four months after it opened for business. Other big names involved in the Drysdale collapse included Manufacturers Hanover, the fourth largest American bank...
...blue-chip banking fraternity received another blow when Perm Square Bank, a small and poorly managed Oklahoma City lender, folded after having invested heavily in risky oil and gas ventures. Penn Square's lending had been supported by, among others, Continental Illinois, the sixth largest commercial bank, Chase Manhattan and Seafirst Corp. of Seattle...
...banks hit by the Penn Square failure were looking for culprits last week. Chase Manhattan cleaned out its institutional banking division, where the Penn Square deals were approved. Chairman Willard Butcher fired one executive vice president and one senior vice president, demoted another executive vice president, and let go seven lower ranking officials. Chairman William Jenkins of Seafirst dismissed a senior vice president and the bank's chief lending officer. Continental Illinois has not yet taken any disciplinary action...
Some of the riskiest loans in recent years were those made by such big money-center banks as Chase Manhattan, Citibank and Bank of America to Eastern European countries. Today those nations look like so many financial dominoes. In recent weeks Western bankers have been working to devise a rescheduling plan for at least part of the $25 billion that Poland alone owes...