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CHASE TO CUT COSTS BY $300 MILLION

Chase Manhattan Corp. is planning a restructuring aimed at cutting costs by $300 million and getting profits back on track for the nation's No. 2 banking company, bank officials said Monday.

"It is imperative that our overall performance improve in the months ahead. This is a dual challenge," the company said in a memorandum to top employees. A copy was made available to Reuters.

Analysts expect about 3,000 more jobs to be cut at Chase as part of the new restructuring efforts.

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