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.