4 More Banks Raise Prime Rate
- Share via
United Press International
NEW YORK — Four major banks today joined Chase Manhattan and Citibank in raising their prime lending rate to 7 3/4% from 7 1/2%.
Tuesday’s increase by Chase and Citibank in the prime was the first since June, 1984, when it jumped to 13% from 12 1/2%. The banks joining in the increase, which was the first move in the prime since August, 1986, when the rate fell from 8% to 7 1/2%, included Chemical Bank, Manufacturers Hanover, Irving Trust and Marine Midland.
Sign up for Essential California
The most important California stories and recommendations in your inbox every morning.
You may occasionally receive promotional content from the Los Angeles Times.
