P.M. BRIEFING : Chase Cutting Back in Spain
MADRID — Chase Manhattan Corp. is cutting back its Spanish operations, and “informal discussions” are now under way with foreign and local banks to sell its retail and leasing operations, a spokesman for the New York-based banking company said today.
Chase said it will retain its corporate banking arm in Spain, where it has 14 offices with 400 employees.
The bank spokesman declined to confirm reports that about 60 people will reportedly be laid off under the cutback plans.
The cutbacks are part of Chase’s larger international restructuring strategy announced last June, calling for a $300-million cut in operating expenses around the world.
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