Chase Denies Report Of Planned FX Cutbacks But Some Say The Possibility Still Percolates

BANKS

"The article in the Wall Street Journal may have been too aggressive," says Fraser Seitel, senior vice president and director of public affairs at Chase Manhattan Bank, with regard to the recent article which suggested that Chase Manhattan Corp. would be making sizable reductions in its foreign exchange operations.

"If you noticed, Mr. [Richard] Boyle, [vice-chairman in charge of global banking] did not say anything about foreign exchange [layoffs]" in the article. However, bank officials

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