City staff hit as Chase Manhattan cuts 4,500 jobs

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The Independent Online
THE AXE was poised to fall on yet more jobs in the City of London last night after Chase Manhattan, the United States banking giant, said it would cut 4,500 jobs world-wide. The cuts are part of a large shake- up at the bank, which employs around 70,000 people globally.

A Chase spokesperson said that around 1,100 jobs would go in New York, but declined to comment on the likely scale of cuts in London, where several thousand are employed. It also has a base in Bournemouth.

Chase said last night that only 2,200 employees would be fired. The remaining job cuts will be achieved through normal attrition and a hiring freeze on unfilled positions. It said it would create a "substantial number" of new jobs in areas it has earmarked for expansion.

Chase will take a one-off charge of $510m (pounds 305m) to cover restructuring costs, and the annual savings - $460m (pounds 275m) - will be reinvested in "high growth businesses".

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