Share this story
Close X
Switch to Desktop Site

Prime rate hits 14 1/2% at big New York banks

Four of the nation's five biggest banks raised their prime leanding rates to 14 1/2 percent from 14 percent, despite recent protests from the Carter administration that rates were already too high. Morgan Guaranty Trust Company, Citibank, Chase Manhattan, Manufacturers Hanover, and almost a dozen other major banks raised their rates, and industry observers felt that No. 1 Bank of America , based on the West Coast, also would go along. The move reflects the rapidly escalating costs of borrowing in the country's money markets.

Follow Stories Like This
Get the Monitor stories you care about delivered to your inbox.