Decline to 17% prime rate spreading across country
Three major banks cut their prime rate Tuesday to 17 percent from 17 1/2 percent and analysts expected most banks across the country to adopt the lower rate. Citibank, the nation's second largest, led the move to 17 percent. First National Bank of Chicago and Morgan Guaranty Trust immediately followed. Last Wednesday, Chemical Bank became the first to lower the prime rate for top corporate borrowers to 17 percen t.