Key US banks ease off on prime lending rates

With Citibank leading the way, several major banks sliced half a point off their prime rate as they lowered the key interest rate to 161/2 percent.

Citibank's move was followed by Bankers Trust in New York and First National Bank of Chicago. The prime rate cut, begun yesterday by several small banks, came less than a week after the industry boosted the rate it charges its best corporate customers to 17 percent, quickly ending an upward trend that started early this month.

We want to hear, did we miss an angle we should have covered? Should we come back to this topic? Or just give us a rating for this story. We want to hear from you.

Loading...

Loading...