Prime interest rate cut back a quarter-point by big banks
Leaders in the banking industry, responding to generally lower interest rates in the marketplace, lowered their prime lending rate to blue-chip borrowers Thursday.
Citibank, the nation's second largest, along with No. 3 Chase Manhattan Bank, No. 4 Manufacturers Hanover Trust Company, and No. 6 Chemical Bank, lowered the prime rate to 12.75 percent, from 13 percent.