NEW YORK — Following the lead of Wells Fargo Bank of San Francisco, a number of U.S. banks, including Citibank, the nation's largest, today lowered their prime interest rates from 8% to 7.5%. The rates were lowered after the Federal Reserve cut its discount rate, the amount it charges banks to borrow money, from 6% to 5.5%.
Other banks cutting their prime included: No. 3 Chase Manhattan, No. 5 Morgan Guaranty Trust, Continental Illinois National Bank and Trust, Bank of New York, First National Bank of Chicago and Mitsui Manufacturers Bank of Los Angeles.
(Wells Fargo cut, Part IV, Page 1.)