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BUSINESS
July 26, 1988 | From Times Wire Services
Mellon Bank Corp. said Monday that it will shift $1 billion in bad loans into a new independent bank to stabilize Mellon's earnings and improve its recently troubled finances. "Last June, we said we'd deal with our problems as aggressively as we could . . . that we were not going to disembowel the company in any form. This step is just a logical extension," said Frank V. Cahouet, chairman of the bank holding company that ranked as the nation's 16th largest at the end of 1987.
BUSINESS
July 26, 1988 | From Times Wire Services
Mellon Bank Corp. said Monday that it will shift $1 billion in bad loans into a new independent bank to stabilize Mellon's earnings and improve its recently troubled finances. "Last June, we said we'd deal with our problems as aggressively as we could . . . that we were not going to disembowel the company in any form. This step is just a logical extension," said Frank V. Cahouet, chairman of the bank holding company that ranked as the nation's 16th largest at the end of 1987.
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