Invesments

Chase Manhattan Corp. said it lost $160 million before taxes from trading in emerging markets in October and as a result may fail to achieve its targeted 15% annual earnings growth. The losses stem from declines in the value of Brady bonds and Eurobonds the bank held or sold, but were less severe than some analysts suggested before the disclosure. Trading revenue at the largest U.S. bank accounted for $505 million in the third quarter, or 21% of the bank's non-interest revenue.

Chase Manhattan Corp. said it lost $160 million before taxes from trading in emerging markets in October and as a result may fail to achieve its targeted 15% annual earnings growth. The losses stem from declines in the value of Brady bonds and Eurobonds the bank held or sold, but were less severe than some analysts suggested before the disclosure. Trading revenue at the largest U.S. bank accounted for $505 million in the third quarter, or 21% of the bank's non-interest revenue.