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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report: November 13, 1997 Commission file number 1-5805
THE CHASE MANHATTAN CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 13-2624428
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(State or other jurisdiction (I.R.S. Employer
of incorporation) Identification No.)
270 Park Avenue, New York, NY 10017
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(Address of principal executive offices) (Zip Code)
(Registrant's telephone number, including area code) (212) 270-6000
Item 5. Other Events
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On November 13, 1997, The Chase Manhattan Corporation ("Chase") issued a
press release announcing that its total trading revenue (including
trading-related net interest income) for the month of October amounted to a loss
of approximately $160 million before tax.
Chase said that the loss was the result of unusually volatile and adverse
trading markets in the latter part of October, characterized by sharp declines
and a loss of liquidity for certain securities, particularly emerging markets
securities.
Chase said that these recent developments and the ongoing uncertain market
environment present some risk that Chase will be unable to achieve its
previously announced 1997 target of 15% annual growth in operating earnings per
share.
Chase's other previously announced 1997 financial goals are: managed
revenue growth of 6% to 8%; return on common stockholder's equity of 19%; an
efficiency ratio of between 54% and 55%; and incremental merger savings of $635
million to $680 million.
A copy of Chase's press release is attached as an exhibit hereto. That
press release and the third and fourth paragraphs of this item 5 contain
statements that are forward looking within the meaning of the Private Securities
Litigation Act of 1995. Such statements are subject to risks and uncertainties
and Chase's actual results may differ materially from those set forth in such
forward-looking statements. Reference is made to Chase's reports filed with
Securities and Exchange Commission, in particular Chase's Annual Report on Form
10-K for the year ended December 31, 1996 for a discussion of factors that may
cause such differences to occur.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
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The following exhibits are filed with this report:
Exhibit Number Description
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99.1 Press Release
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
THE CHASE MANHATTAN CORPORATION
(Registrant)
By: /s/ Peter J. Tobin
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Peter J. Tobin
Executive Vice President and
Chief Financial Officer
Dated: November 13, 1997
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Investor Contact: John Borden Press Contacts: John Stefans
212-270-7318 212-270-7438
John Meyers
212-270-7454
Kathleen Baum
For Immediate Release 212-270-5089
New York, November 13, 1997 In connection with the preparation of its
Quarterly Report on Form 10-Q, to be filed with the S.E.C. this week, The Chase
Manhattan Corporation said today that its total trading revenue (including
trading-related net interest income) for the month of October amounted to a loss
of approximately $160 million before tax.
Chase said that the loss was the result of unusually volatile and adverse
trading markets in the latter part of October, characterized by sharp price
declines and a loss of liquidity for certain securities, particularly emerging
markets securities.
Chase said that these recent developments and the ongoing uncertain market
environment present some risk that Chase will be unable to achieve its
previously announced 1997 target of 15% annual growth in operating earnings per
share.
The corporation's other previously announced 1997 financial goals are:
managed revenue growth of 6% to 8%; return on common stockholder's equity of
19%; an efficiency ratio of between 54% and 55%; and incremental merger savings
of $635 million to $680 million.
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