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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: September 2, 1998 Commission file number 1-5805
THE CHASE MANHATTAN CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 13-2624428
(State or other jurisdiction (I.R.S. Employer
of incorporation) Identification No.)
270 Park Avenue, New York, NY 10017
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (212) 270-6000
1
Item 5. Other Events
- -------------------------
On September 2, 1998, The Chase Manhattan Corporation ("Chase") disclosed
certain information relating to trading revenues for July and August and certain
other financial information, primarily related to conditions in Russia.
A copy of Chase's press release is attached as an exhibit hereto. That
press release contains 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 the Securities and Exchange Commission, in particular
Chase's Annual Report on Form 10-K for the year ended December 31,
1997, for a discussion of factors that may cause such differences to occur.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
The following exhibits are filed with this report:
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Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
The following exhibit is filed with this report:
Exhibit Number Description
99.1 Press Release - Chase Announces Impact of
Global Market Events
3
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)
Dated September 2, 1998 by /s/JOSEPH L. SCLAFANI
- ------------------------ -----------------------
Joseph L. Sclafani
Executive Vice President and
Controller
[Principal Accounting Officer]
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EXHIBIT INDEX
Exhibit Number Description Page at Which Located
99.1 Press Release - Chase Announces
Impact of Global Market Events 6
5
[Chase Logo]
The Chase Manhattan Corporation
270 Park Avenue
New York, New York 10017-2070
News Release
Investor Contact: John Borden Press Contacts: John Meyers
212-270-7318 212-270-7454
Kathleen Baum
212-270-5089
For Immediate Release
CHASE ANNOUNCES IMPACT OF
GLOBAL MARKET EVENTS
New York, Wednesday, September 2, 1998 -- The Chase Manhattan
Corporation (NYSE: CMB) announced today that for July and August of this year,
trading revenues (including trading-related Net Interest Income) were
approximately $160 million. This figure is net of trading-related losses,
primarily related to Russia. In addition, the adverse conditions in the equity
markets resulted in no equity-related gains for the same period.
Chase estimates that net commercial charge-offs for the third quarter
will be approximately $200 million, primarily reflecting conditions in Russia
and Asia. After anticipated charge-offs and as of August 31, 1998, Chase
indicated that:
- - Direct Russian credit exposure was approximately $250 million, consisting of
$50 million in securities, $140 million related to commercial banking
activities, including trade finance, and $60 million in ruble-denominated inter-
bank deposits.
- - Exposure to non-Russian institutional investors and investment funds
collateralized by ruble-denominated Russian Treasury Securities was
approximately $210 million. The majority of this exposure is supported by
significant non-Russian assets.
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