AUSTERITY PLAN SET BY CHASE
The Chase Manhattan Corporation has ordered its staff to cut expenses by 6 percent from the amount budgeted at the beginning of the year, according to an internal Chase publication. Thomas G. Labrecque, Chase's president, was responsible for the austerity move, which is expected to bring the bank's staff to 37,800 by the end of the year, from the 39,800 that was budgeted for at the beginning of the year. Other banks have also been adopting austerity programs. Citibank, for example, has put into effect what it calls Operation Delta, in which 2,500 officers have been asked to cut expenses by 40 percent by year-end. But the bank said the program was primarily an exercise to establish new priorities and that it did not expect actually to cut expenses by that amount.