Business Services Industry
Fleet sails into middle market; Challenges Chase Manhattan's iron grip on business clients; will customers swap?(Brief Article)(Statistical Data Included)
Crain's New York Business, June, 2000 by wipperfurth, heike
FleetBoston Financial Corp. is taking on one of the toughest tasks in New York banking: It is challenging Chase Manhattan Bank's grip on the middle-market business in the region. Chase has dominated the middle market for many years through mergers that have brought together the former businesses of Manufacturers Hanover Trust, Chemical Bank and Chase.
In the tristate area, Chase now has almost 14,000 business customers, which have $10 million to $500 million in revenues. The bank's services range from lending and cash management to corporate finance. But Fleet has already stolen away some of Chase's top middle-market managers and beefed up its staff in local branches, where much of this business is transacted. And it is winning over some of Chase's...
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