BANKING & FINANCE - March 18, 1994
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From Times Staff and Wire Reports
Two Big Banks Boost Prime Rate: J.P. Morgan & Co. raised its prime lending rate to 6% from 5.50% as of today, bringing the rate in line with that of most banks. Harris Trust & Savings Bank, a unit of the Bank of Montreal, also announced a prime rate hike to 6% from 5.75%, effective today. Chicago-based Harris has kept its prime rate--the rate it charges its best customers--lower than other banks’ to win new business, a spokeswoman said. The bank said economic and market fundamentals are behind the move.
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