BANKING

Chemical Bank to Cut Jobs: In a sweeping austerity move, the New York-based company said it will eliminate 3,700 positions, sell most of its New Jersey operations and put nearly $1 billion in bad property loans on the block. Chemical Banking Corp. has been struggling to reduce expenses since it merged with Manufacturers Hanover Corp. in 1992. The actions will cost the nation’s fourth-largest banking company about $410 million before taxes in the fourth quarter ending Dec. 30. Analysts estimated that the charge will reduce fourth-quarter earnings by 50 cents per share.