Pricing Supplement No.28  Dated June 14,1994     Rule 424(b)(2)
(To Prospectus dated February 15, 1994 and      File No. 33-57104
Prospectus Supplement dated February 15, 1994)

CHEMICAL BANKING CORPORATION

[X]	Senior Medium -Term Notes, Series C  Due From Nine
	Months to Thirty Years from Date of Issue

[  ]	Subordinated Medium Term Notes , Series A Due From
	Nine Months to Thirty Years from Date of Issue

	Principal Amount: $25,000,000
	Issue Price: 100%
	Commission or Discount: ($23,800.00)
	Proceeds to Company:  ($24,976,200.00)
	Agent:MERRILL LYNCH. 

	Agent's Capacity:  [x]     As agent    [ ]  As principal
	
	If as principal
		[ ]   The Notes are being offered at varying prices to 
		        prevailing market prices at the time of sale

		[  ]   The Notes are being offered at a fixed initial public
		        offering price equal to the Issue Price (as a 
		        percentage of Principal Amount).

	Original Issue Date:	June 14, 1994
	Stated Maturity:	   	June 14, 1996
	
	Form:  [X]   Book-entry	[  ]   Certificated
	Currency:   U.S. Dollars

[  ]	Fixed Rate Note:
	Interest Rate:

[X]	Floating Rate Note:   CD[   ]   Commercial Paper Rate [   ]
			     Federal Fund Effective Rate [  ]
			     LIBOR Telerate []  LIBOR Reuter [  ]
			     Treasury Rate [X ]     Prime Rate   [  ]

	Initial Interest Rate:4.51  
 
	Int.Determ.Dates : WEEKLY RESET EVERY TUESDAY		
                             

	Interest Payment Dates: 09/14/94; 12/14/94; 03/14/95; 06/14/95;
		  	     09/14/95; 12/14/95; 03/14/96; 06/14/96.
										

	Index Maturity:	3 month       	 
	Spread (+/-):   +.25
 Spread Multiplier:
 Maximum Interest Rate:	N/A
	Minimum Interest Rate:	N/A
	
	Optional Redemption  :   Yes[  ]       No  [  ]
	     Redemption Dates
	        and Prices: