J. P. Morgan & Co.: For the...
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From Times Staff and Wire Service Reports
J. P. Morgan & Co.: For the 1989 fiscal year, the New York-based bank lost $1.3 billion, contrasted with a profit of $1 billion the prior year. The loss came from adding $2 billion to its reserve for Third World loan losses in the third quarter. The bank’s fourth-quarter earnings fell to $154 million from $258 million a year ago. The bank attributed the loss largely to lower Brazilian interest payments and corporate finance fees and profit pressure in its basic banking business.
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