IN BRIEF : Shearson Lehman to Report Loss
NEW YORK — Shearson Lehman Hutton Holdings Inc., parent of one of the biggest Wall Street firms, said today it will report a loss for the fourth quarter of 1988 because of investments in MCorp, the troubled Texas bank.
Shearson did not estimate the amount of the loss but said it would release fourth-quarter figures later this month.
About 61% of Shearson’s shares are owned by American Express Co.
Shearson said it will record a pretax charge of $70 million in the fourth quarter to reflect a reduction in the carrying value of MCorp securities.
Shearson also said it will restate net income for the first three quarters of 1988 to correct an overstatement in the earnings of subsidiary Boston Co. The restatement will lower Shearson’s earnings for the three quarters by $30 million after taxes, it said.
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