Salomon Inc.
Salomon Inc. reported a profit of $143 million in the fourth quarter, a period marked by healthy trading results but also losses in Salomon’s energy subsidiaries.
The report indicated that the firm is rebounding from the Treasury auction bidding scandal, but its lower 1992 revenue shows Salomon’s investment banking business remains wounded from the affair.
“The effects of the Treasury scandal are lingering in the investment banking area,” said Michael Lipper, a brokerage industry analyst at Lipper Analytical Securities Corp. “That, however, is coming back, and over time they will recover.”
For the three months ended Dec. 31, Salomon earned $1.10 a share, contrasted with a loss of $29 million, or 41 cents a share, in 1991.
Revenue rose to $2.1 billion in the quarter from $1.55 billion in 1991.
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