J. P. Morgan & co. : for the...
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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. Tables, D5 MORE TO READ