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BRIEFLY

The Guinness scandal claimed more casualties.

January 21, 1987

A leading British investment bank, Morgan Grenfell, said its chief executive, Christopher Reeves, and its corporate finance head, Graham Walsh, resigned following an internal investigation into the firm's role in the stock trading scandal surrounding Guinness PLC. Guinness admitted last week that it illegally arranged to repurchase its stock last year, apparently to help the company outlast rival bidder Argyll Foods PLC and win the battle for Distillers, maker of Johnnie Walker Scotch whisky and Gordon's gin. Morgan Grenfell acted as adviser to Guinness during the company's purchase of Distillers for $3.9 billion.

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