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BRIEFLY

Four more banks reclassified their loans to Brazil.

April 03, 1987

Chemical Bank, First Chicago, Mellon Bank and American Express Bank became the latest U.S. banks to announce that they were reclassifying most of their loans to Brazil because of that nation's debt payment moratorium. New York's Chemical Bank said it was placing $1.06 billion of loans on a non-accruing basis, cutting first-quarter income by $12 million. First Chicago reclassified $386 million in loans to Brazil, reducing first-quarter net by about $4.7 million. Pittsburgh-based Mellon classified $310 million in Brazilian loans, trimming $10 million from first-quarter profits. American Express Bank, a unit of American Express, put $430 million in Brazilian loans on non-accrual status, reducing first-quarter profit by $7 million.

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