Advertisement
YOU ARE HERE: LAT HomeCollections

BRIEFLY

December 07, 1987

Salomon Bros. Inc. said it withdrew as a co-owner and principal tenant of a planned major commercial and residential development, resulting in a one-time $51-million fourth-quarter charge. The securities firm cited recent layoffs, which included several hundred employees in its phased-out municipal bond department, and the changed environment in the financial markets since the Oct. 19 stock crash as its reasons for pulling out. The company said it had reached an agreement in principle with the city of New York and Boston Properties to terminate its interest in the site.

Advertisement
Los Angeles Times Articles
|
|
|