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EARNINGS

January 27, 1988

American Express' net income fell 58% to $533 million for 1987, compared to $1.3 billion the previous year. Revenue totaled $16.1 billion for the year, an increase of 11% from 1986. The New York company noted that its Shearson Lehman Bros. unit, which is acquiring E. F. Hutton, reported a 70% drop in net income for 1987, to $101 million. Jefferies Group's earnings dropped 55% to $6.151 million for 1987, compared to 1986. Revenue totaled $147.4 million, down 7% from the previous year. The Los Angeles company also reported a loss of $853,000 in the fourth quarter, contrasted with net income of $4.295 million in the year-ago quarter. The quarterly results follow a pretax loss of $9.7 million as a result of a customer failing to take delivery of certain stocks. Morgan Stanley Group's net profit increased 15% to $230.9 million for 1987, compared to 1986. Revenue for the year totaled $1,768.1 million, up 24% from the year before. The New York company said the results reflect the "strength of global integrated businesses in the face of difficult financial markets."

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