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BUSINESS
February 4, 1993
Salomon Inc. reported a profit of $143 million in the fourth quarter, a period marked by healthy trading results but also losses in Salomon's energy subsidiaries. The report indicated that the firm is rebounding from the Treasury auction bidding scandal, but its lower 1992 revenue shows Salomon's investment banking business remains wounded from the affair.
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BUSINESS
April 24, 1996 | From Times Wire Services
Digital Equipment said its fiscal third-quarter earnings rose 68% as it dropped less profitable lines and benefited from faster sales of high-margin products based on its trademark technology. The No. 3 U.S. computer maker exited the home personal computer business in January as sales failed to make a dent in a crowded market. At the same time, the Maynard, Mass.
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BUSINESS
February 5, 1988 | Associated Press
Salomon Inc., the New York City-based investment firm, has agreed to pay a $16.25-million settlement as the result of a Department of Energy audit that found the company had overcharged its customers, the DOE announced. The proposed settlement, announced Wednesday, would resolve DOE allegations that Salomon violated its regulations between Aug. 19, 1973, and Dec. 31, 1977. In agreeing to the settlement, Salomon does not admit any violation or non-compliance with federal regulations.
BUSINESS
October 20, 1995 | From Associated Press
Investors gave Salomon Inc. a vote of no confidence Thursday after Warren Buffett, the investment bank's largest shareholder and recent rescuer, announced plans to partly cash out. Buffett, whose every move is scrutinized for signs of where other investors should put their money, opted to cash in $140 million of preferred Salomon shares rather than convert them to common stock.
BUSINESS
March 23, 1989 | BILL SING, Times Staff Writer
Signaling that recently rising interest rates may be hurting the bond trading activities of several Wall Street firms, Salomon Inc. said Wednesday that it expects to report a "modest" loss in the current first quarter. The once-venerable firm--which has been trying to reduce its dependence on trading--blamed the expected poor results on adverse trading conditions over the past few weeks in its Salomon Bros. government bond operations and its Philipp Bros. commodity operations.
BUSINESS
April 14, 1993 | From Times Staff and Wire Reports
Salomon Inc.'s credit ratings were lowered by Standard & Poor's Corp., reflecting the securities firm's increased reliance on trading for profit and fluctuations in the company's quarterly earnings.
BUSINESS
May 19, 1994 | From Times Staff and Wire Reports
NYSE Denies Gutfreund's $56.3-Million Claim: A New York Stock Exchange arbitration panel rejected John Gutfreund's claim against the company he once led, Salomon Inc. The three-member panel said Gutfreund's claims against Salomon and its Salomon Bros. Inc. subsidiary were "denied in their entirety." In addition, the panel said Gutfreund must pay $96,000 in forum fees. Gutfreund, toppled in the wake of Salomon's August, 1991, U.S.
BUSINESS
August 13, 1991 | From Times Staff and Wire Reports
Salomon Inc. Class-Action Suit: Two investors filed a class-action suit against brokerage Salomon Inc. in U.S. District Court in New York, charging that the company "engaged in fraud" in connection with alleged bidding violations at Treasury security auctions. The suit, which names Salomon Chairman John Gutfreund among others, claims that Salomon stockholders were defrauded by the alleged violations and that the company has threatened its "good reputation."
BUSINESS
July 12, 1995 | From Times Wire Services
Salomon Inc. shocked investors Tuesday by projecting it lost $65 million in the second quarter due to losses in its Phibro commodities trading business that traders said were linked to bad bets on silver prices. But the Wall Street firm's Salomon Bros. brokerage arm eked out a profit as a strong client-related business just managed to offset losses on trading for its own account.
BUSINESS
February 28, 1995 | From Associated Press
Salomon Inc., which reported its first-ever annual loss early this month, acknowledged Monday that the results were even worse because of yet another bookkeeping blunder by the big Wall Street investment firm. The parent of Salomon Bros. Inc. said it is revamping its financial and operations staff as a result of the latest undetected error and is reassessing the performance of its outside auditor.
BUSINESS
February 3, 1995 | From Associated Press
Salomon Inc. on Thursday posted one of Wall Street's worst 1994 performances, reporting a surprise quarterly loss of $122 million and its first annual deficit since becoming a public company in 1981. Like other Wall Street firms, the parent of the Salomon Bros. Inc. investment bank was hurt by rising interest rates and slumps in stock and bond markets worldwide, which dampened investment in securities. But Salomon's fourth-quarter loss, which came to $1.
BUSINESS
August 16, 1994 | From Times Staff and Wire Reports
Former Salomon Chairman Seeks Back Pay: John Gutfreund has asked a New York court to overturn an arbitration panel's decision denying him $55.3 million in back pay and other compensation. Gutfreund contends that the New York Stock Exchange panel's decision ignored the terms of his contract with Salomon Inc. and violated New York state law barring employers from withholding earned compensation.
BUSINESS
July 7, 1994 | From Times Staff and Wire Reports
Salomon to Announce 2nd-Quarter Loss: Wall Street powerhouse Salomon Inc. said it expects to report a net loss of about $200 million because of poor results at its Salomon Bros. investment banking and securities business. Salomon stock slumped on the news, falling $2 to $45.50 on the New York Stock Exchange after having traded as low as $44.75. The company said Salomon Bros. will report a loss, attributable primarily to its client-driven businesses.
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