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. Last Updated: 07/27/2016

Warburg's Profit Loss

LONDON -- Troubled British bank S.G. Warburg Group, which is in talks to sell its investment banking arm to Swiss Bank Corp., stunned the London market with a profit warning Wednesday.


Warburg's statement said trading conditions would lead to profits being "very significantly below the range of current market forecasts." These averaged around ?130 million ($210 million) for the year to March 31.


Analysts say SBC is sure to have known of the situation at Warburg since it has been in talks for two or three weeks and may think it is in a position to pick up a bargain.