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. Last Updated: 07/27/2016

Salomon Loses $60M

NEW YORK -- Salomon Brothers, the investment banking firm, lost about $60 million in October because of volatility on world markets, it said Wednesday.


The bank also reported that Salomon shareholders Tuesday overwhelmingly approved the company's combination with Travelers Group's Smith Barney Holdings subsidiary.


"Salomon and Travelers Group noted that the global market volatility of October had resulted in an estimated after-tax loss in that month for Salomon of less than $60 million, while November has been modestly profitable to date for Salomon," the bank said in a statement.