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. Last Updated: 07/27/2016

Paper Reports Salomon Loss

LONDON -- Salomon Brothers Inc. lost as much as $300 million before tax in its investment banking and equities divisions in the past 12 months, the Wall Street Journal reported, citing internal documents.

Salomon Brothers officials in London and New York said they had no comment on the story.

The losses -- about $100 million in investment banking and $200 million in the company's equities division -- will result in third-quarter profit after tax falling below analysts' expectations of about $166 million, or $1.55 per share, the paper reported, citing people close to the firm.

The shortfalls could be a reason Salomon agreed to be bought for $9 billion by Travelers Group last week, the paper said.