Salomon Inc.’s third-quarter earnings more than doubled...
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Salomon Inc.’s third-quarter earnings more than doubled to $64 million, largely due to lower expenses and strong gains in oil refining and trading in its Phibro Energy unit. Revenue dropped 17% to $1.29 billion. Salomon Bros., the company’s investment banking unit and its largest division, also reported a strong gain. The Wall Street investment banking concern said a rise in its general corporate expenses to $63 million from $58 million restrained earnings.
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