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Paine Webber Group Inc.'s 1988 profit dropped...

Paine Webber Group Inc.'s 1988 profit dropped 41% from last year to $42.3 million. Revenue rose to $2.5 billion, up 3%. The New York financial services firm attributed the results in part to lower investor participation in the financial markets and approximately $40 million in non-recurring costs related to moving its systems and operations functions to a new facility at Lincoln Harbor in New Jersey and payment to settle claims by the class plaintiffs in the Washington Public Power Supply System securities litigation.

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