Manufacturers Hanover Corp.: The New York bank...
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Manufacturers Hanover Corp.: The New York bank reported a third-quarter loss of $789 million, the result of its previously announced decision to add $950 million to its loan-loss reserves. This contrasts with net income of $198 million in last year’s third quarter. The firm said its 1989 third-quarter net income would have totaled $91 million without the one-time writedown.
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