Bank of New England Expects Large Loss:...
From Times Staff and Wire Reports
Bank of New England Expects Large Loss: Plagued by bad real estate loans, New England’s second-largest bank holding company said it expects to report losses of $1.2 billion for the fourth-quarter and $1.05 billion for all of 1989--after boosting its reserves against possible credit losses to $1.65 billion. Boston-based Bank of New England Corp. also reported that it expected to enter a consent order with federal regulators to reshape the company’s operations and is “actively pursuing” the sale of more than $6 billion in assets.
