OTHER NEWS - May 11, 1993

Smith Barney Lays Off 1,500: Primerica Corp.’s Smith Barney brokerage said it expects to lay off up to 1,500 people because of its merger with Shearson Lehman Bros. Inc. The two companies announced in March that Primerica would buy Shearson, which is owned by American Express Co., and merge it with Smith Barney. A spokesman said in New York that the layoffs would be in a range of 1,200 to 1,500. Employees were notified two weeks ago of layoffs that are expected to be completed over the next several months.