Word: salomon
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...time when every place from Dallas to Park City, Utah, is primed to put a salesman on a plane to snag business, many companies try to search quietly for new homes. When Salomon Brothers decided to move its processing division, the firm conducted secret scouting missions in 72 cities before making a peep. Sure enough, when word got out in January that the company had narrowed its choices to Tampa and Columbus, Salomon was besieged with promoters. Tampa offered Super Bowl tickets; Columbus brandished seats for the Final Four. Says Salomon managing director Marc Sternfeld: "I heard from every personality...
...hike. After its annual fuel costs rose 33%, to $1 billion, Continental failed. Faced with a similar bill, Pan Am filed for bankruptcy a month later. Last week Northwest raised the possibility of merging with a stronger airline or selling its lucrative Pacific routes. Analyst Julius Maldutis of Salomon Brothers says, "The industry is being separated into the big eagles and the sitting ducks...
Levels of corporate debt tend to ebb and flow in a cyclical pattern. For the + moment, leverage is out of style. "Companies may have learned a valuable lesson," says William Rifkin, a managing director at Salomon Brothers, "but they're doomed to repeat the same mistakes in another 20 years." Maybe so, but that means the business managers who have survived the debt swamp will be unwilling to return to it until well into the next century...
Some analysts said they were not surprised by the announcement, noting the ages of the retirees. But Diana Temple, an analyst at Salomon Brothers, was surprised by the departure of Symons, saying he was a main force behind Gillette's new Sensor razor, introduced earlier this year...
...Today real estate firms in Britain are confronting base interest rates of 14%, stagnant growth and a lingering hangover after years of overbuilding. Commercial rents in London, which reached about $130 per sq. ft. a year ago, have fallen nearly 25% since then. Chris Walls, a property analyst at Salomon Brothers in London, predicts that rents will decline to less than $100 per sq. ft. by the end of the year. The vacancy rate in central London is 11%, up from 5% in mid-1989. In the City, London's financial district, it hovers around...