New York Bank to Take $50-Million Charge:...
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From Times Staff and Wire Reports
New York Bank to Take $50-Million Charge: Manufacturers Hanover Trust Co. said it plans to take a $50-million pretax charge in the fourth quarter in connection with allegations of fraud reported in October at its Geneva, Switzerland, office. The banking company said an investigation was continuing and that the bank is working with Swiss authorities. It said the charge, which amounts to $35 million after taxes, resulted from losses on foreign exchange trading for customer accounts, interest to be paid on such accounts and embezzlement.
