Bank of New York reduces corporate loan commitments in first quarter

By Sara Rosenberg

New York, April 17 - The Bank of New York Co. reduced its corporate loan commitments during the first quarter by reallocating capital away from corporate lending and equity investing, according to a company press release.

In the fourth quarter of 2001, the company had $758 million of emerging telecom exposures with $488 million outstanding. At March 31, 2002, the company's telecom exposure had been reduced to $261 million with $60 million outstanding, the release said.

Due to the stabilization of credit costs, the release said, credit losses were limited to $35 million in the first quarter of 2002.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.