As London's clearing banks continue to report 1990 results, the dismal picture for bank profits last year emerges. On February 28, Barclays announced pretax profits of 760 million pounds sterling, up 10 percent over 1989's 692 million pounds sterling -- but after taxes, profits declined 10 percent; the bank's U.K. operations were particularly hard-hit by bad debt and recession, shrinking from 1.09 billion pounds sterling profit in 1989 to 324 million pounds sterling last year. Foreign

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