SECURITIES

Shearson Reorganizes Taiwan Branch: Shearson Lehman Bros., one of the first securities firms to open a branch office in Taiwan when the local market was opened to foreign brokers in 1990, said it will reorganize its money-losing operation there, according to a company official. The firm will essentially downgrade its operation to a representative office. It reduced its staff to 10 from 26 on the reorganization, which took effect Monday. A separate Taiwan unit, Lehman Global Financial Services Co., continues to operate successfully, the official said.