Why did Citi sell Smith Barney?
Why did Citi sell Smith Barney?
The deal, which the companies say will close in the third quarter, offers Citi “significant synergies and scale, substantially reduces our expenses and enables us to retain a significant stake” in a growth business, Pandit said in a statement. …
Is Smith Barney still in business?
It’s official — Smith Barney is no more. Morgan Stanley announced today that it has renamed its U.S. wealth management business Morgan Stanley Wealth Management, dropping the Smith Barney name from the joint venture it co-owns with Citigroup Inc. The firm was formed by the merger of Charles D. Barney & Co.
When did Citi buy Smith Barney?
January 13, 2009
On January 13, 2009, Morgan Stanley and Citigroup announced the merger of Smith Barney with Morgan Stanley’s Global Wealth Management Group, with Morgan Stanley paying $2.7 billion cash upfront to Citigroup for a 51% stake in the joint venture.
Did Smith Barney become Morgan Stanley?
Morgan Stanley (NYSE: MS) today announced that its U.S. wealth management business, Morgan Stanley Smith Barney, has been renamed Morgan Stanley Wealth Management (MSWM). Going forward, we remain focused on being the world’s premier wealth management group.”
Who owned Salomon Brothers?
Salomon Brothers
| 1 New York Plaza which was Salomon Brothers’ headquarters starting in 1970 | |
|---|---|
| Founded | 1910 |
| Founder | Arthur Salomon, Herbert Salomon, Percy Salomon |
| Defunct | 2003 (name dropped by Citigroup) |
| Fate | Acquired by Travelers Group in 1998 |
Who is the CEO of Morgan Stanley Smith Barney?
The business was formed in 2009 as a joint venture between Morgan Stanley and Citi’s Smith Barney. “Today, as we move under one name, we are culminating a three-year effort to integrate two outstanding franchises,” said James Gorman, Chairman and Chief Executive Officer of Morgan Stanley.
What can I do with my Smith Barney account?
The online system provides information about an account holder’s investments, benefits, account balances, transfers, retirement plans and beneficiaries. Users can also browse investment tips, locate brokers or investment specialists, and read tax advice from investment experts.
What does the name Smith Barney stand for?
“The Smith Barney name stood for investment excellence for three-quarters of a century, and Morgan Stanley Wealth Management will provide the first-class service that has distinguished Morgan Stanley as a firm for more than 75 years.
