![]() ![]() The company plans to increase its stake in the venture in the next few years. Explore our suite of solutions, tailored to meet your unique needs. Get all the information about Morgan Stanley Smith Barney LLC, a company operating mainly in the Banking sector. CRC5081550 (11/2022) CRC5924331 (09/23) Discover exceptional institutional investment consulting services from Graystone. The venture "is an important step forward in our effort to build our wealth-management franchise," Morgan Stanley CEO John Mack said. Graystone Consulting is a business of Morgan Stanley Smith Barney LLC. But the 600 Smith Barney advisers in Citi's bank branches will continue to work for Citi. Morgan Stanley Smith Barney will have 22,000 brokers and serve 6.8 million clients around the globe. wealth-management division Quilter and the Australian unit of Smith Barney. Crawford Speaks at William Blair & Company 21st Annual Growth Stock Conference in Chicago, IL. Morgan Stanley will own 51% of the joint venture after folding in its Global Wealth Management Group and making a cash payment to Citi, which will own the remaining 49%. Purcell of Morgan Stanley Speaks at the Salomon Smith Barney Financial Services Conference JanuMorgan Stanley International: European Overview OctoStephen S. ![]() 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.īut it also contributes to the breakup of Citi's grand effort to turn itself into a one-stop "financial supermarket." Pandit has been under pressure to restructure since September, when the federal government began to inject $45 billion into the company, making it Citi's largest shareholder. NEW YORK - Citi is preparing to sell about a third of the assets on its $2 trillion balance sheet, according to an official with direct knowledge of the company's plans who spoke on background because plans haven't been finalized yet.ĬEO Vikram Pandit likely will offer details when Citi reports its fourth-quarter results on Jan. ![]()
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