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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. The joint venture operates as Morgan Stanley Smith Barney.
The current Morgan Stanley is the result of the merger of the original Morgan Stanley with Dean Witter Discover & Co. in 1997. Dean Witter's chairman and CEO, Philip J. Purcell, became the chairman and CEO of the newly merged "Morgan Stanley Dean Witter Discover & Co." The new firm changed its name back to "Morgan Stanley" in 2001.
Eventually, to foster brand recognition and marketing, the Dean Witter name was dropped from the retail services division in 2001, leaving the current name Morgan Stanley. In 2009, the Dean Witter retail operations were transferred to Morgan Stanley Smith Barney, a joint venture with Citigroup. Acquisition history
The final regulatory approvals needed for Morgan Stanley to complete its acquisition of Morgan Stanley Smith Barney Holdings (MSSBH) from Citigroup -- it currently holds a 65% ownership position ...
Say goodbye to Morgan Stanley Smith Barney. Say hello to Morgan Stanley Wealth Management. Morgan Stanley (NYS: MS) has just announced a deal with Citigroup (NYS: C) to buy out part of the banks ...
Morgan Stanley has agreed to purchase Citigroup's entire stake of Morgan Stanley Smith Barney. Financial kings Morgan Stanley (NYS: MS) and Citigroup (NYS: C) have come to an agreement in the ...
Salomon Brothers, Inc., was an American multinational bulge bracket investment bank headquartered in New York City. It was one of the five largest investment banking enterprises in the United States [2] and a very profitable firm on Wall Street during the 1980s and 1990s. Its CEO and chairman at that time, John Gutfreund, was nicknamed "the ...
Morgan Stanley (NYSE: MS) has agreed to buy an additional 14% stake in Morgan Stanley Smith Barney (MSSB) from Citigroup Inc. (NYSE: C) for $1.89 billion. The amount puts the full value of MSSB at ...