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Citigroup Inc. or Citi (stylized as citi) is an American multinational investment bank and financial services company in New York City.The company was formed by the merger of Citicorp, the bank holding company for Citibank, and Travelers in 1998; Travelers was spun off from the company in 2002.
He was named president of Morgan Stanley in June 1993. Mack served as president, chief operating officer and a director of Morgan Stanley Dean Witter & Co. from May 1997 when the firm was created by the merger of Morgan Stanley and Dean Witter, two of the world's leading financial services companies. [8]
Smith Barney & Co. logo. Smith Barney & Co. was formed in 1938 through the merger of Charles D. Barney & Co. and Edward B. Smith & Co.Charles D. Barney & Co., a New York and Philadelphia based firm, was founded by Charles D. Barney in 1873 following the failure of its predecessor Jay Cooke & Company.
Stanley made its initial public offering on the New York Stock Exchange in October 2006, selling 6.3 million shares for $13.00/share, raising $81.9 million. A majority of stocks are owned by officers, directors and employees (the latter through an employee stock ownership plan). [1] The company’s largest customer was the U.S. Army.
The plan was implemented through the spin-off of Marshall & Ilsley Corporation and was designed to be tax-free to Marshall & Ilsley Corporation and its shareholders. As part of the plan, approximately $1.75 billion of new Metavante Corporation debt would be arranged by J.P. Morgan Securities Inc. and Morgan Stanley.
Morgan Stanley demanded sole management, but IBM affirmed Salomon Brothers’ role as co-manager. [15] In response, Morgan Stanley refused to act as co-manager, and Salomon Brothers and Merrill Lynch were awarded top billing as a result. [16] In 1975, Salomon Brothers also aided the state’s efforts to save New York City from bankruptcy.
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