In what will represent a new quake across the tectonic plates of US financial services, Morgan Stanley is negotiating terms to take control of Citigroup’s Smith Barney brokerage arm, a deal that promises to spark thousands of new layoffs.
In what will represent a new quake across the tectonic plates of US financial services, Morgan Stanley is negotiating terms to take control of Citigroup’s Smith Barney brokerage arm, a deal that promises to spark thousands of new layoffs.
Crucially, for senior private bankers at Citi outside the US, the deal raises problems in how to preserve the US banking giant’s market-leading global wealth franchise when the biggest single chunk, its American brokerage, changes hands.
Combined, the two will have global client assets under management of some $2.1 trillion.
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