Simth Barney Brokerage of Citigroup and Morgan Stanley's Wealth management unit will be merged into a Joint venture (JV)
James Morgan will be the chairman of the JV.
Charles Johnston, president of Citigroup's global wealth management business in the United States and Canada will be the venture's president.
Morgan Stanley will pay citigroup $2.7 billion in cash for an initial 51% stake in the venture. This stake can grow to 100% in five years.
Friday, February 6, 2009
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