Hints and tips:
...Citigroup has been in a far worse position after divesting Smith Barney near the market bottom....
...They followed the Pinault family of Ch Latour et al, who, in 2013, bought what is now called The Eisele Vineyard from the Araujos, and were so confident of their savoir-faire that they didn’t even impose...
...SMITH BARNEY: Smith Barney. They make money the old fashioned way....
...Morgan Stanley inherited from Smith Barney....
...Nevertheless, Fraser has kept high spirits through some of Citi’s most challenging jobs — heading strategy as it emerged from the financial crisis, reshaping its private bank after the Smith Barney deal...
...She helped steer the bank out of the financial crisis, reshaped its private bank after the 2012 sale of US brokerage Smith Barney, and led its mortgage business through the dark days of 2013 to 2015....
...The business model has evolved significantly. He recalls how the US-centric product-pushing mindset was overhauled in 2009 after the post-crisis sale of the Smith Barney brokerage to Morgan Stanley....
...The deal on Monday also looks like it will be much easier to digest than Morgan Stanley’s last major acquisition: the $13.5bn buyout of Citigroup’s Smith Barney wealth management unit....
...of Citigroup....
...Hired in late 2009 by James Gorman, the new chief executive and a former colleague from Merrill, Mr Fleming steered the wealth division through a tricky merger with Citigroup’s Smith Barney unit, more than...
...The most critical voices point to one of the final upsets of the Pandit era, the disappointing sale to Morgan Stanley of Citi’s stake in Smith Barney, a wealth management division that Citi said was worth...
...Initially hired in December 2009 as head of the investment banking division – the advisory businesses – in Europe, he was promoted several times eventually to lead the global unit early this year....
...Morgan Stanley has sharpened its focus on the market since it agreed to buy retail brokerage Smith Barney from Citi in 2009....
...While Morgan Stanley has taken leave of its undersized European unit in its home market it is in the process of buying control of Smith Barney, the US retail brokerage, from Citigroup....
...Among the assets in Citi Holdings is Morgan Stanley Smith Barney, the retail brokerage joint-venture between Citi and Morgan Stanley....
...The focus on serving wealthier Americans will pit Wells against Bank of America’s Merrill Lynch and Morgan Stanley’s Smith Barney, with their larger network of retail brokers....
...Either the sovereigns that matter will, after many years of austerity, restore solvency or there will be orderly restructuring of Italy, Spain et. al. in addition to Greece, Portugal and Ireland....
...The equity trading business was also solid, while the retail brokerage business benefited from the joint-venture with Citigroup’s Smith Barney, which Morgan Stanley now controls....
...Margins are lower at the top end of the market, as the most sophisticated, global clients have the clout to negotiate lower fees....
...In addition, Jim Rosenthal, head of company-wide operations and technology, was named chief operating officer of Morgan Stanley Smith Barney, the bank’s joint venture with Citigroup, and head of corporate...
...Morgan Stanley’s renewed push into retail businesses, including its joint venture with Citigroup’s Smith Barney brokerage, has helped reduce its potential exposure to the reform proposals....
...Mr O’Kelly made his name trading technology stocks in the 1990s at Smith Barney/Citigroup and then heading equity trading at Citi from 2000 to 2002....
...The market will remain challenging. Financial companies that prided themselves on being a play on economic growth grapple with a global recession....
...Smith Barney, Citi’s mid-market wealth management brand in the US, shows enormous promise. For example, in Asia, Citi is best known for targeting the super-rich, with $10m or more of investable assets....
...Before moving to the Asia post in 2004, Morse had been head of global investment banking at Citi. He was also chief executive of Salomon Smith Barney’s Asia-Pacific operations in 1997 and 1998....
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