![]() ![]() They are registered with the Securities Exchange Commission. The Morgan Stanley Smith Barney LLC division’s main areas of operations are investment advice and financial brokerage. It administers 1,7 trillions in US dollars of assets including a wide-range of individual investors, small and medium business, non-profit organizations and foundations to very large corporations. Today, Morgan Stanley Smith Barney has a total of 100 000 employees with over 18 000 brokers and financial advisors, and more than 1 000 office locations all over the world. In September 2009, Citigroup decided to sell all their remaining shares to Morgan Stanley. At the time, Morgan Stanley itself was also hurting by the financial crisis, but was able to secure the deal through the help of investments from the Mitsubishi UFJ Financial Group, in exchange for 21% of their shares. Smith Barney’s brokerage services then merged with the Global Wealth Management Group of Morgan Stanley to create Morgan Stanley Smith Barney. Consequently in January 2009, Citigroup sold 51% of its Smith Barney shares to Morgan Stanley. Citigroup decided to shut down some operations and sell others. In the end of 2008, Citigroup registered huge losses from its banking activities over the financial crisis and needed the assistance of the United States government in order to survive. In the early 2000s, Citigroup changed the name Salomon Smith Barney to "Citigroup Global Markets Inc." Salomon Smith Barney was also merged into Citigroup, as its investment banking operation. In 1998, Travelers merged with Citicorp and Citigroup was born to become the most powerful financial service company in the world. Travelers merged Smith Barney with Salomon Inc, creating Salomon Smith Barney. In 1997, the Travelers Group also became the owner of Salomon Inc., which was the parent company of one of the oldest and most profitable investment banks - Salomon Brothers Inc., founded in 1910 by Arthur Herbert, and Percy Salomon. During the same year, all companies were united under the name of Travelers Group Inc., and its retail brokerage division kept the Smith Barney trade name. In 1993, the structure bought Shearson from American Express. In addition to Primerica in 1992, Commercial Credit purchased nearly one third of Travelers Insurance. In the late 1980s, Smith Barney was owned by Primerica Financial Services which were acquired by Commercial Credit in 1988. Smith, (founded in 1892), merged into one retail brokerage company. Smith Barney’s foundations date to 1938 when Charles D. ![]() ![]() As it happened, he got Shearson back when AmEx began to dismantle in the early 1990s.The investment banking company Salomon Smith Barney was created in 1997 by the merger of Smith Barney with Salomon Brothers. Lehman's Lewis Glucksman eventually got the job, and Weill was gone within a year. Though Weill became the company's president, the 1984 acquisition of investment bank Lehman Brothers quashed his ambition of becoming CEO. Shearson was the second-largest securities firm on Wall Street, behind Merrill Lynch, when he sold it to American Express in 1981 for $930 million. Weill had been a dealmaker for a long time by then, having turned a small brokerage firm he co-founded in 1960, Carter Berlind Potoma & Weill, into Shearson Loeb Rhoades. The final piece was a $76 billion merger with Travelers Group, which closed in 1998. Weill bought Commercial Credit, the troubled consumer finance arm of Control Data, for $7 million, and then began absorbing a blue-chip roster of Wall Street names: Shearson, Smith Barney and Salomon. Personal Loans for 670 Credit Score or LowerĪ falling out between Weill, then CEO of American Express, and Chairman James Robinson III in 1985 had set Weill and the young Dimon on the road to building Citi. ![]() Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit ![]()
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