NEW YORK (Reuters) - Citigroup Inc (C.N) is in talks to sell its Smith Barney brokerage unit, and is considering a joint venture with Morgan Stanley (MS.N) to merge their respective brokerage units, a source familiar with the matter told Reuters on Friday. The discussions with Morgan Stanley are "serious" and "advanced," the source said. Under the plan being discussed, Morgan Stanley would own 51 percent of the joint venture and Citigroup would own the rest. Citigroup would cede operational and strategic control of the retail brokerage business to Morgan Stanley. Morgan Stanley would expect to buy the rest of Citigroup's Smith Barney... [read full story]
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Citigroup, long the definition of a financial services conglomerate, is planning to get smaller fast. Citi announced Tuesday that it is splitting off its brokerage unit, Smith-Barney. Citi is reportedly preparing to undo many...
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Robert Rubin, Ownership Changes, Joint Ventures, Citigroup, Morgan Stanley, Smith Barney
