January 14, 2009 at 14:45 PM EST
Citigroup Gets Dismantled
John Mack CEO of Morgan Stanley (MS) has certainly made good use of the $10 billion his firm received courtesy of US taxpayers last October. Citigroup (C) under pressure to shrink its massive global finance operations announced last night it sold its Smith Barney brokerage to unit to Morgan Stanley for $2.7 billion. Citi will retain a minority stake in the newly formed joint venture Morgan Stanley Smith Barney and will book nearly a $10 billion accounting gain for writing up the value of the deal. The sale comes amidst Citigroup's efforts to shed assets: Mounting losses are putting ...
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