Morgan Stanley, Citigroup Roll The Marriage Dice
January 12th, 2009
A few months ago, Wall Street firm Morgan Stanley was scrambling to survive. Now it is rebuilding with a bang.
The New York company is pushing toward completion of a joint venture with Citigroup Inc.’s Smith Barney unit that would create the largest brokerage force in the world, toppling the former Merrill Lynch & Co., now owned by Bank of America Corp., from a perch it has held for years.
Putting together the two Wall Street rivals won’t be easy, with potential snags that range from clashing egos to divided loyalties, especially since Smith Barney brokers will likely report to bosses from Morgan Stanley, under the terms being discussed.
