The joint venture would create the world's largest retail brokerage
(NEWSER) - Morgan Stanley is close to a deal giving it control of Citgroup’s Smith Barney business and creating the world’s largest retail brokerage, reports Reuters. The joint venture would give Morgan 51% of Smith Barney for up to $3 billion. In addition to the cash, Citi would benefit from the ability to write up the value of Smith Barney, netting the beleaguered bank another $6 billion in post-tax equity, reports Bloomberg. More»
