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Morgan Stanley entered a joint venture agreement with Citi to acquire the Smith Barney unit and the merger has had plenty of bumps including longer than expected technology integration.
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Several days ago Prince appointed Chief Financial Officer Todd Thomson to take over supervision of the private bank in Japan as well as become CEO of Citigroup's Smith Barney unit, where the costly scandal over research and investment banking had erupted.
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But lawyers for investors in the firm of Milberg Weiss , which have been named the lead counsel for Enron shareholders nationwide, will on April 8 add Wall Street firms Goldman Sachs (nyse: GS - news - people ), Salomon Smith Barney, a unit of Citigroup (nyse: C - news - people ), J.
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We had very little, maybe 10% of our assets, custodied at the brokerage unit at Smith Barney.
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Plus, Smith Barney is a wealth management unit which provides a more steady stream of revenue and income for Morgan Stanley than other areas of business like trading.
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Nonetheless, Weill will from January fold Salomon Smith Barney's 400- person Japanese unit and all of Nikko's nearly 500-person corporate division, domestic and overseas, into newly formed Nikko Salomon Smith Barney.
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Additionally, Citigroup is leaner than it has been in a long time, having divested itself of assets like Smith Barney, Primerica (PRI), and Japanese brokerage unit Nikko Securities.
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