According to a report on CNBC, sources familiar with the situation say
the two Wall Street banks are considering a joint venture that would
combine Morgan's 8,000 brokers with those of Citi's Smith Barney unit,
which has 11,000 brokers. With roughly 19,000 brokers, the unit would
surpass Merrill Lynch's 16,000-strong army of brokers, which was just acquired by Bank of America.
Among the few details to leak out is that Morgan Stanley would make a payment of an
undisclosed amount, giving it a larger stake in the joint
venture.
Also unclear is the name,
but we'll suggest Dean Witter Smith Barney. -
George White
See CNBC story
Comments
Look out Bank of America Corp., the brokerage world may soon have another 800-pound gorilla as Citigroup Inc. and Morgan Stanley are reportedly deep into discussions that could result in the merging of their two brokerage units.
how 'bout Dean Witter Shearson Lehman Hutton Salomon Smith Barney & Weil?