How much did Morgan Stanley pay for Smith Barney?
How much did Morgan Stanley pay for Smith Barney?
On January 13, 2009, Morgan Stanley and Citigroup announced the merger of Smith Barney with Morgan Stanley’s Global Wealth Management Group, with Morgan Stanley paying $2.7 billion cash upfront to Citigroup for a 51% stake in the joint venture. The joint venture operates as Morgan Stanley Smith Barney.
Is Smith Barney part of Morgan Stanley?
Morgan Stanley (NYSE: MS) today announced that its U.S. wealth management business, Morgan Stanley Smith Barney, has been renamed Morgan Stanley Wealth Management (MSWM).
Does Morgan Stanley pay a salary?
As is characteristic of Wall Street firms, Morgan Stanley has some outrageous bonuses. Of those self-reported to Glassdoor, the Investment Banking Associate position stands out — while the base salary is a solid $111,801, the annual compensation jumps up to $233,446 after bonuses.
Why did Morgan Stanley buy Smith Barney?
On January 13, 2009, Morgan Stanley and Citigroup announced a deal that would eventually leave Morgan Stanley owning Smith Barney. The transaction was designed to provide extra capital to Citigroup, and give Morgan Stanley stable revenue after it was hit by $9.4 billion in losses on subprime mortgage bets.
Who owns Smith Barney now?
Morgan Stanley Domestic Holdings Inc
Morgan Stanley Wealth Management/Parent organizations
Did Morgan Stanley take over Smith Barney?
Morgan Stanley has reached an agreement to take full control of the Smith Barney retail brokerage joint venture, a business that it has called a crucial part of its future. After negotiations that stretched well into Monday night, Morgan Stanley and Citigroup agreed to value the brokerage operation at $13.5 billion.
What happened to Salomon Smith Barney?
Eventually, Salomon was acquired by Travelers Group in 1998; and, following the latter’s merger with Citicorp that same year, Salomon became part of Citigroup….Salomon Brothers.
| 1 New York Plaza which was Salomon Brothers’ headquarters starting in 1970 | |
|---|---|
| Fate | Acquired by Travelers Group in 1998 |
When did Smith Barney go out of business?
2003
The Saloman Smith Barney name was now housed by Citigroup. In 2003, the name was ultimately abandoned after a number of financial scandals was destroying the bank’s reputation.
Is the Morgan Stanley Smith Barney a bank?
Morgan Stanley Smith Barney LLC is a registered Broker/Dealer, Member SIPC, and not a bank. Where appropriate, Morgan Stanley Smith Barney LLC has entered into arrangements with banks and other third parties to assist in offering certain banking related products and services.
Who is the wealth manager for Morgan Stanley?
Morgan Stanley Wealth Management is a business of Morgan Stanley Smith Barney LLC. © 2020 Morgan Stanley Smith Barney LLC. Member SIPC. All rights reserved.
What does Morgan Stanley do in the workplace?
Morgan Stanley at Work We provide comprehensive workplace financial solutions for organizations and their employees, combining personalized advice with modern technology. Morgan Stanley helps people, institutions and governments raise, manage and distribute the capital they need to achieve their goals.
What does the name Smith Barney stand for?
“The Smith Barney name stood for investment excellence for three-quarters of a century, and Morgan Stanley Wealth Management will provide the first-class service that has distinguished Morgan Stanley as a firm for more than 75 years.