Citi, Morgan Stanley Seal Brokerage Joint Venture

Citigroup Inc. and Morgan Stanley completed their joint venture, creating the world's largest brokerage, with about 18,500 financial advisers and combined annual revenue of about $14 billion.

The closing, first announced in January and originally targeted for the third quarter, creates a joint venture with 1,000 locations around the world and 6.8 million client households.

The deal also marks a strategic shift for both companies -- moving Citigroup toward a smaller, more focused business model, while Morgan Stanley will grow beyond its institutional roots to become a major player in the retail investment market.

Read Full Article from Wall Street Journal

- Posted: 2009-06-01 10:52:54

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