AP Source: Citigroup, Morgan Stanley negotiate possible combination of brokerage units
A deal to combine the brokerages of Citigroup and Morgan Stanley — which would give Citi more cash, and Morgan Stanley more manpower — appears just days away. Morgan Stanley is likely to pay Citigroup between $2 billion and $3 billion for a 51 percent stake in the brokerage Smith Barney, a person close to the negotiations said. Morgan Stanley would then have the option to buy Smith Barney over the next three to five years, the person said. The person spoke on condition... Full Story
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