|Type||Limited liability company|
|Founder||Henry S. Morgan, Harold Stanley, Charles D. Barney, Edward B. Smith|
|James P. Gorman (Chairman)|
|Products||Retail brokerage, asset management, investment banking|
|Revenue||US$ 3.423 billion (2014)|
|US$1.276 billion (2014)|
|US$665 million (2014)|
|AUM||US$2.05 trillion (2014)|
|Owner||Morgan Stanley (100%)|
Number of employees
In the late 1980s the retail brokerage firm Smith Barney was owned by Primerica Financial Services. Commercial Credit purchased Primerica in 1988, for $1.5 billion. In 1992, they paid $722 million to buy a 27 percent share of Travelers Insurance. By the end of 1993, the merged company was known as Travelers Group Inc. In September 1997, Travelers acquired Salomon Inc. (parent company of Salomon Brothers Inc.), for over $9 billion in stock, and merged it with its own investment arm to create Salomon Smith Barney.
In April 1998 Travelers Group announced an agreement to undertake a $76 billion merger between Travelers and Citicorp, creating the largest single financial services company in the world.
On January 13, 2009, Morgan Stanley and Citigroup announced that Citigroup would sell 51% of Smith Barney to Morgan Stanley, creating Morgan Stanley Smith Barney, which was formerly a division of Citi Global Wealth Management. The combined brokerage house has 17,649 financial advisors and manages $2 trillion in client assets.
References[change | change source]
- Kapner, Suzanne; Lucchetti, Aaron (February 22, 2012). "Citigroup Faces Smith Barney up from 546$Billion in november 2007 Hit". The Wall Street Journal. Retrieved May 20, 2012.[permanent dead link]