Word: salomon
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...Obviously, this is not a positive for Pandit," says Michael Holland, a money manager and the former chairman of Salomon Brothers Asset Management, which was acquired by Citigroup. "Being big everywhere is the business model he has chosen. That means when there are losses anywhere you are going to get hit." Things were booming there back in 2008 when Citi sent Verme to the gulf state - from 2004 through 2008 Citi's revenues from the region grew at a 30% average annual rate. He had run the bank's Latin American operations before being promoted to co-head of investment...
...just the latest sale for Citi, which has been paring back its businesses for well over a year. Earlier this year, the bank sold its Salomon Smith Barney brokerage unit to Morgan Stanley. Also gone are Citi's Diners Club credit-card business, its Japanese brokerage operations, a technology-services unit and some of its overseas divisions...
...Citi executives are taking a different path out of the financial crisis than many of its rivals, which at times has been a benefit to those rivals. With the acquisition of Citi's Salomon Smith Barney, Morgan Stanley now has the largest brokerage force in the nation. And while Morgan has gotten out of some trading businesses, it is expanding its retail banking business. Executives at Bank of America and Wells Fargo say there are no plans to sell off major pieces of those banks...
...tripled the firm's deposit base, which is a safer source of capital. And in a major break from the bank's 70-year history he de-emphasized investment banking as the driver of Morgan Stanley's profits. In June, he completed the purchase of a majority stake in Salomon Smith Barney's brokerage division, instantly turning Morgan Stanley, once an élite white-shoe institution, into the largest brokerage house in America. (See TIME's special report "The Financial Crisis After One Year...
...biggest change by far for Morgan Stanley comes from the acquisition of the Salomon Smith Barney brokerage division. The deal, which was announced in January, has boosted the number of brokers at Morgan Stanley to just over 20,000. That makes Morgan the largest brokerage house in the country. Brad Hintz, an analyst at Sanford C. Bernstein & Co., estimates that after the acquisition is complete Morgan will get 42% of its revenue from its brokerage division, up from 20% a year...