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by Javantea — Oct 2, 2012


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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.

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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.

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