Subscribe
Business

Morgan Stanley to buy Citi’s Smith Barney stake

By Washington Examiner
Published
Add Washington Examiner on Google

NEW YORK (AP) — Morgan Stanley and Citigroup have settled a dispute Tuesday over the value of the brokerage firm Morgan Stanley Smith Barney, which they jointly own.

The deal clears the way for Morgan Stanley to buy Citigroup’s 49 percent interest in the broker, giving Morgan Stanley full ownership. It will also result in a $2.9 billion after-tax charge for Citi.

Print subscriber? Click here to login/register your account
Digital subscriber? Click here to login/register your account.

Full midterm coverage.Deeper analysis.

Get unlimited access to Washington Examiner's reporting, expert analysis, and coverage of the midterm elections.

Get Unlimited Access

Cancel anytime.