Citi, Morgan Stanley work toward brokerage joint venture

01/12/2009 | Financial Times (free content) · Wall Street Journal, The

Citigroup stands to earn a capital gain of as much as $6 billion if it cedes control of Smith Barney to a Morgan Stanley-controlled joint venture, sources said. People familiar with the situation said negotiations between Morgan Stanley and Citi progressed during the weekend and that a deal could be announced soon. Meanwhile, Citi is preparing for another management shakeup as Chairman Sir Win Bischoff ponders the timing of his retirement. Also, Robert Rubin, a supporter of Bischoff, resigned as a Citi director.

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Financial Times (free content) · Wall Street Journal, The

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