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Morgan Stanley Without 'Smith Barney' (?)
Morgan Stanley reportedly is considering removing the name "Smith Barney" from its retail brokerage force, which merged with Citigroup's wealth management arm in early 2009 in a deal that left Morgan Stanley with majority ownership and an option to acquire the rest. Morgan Stanley Smith Barney, or "MSSB," no has over 180,000 advisers. MS CEO James Gorman, who oversaw Merrill Lynch's "thundering herd" retail division from 2001-2005, has repeatedly stated the importance of the private client business to its future plans.
From the Beginning, to Citigroup 'Rollup'. Smith Barney was formed in 1938 through the merger of Charles D. Barney & Co. and Edward B. Smith & Co. Both were respected firms dating back to the last half of the 19th century. The combined firm was acquired in the 1980s by Sandy Weill's Primerica and eventually was rolled up with Salomon Brothers, Travelers Group, CitiBank and others to create the financial behemoth Citigroup.
However, like Paine Webber, Dean Witter and EF Hutton before it, the Smith Barney name seems destined for the graveyard of venerable Wall Street brokerages. Regardless of history, many Morgan Stanley Smith Barney brokers and clients reportedly find the two combined full names to be burdensome, both to say and write, due to length. Several who spoke with The Post welcomed the change. [NYPost, 3/26]Related Stories: Archive
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