A wild ride: The major changes in the broker-dealer world since July 2008
Jan. 13: Citigroup Inc. announces that it will sell 51% of its Smith Barney brokerage unit to Morgan Stanley. The joint venture is launched June 1. On Sept. 17, Citi says it will sell its remaining Smith Barney stake to Morgan Stanley.
Jan. 13: In an internal memo, Wells Fargo lays out top management appointments for its expanded brokerage businesses in the wake of its merger with Wachovia Corp. Brand Meyer (pictured above), a Wachovia veteran, will head the sprawling independent-brokerage group — made larger now that Wells Fargo's H.D. Vest Financial Services unit will “align organizationally” with Wachovia Securities Financial Network LLC for independent brokers.