Report: Citigroup to hold on to Smith Barney
Citigroup CEO Vikram Pandit will not be selling retail brokerage units like Smith Barney, CNBC reported.
Citigroup Inc. chief executive officer Vikram Pandit will not be spinning off or selling its retail brokerage units like Smith Barney, CNBC reported.
The decision to keep the company intact has not been finalized and could change, according to the report.
Citigroup spokesman Michael Hanretta declined to comment on the report.
Citigroup is coming off a disastrous fourth quarter that included a nearly $10 billion loss, but the company’s wealth management unit, which includes Smith Barney’s brokerage business saw its revenue increase 27% (InvestmentNews, Jan. 15).
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