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25 Σεπ 2012 · New York —. Morgan Stanley (NYSE: MS) today announced that its U.S. wealth management business, Morgan Stanley Smith Barney, has been renamed Morgan Stanley Wealth Management (MSWM).
In 1993, Weill bought stockbroker Shearson back from American Express for $1 billion ($2,109,191,431 today), and merged it into Smith Barney. [ 6 ] [ 7 ] (Weill had been in charge of Shearson Loeb Rhoades and sold it to American Express in 1981. [ 8 ] )
Smith Barney Shearson had net income of $306 million in 1993 on revenues of $3.37 billion and (as Smith Barney) $390 million on revenues of $5.53 billion in 1994, when its return on equity of 16.4 percent outperformed every other major firm in its field except Merrill Lynch.
In 1993, Shearson was sold to Primerica, a predecessor of Citigroup, and merged with its retail brokerage business, Smith Barney, to create Smith Barney Shearson. The Shearson name was discontinued in 1994.
25 Σεπ 2012 · The combined firm, Smith, Barney & Co will have over 700 employees and it will turn its back on dealings with the general public in favor of a more institutional and high net worth focus.
Primerica merged them with Smith Barney (which it had bought in 1987) to form Smith Barney Shearson, later shortened back to simply Smith Barney. As a result of several mergers throughout the 1990s, the remains of the original E.F. Hutton became part of Citigroup , and later Morgan Stanley Wealth Management , a joint venture between Morgan ...
Smith Barney raised its public profile higher by means of a highly successful advertising campaign on television, begun in 1979 and continuing until 1986, that starred John Houseman, who had played a crusty law professor in the television network series “ The Paper Chase.
