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By New York Times News Service | June 25, 1993
The Primerica Corp., bidding to add investment-banking firepower to the vast brokerage forces being mustered at Smith Barney Shearson, hired Robert F. Greenhill, the former president of Morgan Stanley, as the unit's chairman and chief executive yesterday.Mr. Greenhill plans to scour Wall Street for more deal-makers and to try to lure clients, including General Motors and IBM, away from Morgan Stanley.Primerica's $1 billion purchase of the Shearson brokerage from American Express, to be completed by the end of next month, would give its new Smith Barney Shearson unit the second-largest broker count in the nation, just behind Merrill Lynch.
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BUSINESS
By Jay Hancock and Jay Hancock,jay.hancock@baltsun.com | February 19, 2009
Stanford Financial Group, the Texas-based investment house accused of "massive fraud" by federal authorities, recently opened a Baltimore affiliate that manages money for area nonprofits such as the Park School and Loyola College. Nine financial advisers and analysts left Smith Barney's Lutherville office and set up business in December as Stanford Institutional Consulting, bringing along nonprofits with endowments to manage and other clients. Although the Securities and Exchange Commission says billions are missing from Stanford Financial, there was no indication yesterday that the alleged fraud there had affected Stanford Institutional clients.
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BUSINESS
By BLOOMBERG NEWS | June 25, 1998
NEW YORK -- Smith Barney Inc.'s settlement of a class-action lTC sex discrimination case was rejected yesterday by a federal judge, who called the company's plan to expand the role of women insufficient."
BUSINESS
By Hanah Cho and Hanah Cho,hanah.cho@baltsun.com | January 17, 2009
Citigroup Inc. began yesterday to shrink its financial "supermarket" model that took shape in Baltimore two decades ago by splitting into two businesses, as it reported an $8.29 billion quarterly loss. Citicorp will focus on its stronger operations, including its global, corporate and investment banking services, while Citi Holdings will oversee noncore businesses such as its government-backed risky assets, insurance unit Primerica Financial Services and CitiFinancial, its Baltimore-based consumer lending arm. Citi Holdings assets are expected to be sold or merged, although Citigroup chief executive Vikram Pandit said yesterday that the company is in "no rush ... to separate ourselves from these businesses."
BUSINESS
By NEW YORK TIMES NEWS SERVICE | November 18, 1997
NEW YORK -- Smith Barney Inc. is expected to announce today a settlement of a class-action lawsuit that accused the firm of denying women promotions and doing nothing while brokers harassed women employees.Under the settlement, women employees would take their claims to an independent arbitrator outside the securities industry, people involved with the negotiations said.Such a move is a radical departure for a Wall Street firm. Wall Street firms have typically fought long and hard to have all disputes -- whether with clients or employees -- settled by industry arbitrators.
BUSINESS
By New York Times News Service | October 30, 1993
NEW YORK -- George L. Ball, the former head of Prudential-Bache Securities, has been forced out of his top post at Smith Barney Shearson and is being investigated by federal regulators for his role in the unfolding scandal at his former firm, Wall Street executives and people involved in the case said yesterday.Mr. Ball, chairman and chief executive of Prudential-Bache from 1982 until 1991, was asked to leave his job as a senior executive vice president at Smith Barney over concern that the Prudential scandal would eventually stain the reputation of his new employer, executives at the firm said.
BUSINESS
By BLOOMBERG NEWS | October 14, 1997
NEW YORK -- Travelers Group Inc. said yesterday that third-quarter operating earnings climbed 29 percent, led by profit at its Smith Barney Inc. brokerage and in its property and casualty insurance business.Profit excluding gains from investment sales rose to a record $740.8 million, or $1.12 a share, from $576.1 million, or 86 cents, a year earlier.The latest earnings beat the expected $1.01-a-share forecast in an IBES International survey. Travelers shares gained 81.25 cents to close at $75.3125 on the New York Stock Exchange.
BUSINESS
By BLOOMBERG NEWS | November 29, 1997
NEW YORK -- Travelers Group Inc. said yesterday that it completed its $9.3 billion acquisition of Salomon Inc., the largest purchase of a securities firm in the United States.Travelers, an insurer and consumer finance company, is joining its Smith Barney Inc. brokerage with Salomon Brothers Inc., the world's biggest bond trader, to create the second largest U.S. securities firm and a financial services powerhouse. The new firm is called Salomon Smith Barney Inc.The merger combines "a large domestic retail distributor with a very good fixed-income, 'OK' global investment bank," said Schroder & Co. analyst James Hanbury, who advises investors to buy Travelers stock.
BUSINESS
By Eileen Ambrose and Eileen Ambrose,SUN STAFF | June 25, 2005
Legg Mason Inc. promises its customers a smooth transition when the Baltimore company swaps businesses with Citigroup Inc. and analysts predict those investors may even see lower fees as a result of the $3.7 billion deal announced yesterday. Legg Mason agreed to exchange its brokerage for most of Citigroup's asset-managed business in a transaction that will alter both companies. Legg's 1,540 financial advisers will move to Citigroup's Smith Barney brokerage firm. And Legg Mason will assume dozens of mutual funds from Citigroup, including more than 60 from Smith Barney.
BUSINESS
By Knight-Ridder News Service | February 14, 1993
Are you happy with your brokerage firm? If not, you can always transfer your account elsewhere -- but it may cost you $50 on the way out.That's right. At least three large brokerage firms now charge an exit fee when clients close an account and transfer cash or securities to a rival firm.The trend was started early last year by Prudential Securities Inc. Just recently, Shearson Lehman Bros. Inc. and Smith Barney, Harris Upham & Co. announced exit fees of their own."There is a cost to doing all that administrative stuff and paperwork," said Bob Connor, a Smith Barney spokesman.
NEWS
By From Sun news services | January 11, 2009
Somali pirates drown after getting ransom 3 MOGADISHU, Somalia : Five of the pirates who hijacked a Saudi supertanker drowned with their share of a $3 million ransom, a relative said yesterday, a day after the bundle of cash was apparently dropped by parachute onto the deck of the ship. The Sirius Star and its 25 crew sailed safely away Friday at the end of a two-month standoff in the Gulf of Aden, where pirates attacked over 100 ships last year. The drowned pirates' boat overturned in rough seas, and family members were still looking for four missing bodies, said Daud Nure, a pirate who knew the men involved.
BUSINESS
By From Sun news services | January 10, 2009
Morgan Stanley is in advanced talks with Citigroup Inc. to form a joint venture that would combine the brokerage units of both banks and give Morgan Stanley a 51 percent stake, according to a person familiar with the matter. An agreement could be announced as soon as this weekend, said the person, who declined to be identified because the deal is not complete. Morgan Stanley would pay cash for control of the venture and would have an option to increase its ownership to as much as 100 percent in coming years, the source said.
BUSINESS
By McClatchy-Tribune | November 18, 2008
In the biggest round of layoffs seen to date in the battered U.S. financial sector, Citigroup Inc. said yesterday that it plans to cut about 50,000 additional jobs as part of an effort to stem huge losses sparked by bad investments and lending decisions. The job cuts amount to the second-largest layoff, according to Challenger Gray & Christmas, since the tracking firm began keeping score in 1993. Only a 60,000 job-cut announcement from IBM in 1993 was bigger than Citi's disclosure yesterday.
BUSINESS
By Hanah Cho and Hanah Cho,Sun reporter | February 27, 2008
Citigroup Inc. said yesterday that it is buying back its account-trading technology business from Legg Mason Inc. in the latest deal announced between the two companies. Citi, the largest sponsor of separately managed accounts, said the transaction gives the New York financial giant the ability to customize such portfolios for investors under its global wealth management group. The separately managed account technology also will allow Citi to combine SMAs, mutual funds and exchange-traded funds into a single statement as these unified managed accounts become more popular among clients.
BUSINESS
By JAY HANCOCK | November 4, 2007
Legg Mason has long bet on its fund managers the way its fund managers bet on stocks: Do your homework and put big stakes on a few promising ponies. It worked beautifully for years, but now Legg's dependence on high-profile talent such as Bill Miller may be backfiring. The firm's recent, mediocre money management has gotten extra attention because it's being delivered by former stars. No, the headline effect isn't wholly responsible for the billions withdrawn from Legg funds last quarter; poor performance can repel money all by itself.
BUSINESS
By Laura Smitherman and Laura Smitherman,SUN REPORTER | September 19, 2007
With sales of some mutual funds slumping along with performance, Legg Mason Inc. has renegotiated an agreement to expand the sale of its funds outside of Citigroup Inc.'s Smith Barney brokerage. An agreement giving Smith Barney the exclusive rights to sell Legg Mason Capital Management funds dates to a landmark deal between the companies two years ago, in which Baltimore's Legg Mason swapped its brokers for Citi's asset management unit in New York. The swap made Legg Mason one of the world's largest investment managers.
BUSINESS
By BLOOMBERG NEWS | March 30, 1997
WASHINGTON -- Securities and Exchange Commission JTC Chairman Arthur Levitt has launched an inquiry to find out whether compensation practices at major Wall Street firms keep brokers from acting in their clients' best interests.Merrill Lynch & Co. and Smith Barney Inc., the two largest brokerages on Wall Street, received letters from Levitt last week asking about their use of sales contests and financial inducements to brokers working at other firms, securities industry executives said Friday.
BUSINESS
December 14, 1995
Ascent Entertainment Group Inc., a spinoff of Bethesda-based Comsat Corp., made its stock market debut yesterday, but its shares didn't quite live up to the name.The former Comsat Entertainment Group's stock went public at $15 and closed at $15.375, a respectable showing but hardly a match for such skyrocketing initial public offerings as Netscape Corp.John S. Reidy, an analyst for Smith Barney, said the trading showed that the offering was neither under-priced nor overpriced. Smith Barney was co-manager of the offering, along with Allen & Co.Mr.
BUSINESS
By Hanah Cho and Hanah Cho,Sun reporter | April 12, 2007
Citigroup's sweeping overhaul to cut costs and streamline its global banking operations likely will affect more than 500 people in Maryland as the company consolidates operations through layoffs and by shifting workers around the world. A Citigroup spokeswoman said about 240 of the nearly 6,000 Maryland workers would lose their jobs as a result of yesterday's announcement.
BUSINESS
By LAURA SMITHERMAN and LAURA SMITHERMAN,SUN REPORTER | July 13, 2006
Legg Mason Inc. announced yesterday that it would eliminate about one-third of its mutual funds to streamline operations and get rid of funds with poor track records acquired in a business swap with Citigroup Inc. last year. With the proposed reorganization, Baltimore-based Legg Mason would whittle a stable of more than 165 mutual funds to 119 though mergers and the liquidation of eight funds. In evaluating which funds to target, company officials said they considered a fund's performance and size, its ranking by tracking firms Morningstar Inc. and Lipper Inc., and whether it overlapped with other funds in the product lineup.
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