The proposed merger of Morgan Stanley and Citigroup’s brokerage businesses would create a brokerage behemoth with 23,000 registered representatives and financial advisers, managing more than $2 trillion in assets.
CNBC on Friday afternoon first reported that Morgan and Citi, both of New York, were in “advanced talks with plans for the combination.”The joint venture would rival the brokerage business being formed by Bank of America’s acquisition of Merrill Lynch. That deal created a combined force of 20,000 financial advisers with $2.5 trillion under management as of 15 September.
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