Citigroup to get $2.7 bln from joint venture with Morgan Stanley

on January 13 2009 5:07 PM

Citigroup agreed Tuesday to a joint venture with Morgan Stanley to combine Citi's Smith Barney retail brokerage and Morgan Stanley's wealth management business, according to a report.

In the deal, Citi will own 49 percent and get $2.7 billion, according to the Wall Street Journal.