Morgan Stanley Drops Smith Barney Name From Brokerage
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Morgan Stanley dropped the Smith Barney name from its brokerage joint venture, changing the brand to Morgan Stanley Wealth Management after buying an additional piece of the unit from Citigroup Inc.
The name change comes three years after the joint venture was formed and two months after Morgan Stanley completed the integration of the two units, the New York-based firm said today in a statement. Morgan Stanley Chief Executive Officer James Gorman said in June that the name would be changed.