(Bloomberg) -- Morgan Stanley will buy the rest of its wealth-management joint venture with Citigroup Inc. as soon as next week, capping a four-year effort to reshape the investment bank into a more stable firm reliant on the retail- brokerage business.
Morgan Stanley will pay $4.7 billion in cash for the 35 percent of the business it doesnt already own after receiving regulatory approval, the New York-based company said today in a statement, adding that it will take a $200 million charge in the second quarter related to the purchase. The brokerage will also redeem $2.03 billion of preferred interests owned by Citigroup, according to the statement.
Register or login for access to this item and much more
All Financial Planning content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access