Smith Barney News
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Walter J. O’Brien III, head of equity sales and trading at BB&T Corp. and a mentor to finance-minded graduates of his alma mater, the University of Richmond in Virginia, has died. He was 46.
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Citigroup Inc. was accused in a lawsuit by William Salomon of supplying the 99-year-old former Wall Street banker and son of the founder of Salomon Brothers with a personal secretary who was later convicted of stealing from him.
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U.S. stocks advanced, as the Standard & Poor’s 500 Index rallied for a third straight week, on optimism that the U.S. economy is improving amid central-bank monetary stimulus.
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Greenhill & Co., the merger adviser GrainCorp Ltd. hired to consider Archer-Daniels-Midland Co.’s bid, is itself a potential target for firms looking to add banking expertise on optimism deal-making will resurge.
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Citigroup Inc., the third-biggest U.S. lender, named Steven Wieting global chief strategist of its private bank, the unit that claims relationships with a third of all billionaires.
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The Treasury 10-year note yield fell to the lowest level this year as a government report showing the economy grew at a slower pace than forecast in the first three months boosted demand for the safest assets.
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Morgan Stanley’s reputation as Wall Street’s weakest link is diminishing in debt markets as Chief Executive Officer James Gorman’s bet on a brokerage unit that has amassed $1.78 trillion in client assets starts to pay off.
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Morgan Stanley and Bank of America Corp.’s bets on the brokerage business are finally paying off, helped by U.S. stock indexes near all-time highs. The firms’ own shares aren’t getting the same benefit.
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Investors in Smith Barney mutual funds can sue as a group over claims that shareholders were harmed by a kickback scheme in which Citigroup Inc. pocketed fee savings, a judge ruled.
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Morgan Stanley fell to a three- month low in New York after the firm reported the biggest drop in trading revenue among the largest U.S. banks.
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