Banks
Citi, Morgan Stanley Close Smith Barney Deal
Citi expects to recognize a pre-tax gain of approximately $10.9 billion, or $6.6 billion after taxes. The move will also create about $7.8 billion of tangible common equity for the firm and raise Citi's Tier 1 capital by 86 basis points on a pro forma basis as of March 21, the release said.
The joint venture is expected to create cost savings of $1.1 billion after it is fully integrated approximately two years from now, the firms said. Shares of the two financial companies were rising on Monday.TheStreet Premium Services
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| Dow Jones | S&P 500 | NASDAQ | 10-Year Note |
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| 12,454.83 | 1,317.82 | 2,837.53 | 17.45 |
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