In banking news, Morgan Stanley (MS) said it has received regulatory clearance to purchase the remaining 35% stake in brokerage Morgan Stanley Smith Barney from Citigroup (C - Get Report), a deal that has been in the making for four years.
Morgan Stanley has since the crisis pushed more deeply into wealth management, which offers a less volatile revenue stream than traditional investment banking and trading activities.
Meanwhile, Citigroup has shed businesses it considers non-core. Shares of Morgan Stanley fell 0.9% , while that of Citigroup was down by over 2%.-- Written by Shanthi Bharatwaj in New York. >Contact by Email. Follow @shavenk