Pandit says Citigroup plans to exit Smith Barney venture with Morgan Stanley, repay TARP

October 5th, 2009 Citi Wealth Management shifts to fee-based modelNEW YORK — Citigroup Inc. said Monday it is switching to a fee-based model in its retail investment business, eliminating commissions for its 600 in-house financial advisers by the end of next year.

September 10th, 2009 John Mack to step down as Morgan Stanley CEONEW YORK — John J. Mack will step down as CEO of Morgan Stanley in January but will continue as chairman, the investment bank announced Thursday.

September 10th, 2009 Key players in Morgan Stanley's CEO successionInvestment bank Morgan Stanley announced a succession plan Thursday for its CEO, John Mack, that will occur at the end of the year. Here are short sketches of Mack, his successor James Gorman, and Walid Chammah, who will become the chairman of the bank's overseas operations, based in London.

August 6th, 2009 Morgan Stanley repurchases TARP warrantsNEW YORK — Morgan Stanley said Thursday it paid $950 million to buy back warrants from the government that could have eventually been converted to common shares in the bank. New York-based Morgan Stanley issued the warrants to the Treasury Department as part of the loan package it received under the Troubled Asset Relief Program.

July 17th, 2009 NEW YORK - The sale of its controlling stake in a brokerage helped Citigroup Friday to surprise analysts and announce $4.3 billion of net income in the second quarter of 2009, after six quarters of falling ever further into the red. However, the fact that the entire uptick into positive numbers was due to its decision to merge the Smith Barney brokerage into a joint venture to be controlled by Morgan Stanley, created questions as to whether the company could continue to earn profits in the near term.

July 17th, 2009 NEW YORK - Citigroup and Bank of America Friday reported billions of dollars in second-quarter profits, matching a flow of positive earnings from other US banks this week despite being heavily dependent on government loans for survival. But both banks also warned of still-high credit risks amid the ongoing financial crisis, and their surprising profits were mostly due to one-time asset sales that won't be repeated.

July 1st, 2009 Morgan Stanley, Mitsubishi UFJ to form finance JVTOKYO — Mitsubishi UFJ, Japan's largest bank, and Morgan Stanley said Wednesday they will form a joint venture to pursue corporate financing business in the U.S., Canada and Latin America. Mitsubishi UFJ is eager to expand its reach overseas and took a major step late last year, when it paid $9 billion for a 21 percent stake in Morgan Stanley.

June 17th, 2009 10 large US banks to repay $68B in TARP fundsWASHINGTON — Ten large U.S. banks are planning to repay the government about $68 billion in bailout money Wednesday, a pair of industry officials say.

June 17th, 2009 AP Source: Morgan Stanley to repay TARP WednesdayNEW YORK — Morgan Stanley is expected to repay its government bailout money on Wednesday, according to a person familiar with the talks between the bank and the government. The investment bank will return all of the $10 billion in loans it received last fall during the height of the credit crisis, said the person, who spoke on condition of anonymity because he is not authorized to speak publicly about the bank's plans.

June 8th, 2009 Stress-tested banks raise $75.2 billion in capitalSixteen of the 19 large banks that underwent government stress tests last month have raised more than $75 billion in capital, either because regulators required it or because the banks want to return federal bailout funds. Banks have also been issuing debt to prove to officials that they can finance operations on their own.

June 2nd, 2009 Morgan Stanley to raise $2.2 billion in capitalNEW YORK — Morgan Stanley said Tuesday it will raise $2.2 billion through a stock offering as part of a plan to satisfy preconditions for repaying a government loan it received last fall amid the deepening credit crisis. Morgan Stanley priced the offering at $27.44 per share, an 8.2 percent discount from Monday's closing price of $29.89.

May 8th, 2009 Banks scramble for capital after 'stress tests'NEW YORK — Wells Fargo and Morgan Stanley said Thursday they'll try to raise billions in fresh capital, becoming the first major banks to scramble for money after the government said 10 large financial institutions need $75 billion in new funds. Meanwhile, American Express Co.

April 29th, 2009 Morgan Stanley shareholders re-elect boardPURCHASE, N.Y. — Morgan Stanley's John Mack was in an enviable position — a financial company CEO chairing a peaceful annual meeting.

January 12th, 2009 NEW YORK - Citigroup is in talks to merge its brokerage unit, Smith Barney, with rival Morgan Stanley, the US bank said in New York Tuesday. No agreement has been reached, Citigroup said in a statement.

January 12th, 2009 WASHINGTON - Citigroup's board isn't losing faith in its Indian-American Chief Executive Vikram Pandit even as it is expected to report fourth quarter losses that are billions of dollars greater than previously anticipated, according to media reports. 'We have confidence in the current management and leadership of Vikram,' the banking giant's lead independent director Richard Parsons, a former CEO of Time Warner Inc., was quoted as saying in an interview by the Wall Street Journal.