Reuters - Morgan Stanley Finishes Wealth Business Buyout

Morgan Stanley said it will buy the rest of its wealth-management joint venture with Citigroup Inc by the end of the month, completing a deal started during the financial crisis that was designed to stabilize both banks, writes Reuters. Morgan Stanley will pay $4.7 billion for Citigroup's remaining 35 percent stake in the joint venture that the two banks set up in 2009. It is also paying about $2 billion to redeem Citigroup's preferred securities.

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