Smith Barney, confessing that diversifying and growing on its own would just take too long, today got bigger the new-fashioned way: It bought out somebody. The merging of parent company Travelers Group and Salomon in a US$9 billion deal will result in Smith Barney Salomon, and is of a trend in the financial services industry; earlier this year, Morgan Stanley and Dean Witter hooked up.
Smith Barney, Meet Salomon
Smith Barney, confessing that diversifying and growing on its own would just take too long, today got bigger the new-fashioned way: It bought out somebody. The merging of parent company Travelers Group and Salomon in a US$9 billion deal will result in Smith Barney Salomon, and is of a trend in the financial services industry; earlier this year, Morgan Stanley and Dean Witter hooked up.
