In 2008, during the start of the most recent financial crisis, Citigroup suffered significant losses and was forced to sell a portion of its wealth management division to Morgan Stanley. While the name was gone, the services provided by Saloman Smith Barney remained in tact.In 2003, the name was ultimately abandoned after a number of financial scandals was destroying the bank's reputation.The Saloman Smith Barney name was now housed by Citigroup. 1998 saw a huge merger between Citicorp and Travelers, forming what is now known as Citigroup.In 1997, Travelers purchased Saloman Brothers, and created an investment arm named Saloman Smith Barney, as it carried both the Salomon and Smith Barney brands.
SMITH BARNEY LOGO SERIES
Smith Barney went through a series of purchases in the 1980's, eventually being known as the Travelers Group Inc, with the brokerage business operating under the Smith Barney name.The holdings company was then renamed Smith Barney Inc in 1982. Eventually merging with Harris, Upham & Co. was one of the most successful securities companies in the country. was founded in 1892, with the two companies eventually merging together in 1938. " Financial Services Modernization Act of 1999, commonly called Gramm-Leach-Bliley.Account icon An icon in the shape of a person's head and shoulders.
" The Ten Most Influential Women in Technology."įederal Reserve History. " Broker-Dealer Policies and Procedures Designed to Segment the Flow and Prevent the Misuse of Material Nonpublic Information,", Executive Summary. " Ending a NYSE tradition: The 1975 Unraveling of Broker's fixed commissions and its Long term impact on Financial Advertising,". " Ethical Conflicts and ADR Using Screening Walls and Advance Waivers to Manage Conflicts of Interest."įairfield University. Superior Court (1988)."Īmerican Bar Association. " The Glass-Steagall Act: A Legal and Policy Analysis,". " Investment Management and the Glass-Steagall Act-The Emperor's New Clothes," Pages 1,5.Ĭongressional Research Service. Spurred by the stock market crash of 1929 (partly attributed at the time to price manipulation and trading on inside information), Congress passed the 1933 Glass-Steagall Act (GSA), demanding the separation of commercial and investment banking activities-that is, investment banks, brokerage firms, and retail banks. The Chinese Wall and the 1929 Stock Market Crashĭeriving from the Great Wall of China, the ancient impervious structure erected to protect the Chinese from invaders, the term " Chinese wall" came into popular parlance-and the financial world-during the early 1930s. Despite these regulations, many investment firms continued to engage in fraudulent practices, as became evident during the dotcom crash of 2001 and the subprime mortgage crisis of 2007.Over the decades, Congress has enacted legislation regulating insider trading, increasing disclosure requirements, and reforming broker compensation practices.The offensive term became popular after the stock market crash of 1929 spurred Congress to enact legislation to separate the activities of commercial and investment banks.
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