Morgan Stanley, owner of the world's biggest brokerage, will buy the remaining 35 percent of its wealth-management venture with Citigroup Inc. after winning Federal Reserve approval in the regulator's annual stress test.
Hello and welcome to Citi s Fourth Quarter and Full Year 2009 Earnings Review with Chief Executive Officer, Vikram Pandit and Chief Financial Officer, John Gerspach. Today s call will be hosted by John Andrews, Head of Citi Investor Relations. We ask that you please hold all questions until the completion of the formal remarks, at which time you will be given instructions for the question-and-answer session. Also, as a reminder, this conference is being recorded today, if you have any objections please disconnect at this time.
Among Vikram Pandit's last jobs as Citigroup Inc.'s chief executive officer was to decide the fate of the bank's hedge-fund unit, which employs some of his oldest colleagues. He agreed to give them most of it for free.