SmithBarney

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SmithBarney is the retail brokerage division of Citigroup. Formerly, Smith Barney was a part of Salomon Smith Barney, a Citigroup subsidiary since the late 1990s. At that time, Smith Barney and Salomon Brothers had merged under the direction of Sanford I. Weill, who was then the chairman of Travelers Corporation. Salomon Brothers was the Wall Street powerhouse of bond trading and research during the 1980s, but lost much of its favorable reputation after several scandals, including a Treasury bond scandal in 1992. And more recently, claims of unethical practices between research and investment banking divisions during 2002, leading to a separation of the two businesses, moving the investment banking business to the Global Corporate and Investment Bank, and leaving the research and Private Client Services under Smith Barney.