Citigroup moves closer to a merger of its Smith Barney division with Morgan Stanley. Here is an excerpt from the article:
The move would create the largest retail brokerage and mark the boldest step in dismantling what was the world's biggest financial services conglomerate.
The financial services sector is in a state of constant flux as banks recoil under the threat of a long and deep downturn, with governments bailing out the worst-hit lenders while relatively strong banks look for bargain acquisitions.
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