According to every financial journalist who is awake, Citigroup is in advanced talks to sell its wealth management (retail brokerage) business to Morgan Stanley for a few billion.
Wealth management is not that difficult once you have scale and not too cyclical so it's going to beg the question why Citi needs to do this now. The market doesn't need another round of "Citi in trouble...balance sheet worse than expected" chatter but it looks like it's going to get it.
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