ADVFN - Advanced Financial Network.
HOME» NYSE » C » C Stock Price » C Stock News

Citigroup Share News

 Citigroup Stock Price
C Stock Price
 Citigroup Stock Chart
C Stock Chart
 Citigroup Stock News
C Stock News
 Citigroup Company Information
C Company Information
 Citigroup Stock Trades
C Stock Trades

Morgan Stanley Values Brokerage Joint Venture 60% Lower Than Citi

Citigroup Inc. (C) disclosed Thursday that its valuation of the Morgan Stanley Smith Barney brokerage is substantially above Morgan Stanley's appraisal, the first public jostling between the partners on price. Morgan Stanley owns 51% of the joint venture, but has submitted a bid to buy another 14%. Both companies submitted valuations to one another on Monday, and Citi disclosed Thursday in a filing with the Securities and Exchange Commission that the two appraisals are 60% apart. Since the joint venture was formed in 2009, Citi had carried the value of its 49% of Morgan Stanley Smith Barney at $11 billion on its books--implying a value of $22 billion for the joint venture. It said in the filing Thursday that its valuation now "slightly exceeded" the carrying value. Morgan Stanley's valuation came in at about 40% of Citi's $22 billion carrying value, implying that Morgan Stanley values the joint venture at about $9 billion. Subsequently, Citi might have "a significant non-cash GAAP charge to net income in the third quarter," the bank said in its filing. Write to Matthias Rieker at matthias.rieker@dowjones.com Subscribe to WSJ: http://online.wsj.com?mod=djnwires

Stock News for Citigroup (C)
DateTimeHeadline
05/30/201613:43:00When Bigger Isn't Better: Banks Retreat From Global Ambitions
05/27/201617:30:00Culligan International Explores a Sale
05/27/201617:14:51Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
05/27/201617:13:06Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
05/27/201617:09:06Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
05/27/201617:08:38Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
05/27/201617:04:43Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
05/27/201616:49:08Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
05/27/201616:48:15Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
05/27/201616:31:09Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
05/27/201616:28:07Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
05/27/201616:24:13Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
05/27/201616:15:08Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
05/27/201611:38:19Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
05/27/201603:02:00Troubled Online Lender Seeks Financing -- WSJ
05/26/201621:00:00LendingClub Talking With Citigroup About Loan Purchases
05/26/201620:15:00LendingClub Talking With Citigroup About Loan Purchases -- Update
05/26/201619:01:00LendingClub Talking With Citigroup About Loan Purchases
05/26/201616:30:00Citigroup CEO Michael Corbat to Present at Bernstein's 32nd Annual...
05/26/201616:29:48Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)

Citigroup and other New York Stock Exchange stock quotes are delayed by at least 20 minutes.
All other stock price data is delayed by at least 15 minutes unless otherwise stated.
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Contact Us | Copyright 1999-2015 ADVFN PLC. | Privacy Policy | Investment Warning | Data accreditations | Investor Relations

ADVFNADVFN ItalyADVFN GermanyADVFN FranceADVFN BrazilADVFN JapanADVFN UKADVFN US noad