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Citi Statement

^{Published on 2009-01-13 07:53:49, Last Modified on 2009-01-13 07:54:20 - Market Wire}
 

NEW YORK--([ BUSINESS WIRE ])--Citi today said that the company is in discussions with Morgan Stanley (NYSE: MS) concerning a possible combination of the retail brokerage business operated under the Smith Barney name and the wealth management business operated by Morgan Stanley. No definitive agreement has been reached, and no assurance can be given that any such agreement will be reached. Beyond this statement, Citi has no further comment at this time.

About Citi

Citi, the leading global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Citi's major brand names include Citibank, CitiFinancial, Primerica, Smith Barney, Banamex, and Nikko. Additional information may be found at [ www.citigroup.com ] or [ www.citi.com ].

Forward Looking Statements

Statements about the expected effects, timing and completion of the joint venture and all other statements in the press release, other than historical facts, constitute forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which they are made and which reflect current estimates, projections and expectations. However, any such statement may be influenced by factors that could cause actual outcomes and results to be materially different from those projected or anticipated. These forward-looking statements are subject to numerous risks and uncertainties. For a discussion of additional risks and uncertainties that may affect the future results of the Company, please see Citi's periodic reports filed with the Securities and Exchange Commission and available on [ www.sec.gov ].