The merger of the brokerage units of Citigrou and Morgan Stanley will likely be announced this after the closing bell this afternoon, Charlie Gasparino is reporting on CNBC. He said that “barring any major screw-up” the dela will be announced today.
What’s more, Citigroup CEO Vikram Pandit will announce sometime in the next couple of days a major shift in strategy for the bank. Gasparino reports that the bank will begin dramatically downsizing and reaaranging its structure, abandoning the Mega-Bank model in favour of a leaner–although still huge–operation.
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