Back in college, I maintained near contiguous employment due to the demands of economics. Sure it took me a couple more years to get out with my degree, but on the other hand it was quite educational & better prepared me for my career in high-tech. One place I’ll talk about another time, as it is still a good story. The second place has had many names.
Changed three times during the three years I was there. Now it has a new name that I can’t help to wonder if the assistants (like I was) will be able to rattle off this new mouthful as they answer phones.
First (for me) it was called: Shearson Lehman Brothers
Then: Smith Barney Shearson
Then: Smith Barney
Always good to keep a business card in front of the phone to make sure you have the right name. Think of all the paper that will need to be recycled, signs changed and letterhead printed. TARP?
The firm was always part of a family of companies, run by, in order: American Express, Travelers & eventually Citicorp.
This week I read that Citicorp, in a bid to raise cash, is putting its Smith Barney unit into a joint venture with Morgan Stanley (itself a combination of old firms, such as Dean Witter). And the name?
Morgan Stanley Smith Barney
Eh? Try to do marketing spin on that.
Morgan Stanley gets to be named first as it has a 51% stake in the joint venture. Always counts to be the top dog in this business. I wonder who gets to pick out the new color schemes?
Certainly not the back office folks – they would be that cost savings of $1.1B. The front office stays put, as they are attached to the individual broker.
It was a good time (even if I had to wear a tie every single day) & I learned quite a lot about how the finance works & the funny things money makes people do. We never did care too much as to the name in the end.
-Mike M.
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