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Citigroup to drop Salomon brand

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New York--Citigroup Inc. will stop using the Salomon name, an 92-year old Wall Street fixture, beginning in the first quarter of 2002. The bank's Salomon Smith Barney investment banking division will be combined with the Citigroup corporate and investment bank division and brand. The move signifies the end one of global finance's most storied brands. Salomon Brothers & Hutzler was formed in 1910 and over the next 87 years became one of the Street's most powerful investment banks; it was bought by Travelers Group Inc., the insurer, in 1997. A year later, Travelers merged with Citigroup. "We have found the brand name 'Citigroup' has become strongly established in the corporate and institutional marketplace and that many of our clients now use 'Citigroup,' regardless of the business in which they may work," Citigroup Chairman Sanford Weill wrote in a statement to employees. The Smith Barney moniker will be retained for Citigroup's private banking division. The move comes six weeks after Morgan Stanley Dean Witter & Co. dropped its "Dean Witter" moniker.
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