Salomon Brothers was a Wall Street investment bank, a so-called bulge bracket company. Founded in 1910 by three brothers (Arthur, Herbert and Percy) along with a clerk named Ben Levy, it remained a partnership until the early 1980s, when it was acquired by the commodity trading firm Phibro Corporation and then became Salomon Inc. Eventually Salomon (NYSE:SB) was acquired by Travelers Group in 1998, and following the latter's merger with Citicorp that same year, Salomon became part of Citigroup. Although the Salomon name carried on as Salomon Smith Barney, which were the investment banking operations of Citigroup, the name was ultimately abandoned in October 2003 after a series of financial scandals that tarnished the bank's reputation.
Read more about Salomon Brothers: Early History, 1990s Treasury Bond Scandal, Notable Former Staff
Famous quotes containing the word brothers:
“Men and women are brothers and sisters; they are not of different species; and what need be obtained to know both, but to allow for different modes of education, for situation and constitution, or perhaps I should rather say, for habits, whether good or bad.”
—Samuel Richardson (1689–1761)