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Salomon Bros

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BUSINESS
January 18, 1997 | Times Staff and Wire Reports
Salomon Bros. Inc. said it formed an alliance with Fidelity Investments, allowing customers of Fidelity's discount brokerage unit to buy as much as 10% of the shares in public offerings Salomon arranges. The agreement also permits the discount brokerage unit to distribute Salomon's stock research to its clients.
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BUSINESS
April 7, 2003 | From Reuters
The once-vaunted Salomon name disappears quietly today as Citigroup Inc. officially drops the Salomon Smith Barney moniker for its investment bank. Corporate and investment banking activities will now fall under the umbrella of the unit's Citigroup parent, a Citigroup spokesman said. Salomon Smith Barney wealth management and equity research functions will operate under "Smith Barney," as they have since October, when Citigroup announced the separation of the units.
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CALIFORNIA | LOCAL
July 16, 1995
Re: "New Beach Boys" (Orange County Newswatch, July 4): As a retired executive from a Fortune 500 company, I was accustomed to traveling on the company's behalf. My accommodations were the usual Best Westerns, Holiday Inns, etc., because expense control was so important to our bottom-line profit performance. If we were staying for any length of time in a certain location, we would rent efficiency units. How is it that Salomon Bros. can afford accommodations at a high-priced hotel like the Westin South Coast Plaza?
BUSINESS
June 10, 1998 | THOMAS S. MULLIGAN, TIMES STAFF WRITER
Robert E. Denham, the lawyer tapped by billionaire investor Warren E. Buffett to help right Salomon Bros. after a devastating 1991 scandal, has returned to the Los Angeles law firm of Munger, Tolles & Olson. After a year as Salomon's chief counsel, Denham succeeded Buffett in 1992 as chairman and chief executive, a job he held until Salomon's $9-billion acquisition last year by Travelers Group Inc.--a transaction Denham helped to engineer.
BUSINESS
March 25, 1988
Former White House budget director David A. Stockman is quitting the Wall Street giant Salomon Bros. to join the Blackstone Group, the smaller rival has announced. Stockman, a managing director at Salomon since leaving the White House in 1985, will handle all merchant banking activities and merger transactions for the Blackstone Group, the company said.
BUSINESS
January 25, 1991 | ALAN CITRON
Salomon Bros. Inc. has named William S. Thompson Jr., 45, chairman of Salomon Bros. Asia Ltd., effective June 1. He was head of the investment banking firm's San Francisco office for eight years. The Asia unit, based in Tokyo, handles all of the New York-based firm's Asian investment banking, sales and trading operations. A spokeswoman said it is the largest non-Japanese investment bank in Japan.
BUSINESS
September 7, 1985
The company said it will purchase PGB, a government securities inter-dealer broker, from the investment banking firm Mabon, Nugent & Co. Terms of the deal were not disclosed. PGB Securities currently has a very small share of the inter-dealer market, Salomon Bros. said. There are six other brokers who perform the same services of providing confidentiality by acting as intermediaries for transactions between primary dealers in U.S. government securities. Salomon Bros.
BUSINESS
October 22, 1986
The firm, one of 13 investment brokers sued by the city in 1984 after losing $60 million in bond investments, agreed to pay the city $250,000. The lawsuit alleged that the brokers took advantage of San Jose's former money managers by recommending speculative, long-term investments known to be unsuitable for the city. It was the first settlement reached in lengthy legal proceedings. Salomon Bros.
BUSINESS
June 22, 1987
In a filing with the Securities and Exchange Commission, Salomon Bros. disclosed that it could acquire the stake in Harcourt Brace Jovanovich if a lawsuit pending in Orlando, Fla., is decided in its favor. In one respect, the filing mainly was technical. Any investor who owns or stands to acquire 5% or more of a company must disclose that status with the SEC.
NEWS
August 11, 1991 | From Reuters
Salomon Bros. Inc., a top player in the U.S. bond market, said Friday it violated rules on Treasury auctions in bidding for more securities than one dealer is allowed. The firm also said it bid for the securities in the name of people who did not authorize them, giving Salomon a bigger position than it would otherwise have.
CALIFORNIA | LOCAL
April 13, 1998
Re "Real Scandal: Betrayal of the Poor," Column Left, April 7: Bravo to Robert Scheer for refocusing our attention on the true disgrace of the Clinton presidency: betrayal of the economic interests of the working people. Ironically, Scheer's article appeared on the very day you reported the merger of Citicorp and Travelers Group (which previously subsumed Primerica, Commercial Credit, Aetna, Smith Barney and Salomon Bros.) so that they will now have 100 million customers in 100 countries, combined assets of $700 billion and an operating profit of $7.5 billion!
NEWS
September 25, 1997 | THOMAS S. MULLIGAN, TIMES STAFF WRITER
Travelers Group, bidding to become the world's premier financial-services conglomerate, said Wednesday that it would buy investment-banking powerhouse Salomon Brothers for more than $9 billion in stock. Salomon will be folded into Travelers' huge brokerage unit, Smith Barney Inc., to form the nation's second-largest securities firm, behind recently merged Morgan Stanley, Dean Witter, Discover & Co. but ahead of Merrill Lynch & Co. But Travelers, led by the wily Wall Street veteran Sanford I.
BUSINESS
January 18, 1997 | Times Staff and Wire Reports
Salomon Bros. Inc. said it formed an alliance with Fidelity Investments, allowing customers of Fidelity's discount brokerage unit to buy as much as 10% of the shares in public offerings Salomon arranges. The agreement also permits the discount brokerage unit to distribute Salomon's stock research to its clients.
CALIFORNIA | LOCAL
June 2, 1996
Re "Moorlach Gets to Dip a Toe in County Pool," May 25: I personally would like to applaud the Board of Supervisors on both the timing as well as the magnitude of this move. I still believe that the treasurer's office which existed just one year ago was not ready to take over the management of the county's investment pool, but today I feel that John Moorlach and his team have earned the opportunity to prove that they have the talent necessary to handle this initial responsibility.
BUSINESS
May 14, 1996 | From Bloomberg Business News
Salomon Bros. plans to sell to investors the information that helped make the firm the world's biggest bond trader. Salomon said it formed Salomon Analytics Inc., a subsidiary that will market its "Yield Book" to customers. The Yield Book is a computer system and database full of confidential information on the $20-trillion world bond market. The 86-year-old securities unit of Salomon Inc.
BUSINESS
September 18, 1995 | Times Staff and Wire Reports
Salomon Bros. Inc. has hired Wesley C. Walraven from CS First Boston to head its West Coast mergers and acquisitions department. Walraven, 33, will be a director at the firm and will be based in Los Angeles. In nine years at First Boston, Walraven was head of the firm's M&A business development group in New York and also worked in Hong Kong and London. * Earl S. Washington has been appointed senior vice president of corporate communications for Rockwell International Corp.
BUSINESS
September 18, 1995 | Times Staff and Wire Reports
Salomon Bros. Inc. has hired Wesley C. Walraven from CS First Boston to head its West Coast mergers and acquisitions department. Walraven, 33, will be a director at the firm and will be based in Los Angeles. In nine years at First Boston, Walraven was head of the firm's M&A business development group in New York and also worked in Hong Kong and London. * Earl S. Washington has been appointed senior vice president of corporate communications for Rockwell International Corp.
BUSINESS
October 9, 1986 | PAUL RICHTER
Salomon Bros., Wall Street's largest securities firm, filled in some spaces at the top of its organization chart Wednesday with the addition of a president, two vice chairmen, and an 18-member board of directors. Thomas W. Strauss, 44, the head of Salomon's government bond-trading, foreign exchange and international operations, was named to the newly created post of president. Lewis S. Ranieri, 39, head of the mortgage securities and real estate departments, and William J.
NEWS
August 3, 1995 | MATT LAIT, TIMES STAFF WRITER
Interim County Chief Executive Officer Jan Mittermeier said on Wednesday that she wants to stop relying on an outside investment firm to manage the county's funds and intends to give the responsibility to the treasurer. "We need to get this done as quickly as possible," Mittermeier told the county Treasury Oversight Committee. She said weaning the county away from the costly services of the Wall Street firm of Salomon Bros. is a "top priority" of her fledgling administration.
CALIFORNIA | LOCAL
July 16, 1995
Re: "New Beach Boys" (Orange County Newswatch, July 4): As a retired executive from a Fortune 500 company, I was accustomed to traveling on the company's behalf. My accommodations were the usual Best Westerns, Holiday Inns, etc., because expense control was so important to our bottom-line profit performance. If we were staying for any length of time in a certain location, we would rent efficiency units. How is it that Salomon Bros. can afford accommodations at a high-priced hotel like the Westin South Coast Plaza?
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