Even though it is slated to constitute the minority of the joint venture, Smith Barney is older and bigger, having digested the brokers of Legg Mason Inc. as part of a 2005 deal.

• 摩根士丹利眼下正试图重新为自身定位，将重点转向为投资者和公司提供咨询服务，降低自身资产负债表承受的风险。这种策略是在回归本源，以往华尔街公司的大部分收入和利润都来自于客户，而不是场内交易员。