No-one doubts the success of the fixed-income department at Salomon Smith Barney. Since the merger first of Salomon Brothers with Travelers’ brokerage house Smith Barney in 1997, and then Travelers itself with Citibank in 1998, the fixed-income group has risen up the bond league tables and made a lot of money in the process.
A greater focus on client relationships at the expense of proprietary trading after the first merger, and a wider base of clients around the world and a balance sheet to boot, after the second, have been two major contributing factors.
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