Citigroup's Acquisition of Salomon Smith Barney

In 1998, Citigroup, a major financial services company, acquired Salomon Smith Barney, a well-known investment banking and brokerage firm. This acquisition was part of Citigroup’s strategy to diversify its services, combining retail banking with investment banking and wealth management. By bringing together these strengths, Citigroup aimed to create a comprehensive financial institution that could offer a wider range of services to its clients, enhancing its competitiveness in the market. The deal helped Citigroup expand its reach and capabilities, significantly impacting the financial services landscape.