Here we go again … another name change is in the works at Salomon Smith Barney.
The retail unit will no longer use “Salomon” in the name. It will be known as Smith Barney at the start of the first quarter of 2002, according to a spokesperson.
“It’s for branding purposes,” the spokesperson says. The change was announced with little fanfare. An interoffice memo in mid-May was distributed to employees to announce the name change. A press release, however, was not distributed to the media.
“If a reporter called to discuss another issues with us, we said, ‘Oh, by the way, we’re changing our name,'” the spokesperson says.
According to the employee memo, 88% of high-net-worth clients and prospects interviewed by the firm were either positive or neutral toward the Smith Barney name, and clearly recognized the Smith Barney brand over Citigroup or Salomon Smith Barney for full-service brokerage, managed accounts and mutual funds.
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