Editing Citigroup (section)

====Ownership of Salomon Brothers (1997–2003)====
In November 1997, Travelers Group (which had been renamed again in April 1995 when they merged with Aetna Property and Casualty, Inc.), acquired [[Salomon Brothers]], a major [[Bond market|bond dealer]] and [[bulge bracket]] [[investment bank]], in a $9&nbsp;billion (~${{Format price|{{Inflation|index=US-GDP|value=9000000000|start_year=1997}}}} in {{Inflation/year|US-GDP}}) transaction.<ref>{{cite web | url=http://edgar.secdatabase.com/2439/104746997006335/filing-main.htm | title=Travelers Group, Form 8-K, Current Report | publisher=[[U.S. Securities and Exchange Commission]] | date=November 28, 1997}}</ref> This deal complemented Travelers/[[Smith Barney]] well as Salomon was focused on fixed-income and institutional clients, whereas Smith Barney was strong in equities and retail. Salomon Brothers absorbed Smith Barney into the new securities unit termed Salomon Smith Barney; a year later, the division incorporated Citicorp's former securities operations as well. The Salomon Smith Barney name was abandoned in October 2003 after a series of financial scandals that tarnished the bank's reputation.<ref>{{cite news | url=http://www.businessinsider.com/the-slow-death-of-smith-barney-2012-6 | title=Morgan Stanley Is Killing 'Smith Barney' — Here's The Story Of How It Died | first=Ben | last=Duronio | work=[[Business Insider]] | date=June 12, 2012}}</ref>