Brokers are leaving, and Smith Barney, Citi's wealth management group and the crown jewel of the business, is losing accounts. Citigroup's retail brokerage, Smith Barney, was once the crown jewel in its wealth management business. s (BAC) Merrill Lynch unit, Citigroup Inc.'s (C) Smith Barney unit and Lehman Brothers Holdings Inc. A sort of breakup already appears to be under way given talks to sell its Smith Barney brokerage business. Citigroup Inc. By selling Smith Barney at a premium, Citibank gets to hold onto $10b in deferred tax assets. Morgan would then have the option to buy the rest of Citi's Smith Barney division over the next three to five years.
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