Mega-firms eye selloffs to slim down

Banks, insurers shop key units to raise cash

Thousands of financial advisers and hundreds of billions of dollars in assets at a number of financial institutions could soon be on the move as distressed firms look to sell off major brokerage and money management operations.

In the wake of Citigroup Inc.'s decision to sell a majority stake in Smith Barney to Morgan Stanley in January and the move by Barclays PLC to offload its prized iShares unit this month, industry observers said that several other behemoth banks and insurers are now set to shed similar subsidiaries to raise fresh capital and shore up their balance sheets...

Investment News: Mega-firms eye selloffs to slim down