Citi Addresses Morgan Stanley Smith Barney Rumors

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By telling employees to sit tight!

From: Mike Corbat
Sent: Monday, January 12, 2009 9:35 AM
Subject: Recent Press Coverage
To all GWM Colleagues:

Clearly, there has been a great deal of recent media coverage around a possible joint venture between Morgan Stanley and Smith Barney. I know that it's frustrating to read about a rumored agreement in the press, and we're sorry about that. Should there be any news, we will communicate with you as quickly and candidly as possible.
Until then, I appreciate your hard work and continued focus on the business and your clients.
Regards,
Mike
CEO Citi Global Wealth Management

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