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CNBC's David Faber reports that Citi and Morgan Stanley are in "deep" talks about a merger of their brokerage operations. It would be apparently be structured as a joint deal but would "involve a payment from Morgan Stanley to Citi of an undisclosed sum that would give MS the larger stake." According to Faber, that "could mean 51 percent" but Morgan would have a right over a period of years to increase it's stake, making it effectively "a long term sale of Smith Barney to Morgan Stanley."

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