US brokers: Unfair picking

Should US investment banks still own retail stockbrokers? Morgan Stanley shareholders have been gnawing on this conundrum lately. But it is a question that could be lobbed beyond Morgan Stanley. Merrill Lynch, Citigroup and UBS are still clinging to broker networks bigger than the old Dean Witter business. So if Morgan Stanley should be called upon to jettison Dean Witter, why shouldn’t its competitors also feel the heat? First, consider their arguments for owning the businesses. All say their ...