P.M. BRIEFING : Smith Barney to Buy Drexel Offices
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NEW YORK — Smith Barney, Harris Upham & Co. Inc. has agreed to buy 16 retail offices from investment banking group Drexel Burnham Lambert Inc., Wall Street sources said today.
Frank Zarb, chairman and president of Smith Barney, told employees of the purchase at midday, the sources said. Zarb said seven of the offices are in the Northeast.
New York-based Smith Barney, a unit of Primerica Corp., has been rumored as the leading candidate to buy Drexel’s retail arm, which the Wall Street company put up for sale after settling massive charges of securities fraud with the Securities and Exchange Commission.
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