Morgan Stanley and Citigroup will have to wait up to two years to gain the full benefit of their $14bn-a-year brokerage joint venture as the complexity of merging information technology systems delays integration.
The IT issues are frustrating some of the new business' 18,500 financial advisers who had expected to be able to sell a full suite of products from both Morgan Stanley and Citi to their wealthy clients, people close to the situation say.
Some bankers have also been disappointed as they had hoped to tap the army of brokers – the largest in the US – to distribute bond and equity issues to high-end retail investors.
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