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Salomon awaits partnership payoff. (Salomon Brothers has yet to make a profit from its joint venture with Fidelity Investments Inc.)
Crain's New York Business, July, 1997 by Birger, Jon
Alliance with Fidelity still hasn't produced new business gains In January, when Salomon Brothers forged its unique alliance with Fidelity Investments' discount brokerage unit, Salomon officials argued the joint venture would help the firm generate new equity underwriting business. But six months later, there is little evidence that Salomon is benefiting from the partnership.
The firm's market share in equity underwriting has fallen, and companies for whom it has underwritten stock say the Fidelity alliance played little role in their decision to use Salomon bankers. "We were certainly aware of it, but the alliance wasn't a key consideration for us," says Robert Woodruff, chief financial officer of Qwest Communications, a Denver telecommunications company Salomon...
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