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Fri, May 24, 2002 - Page 21 News List

Salomon adopts changes


Citigroup Inc's Salomon Smith Barney became the first Wall Street firm to agree to standards for analysts adopted by Merrill Lynch & Co to settle claims its research misled investors. Salomon, the fifth-largest securities firm by capital, will separate analyst pay and evaluation from investment banking and create a research review committee, Chief Executive Officer Michael Carpenter said in a memo to employees. The changes don't preclude New York Attorney General Eliot Spitzer from bringing a case against the firm.

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