Dealtalk - Citi could get burned by its sunny brokerage appraisal
News, Reuters UK – July 2012
Corporate / Corporate consulting / Transaction Advisory
Reuters interviewed Matthew Morris, RGL’s director of corporate advisory services, about the discrepancy between Citi’s valuation and Morgan Stanley’s valuation of their joint venture.
By: David Henry and Lauren Tara Lacapra
Revenue growth rates for wealth managers have fallen so much that there are few deals being made these days, much less at pre-crisis valuations, said Matthew Morris, head of corporate advisory services at the U.S. arm of RGL Forensics, an accounting and valuation firm.
Still, Morris said, "the two sides are shockingly far apart while presumably using the same valuation framework."