Citigroup Inc. on Friday said it agreed to a $3.7 billion deal in which it will swap most of its asset-management business in exchange for the broker-dealer business of Legg Mason Inc., as well as Legg Mason stock and a loan to the Baltimore financial-services firm.
The agreement, which is subject to adjustments, includes about $1.5 billion in Legg Mason stock and a roughly $550 million, five-year loan from Citigroup.
