Goodbye Smith Barney: Morgan Stanley is rolling out a name-change for the 75-year-old brand, according to The New York Post. The brokerage, jointly-owned with Citigroup, will be called Morgan Stanley Wealth Management. In its heyday, Smith Barney was known for its advertising slogan: “They make money the old fashioned way: They earn it.”Regarding name-changes, your favorite Charlotte-based lender spend some time pondering whether Bank of America Merrill Lynch was too much of a mouthful for its investment bank.

Rajiv Goel, the former Intel employee whose testimony helped convict Galleon Group founder Raj Rajaratnam of insider trading last year, was sentenced to two years probation and force to disgorge more than $260,000 for his participation in Mr. Rajaratnam's scheme.

Lawyers for Peregrine Financial Group founder Russell Wasendorf Sr., who pleaded guilty to stealing millions from customers of his futures brokerage, want their client released on bail pending sentencing.

The International Monetary Fund wants more austerity measures from Greece. Greek Prime Minister Antonis Samaras is twisting arms.

A new book on Angela Merkel draws parallels between the German leader and Don Corleone.

DoubleLine Capital CEO Jeffrey Gundlach is offering $1 million for the safe return of a painting by Piet Mondrian that was stolen from his Santa Monica, Calif. home last month, and another $500,000 for the return of works by Jasper Johns and Joseph Cornell.

A hedge fund makes it (a little bit) easier for investors to pull money out.

An ill-timed acquisition has made Credit Agricole the foreign bank with the most to lose in the Greek crisis.

Despite Spanish Prime Minister Mariano Rajoy's assertion that the matter of his nation's enfeebled banks was "resolved," yields on Spain's government bonds rose, and Fitch Ratings downgraded 18 Spanish lenders.

Italian Prime Minister Mario Monti is on deck.

Breakdown: Jamie Dimon testifies this morning at a Senate Banking Committee hearing on JPMorgan's recent trading losses. As we noted last night, Mr. Dimon's prepared remarks are dry stuff. Committee chair Sen. Tim Johnson, a South Dakota democrat, will ask “How can a bank take on ‘far too much risk’ if the point of the trades was to reduce risk in the first place?” according to Bloomberg, and Sen. Richard Shelby, the top-ranking Republican on the committee, will focus on specific nature of the trades. Other potential questions: How were executives in the chief investment office paid? And how involved was Mr. Dimon in the decision to change the way the CIO calculated its VaR, or the amount of money the office could lose on a given day?

Smith Barney no more: Morgan Stanley intends to drop the Smith Barney name from its retail brokerage, chief executive office James Gorman said yesterday. Morgan Stanley acquired a stake in Smith Barney, the firm that made "money the old fashioned way,"  in 2009, and plans to complete the outright purchase of Citigroup's remaining shares in the years to come. AsThe New York Timespoints out, Smith Barney joins Shearson, E.F. Hutton and Salomon Brothers among former Sandy Weill acquisitions to wind up on the scrap heap.

Moody's man: The Wall Street Journal has a go at profiling Gregory Winans Bauer, Moody's global head of banking, the man behind the potential ratings downgrades stalking the world's leading lenders. What did they find? "An avid yachtsman" leading 170 banking analysts neither as well known or highly paid as the bankers whose dreams they are currently haunting.

Gupta grilled: Rajat Gupta's daughter Geetanjali testified in Judge Jed Rakoff's courtroom yesterday. Would Ms. Gupta do anything for her father, a prosecutor asked on cross-examination? “I would do anything for my father, but I would not lie, though, on the stand,” she said.

Paper money: Syria released new Russian-printed banknotes into circulation, four Damascus-based bankers told Reuters.

Wipeout: The financial crisis knocked 39 percent off median household wealth, the Federal Reserve said yesterday, as the collapse of the housing market pushed net worth to 1992 levels.

Settled: The Treasury Department reached a $619 million settlement with ING Bank after the government charged that the Dutch lender breached U.S. sanctions against countries such as Iran, Libya and Cuba.

So while it might have seemed that something intricate and theatrical must have happened last week, when JPMorgan's Steve Black announced his departure only a few months into his three-year vice chairmanship, the story seems to be relatively straightforward. There were problems with ambition and age: The 58-year-old Mr. Black knew that he wasn't in line to replace the 54-year-old chief executive Jamie Dimon, and didn't relish a vice chairmanship where he could get a few deals done but wasn't in charge of anything in particular. "This wasn't something he wanted or needed to do forever," a source at the bank said. "He wants to run something."

But even if there were no poisonous soliloquies or stabbed backs, the history of Mr. Black, a longtime member of Mr. Dimon's inner circle, provides a rare peek into Wall Street's family dynamics.

Mr. Black ran JPMorgan's gargantuan investment bank with Bill Winters until late last year, when they were both replaced by Jes Staley, now widely considered the executive who'll succeed Mr. Dimon if something happens to him in the next few years. Mr. Dimon and Mr. Staley are both in their 50s, not much younger than Mr. Black, but the small difference matters. Besides, the executives who could succeed Mr. Dimon if he leaves at retirement age, like treasury and securities services head Michael Cavanagh, asset management head Mary Erdoes and retail chief Charlie Scharf, are in their 40s. (Mr. Winters is younger, too, but his relationship with Mr. Dimon wasn't as good; he's left the bank.)

Mentorship and succession get even trickier when personal history is involved. In 1982, red-cheeked Jamie Dimon didn't go into investment banking like the rest of his Harvard Business School class. Instead, family friend Sandy Weill, who'd sold his firm Shearson to American Express for nearly a billion dollars, hired him as his personal assistant there.

Only three years later, the genteel American Express chief James D. Robinson III essentially pushed out Mr. Weill; Mr. Dimon went with him. "When we get down the road," he's said to have told Mr. Weill, "just give me a little more of any deal."

In 1986, they took over a shoddy loan operation called Commercial Credit, toiled away together in an office in Baltimore and merged the firm with Primerica in 1988, a year after it had bought up Smith Barney. Mr. Weill made his deputy the firm's president in 1991. "I almost fell off my chair," Mr. Dimon told The Times that day. He was 35.

Mr. Black, who'd started in the Smith Barney trainee program in 1974, stayed as the firm ballooned. In 1993, he was promoted from the head of Smith Barney's capital markets division to vice chairman. A year later, Mr. Black officially became Mr. Dimon's deputy.

As the capital markets chief, Mr. Black had to deal with the clean-up when Mr. Weill bought back Shearson, his old firm, and merged it with Smith Barney. But Mr. Dimon got the credit in the press for making necessary cuts. "We had a pretty good yak around here about that," Mr. Dimon chuckled to a reporter in February 1998.

A few months after that interview, things got bad. In the wake of Citicorp's merger with Travelers, then the biggest in corporate history, he and Mr. Black openly feuded with Deryck Maughan, the Englishman at the helm of Travelers' Salomon Brothers. (He became Sir Maughan in 2002.)

Their quarrel came to a head at a black-tie Saturday night ball during a post-merger retreat in a West Virginia luxury resort. According to narratives in books by Duff McDonald and Andrew Ross Sorkin, among others, Mr. Black announced to his wife that he was going to extend an olive branch by asking Va Maughan, the Englishman's wife, to dance. He courteously cut in, but Mr. Maughan decided to not reciprocate. Ms. Black stood alone on the dance floor, and she started to cry. "You fucking asshole," Mr. Black told him. "If you ever do something like that to my wife again, I will drop you where you stand." Mr. Maughan, who is tall, walked away. Mr. Dimon demanded an explanation. Mr. Maughan did not feel like providing one. Mr. Dimon turned him around, loosening a button from his tuxedo. "You," said Mr. Maughan, "popped my button." That night, at 3 a.m., Mr. Weill decided to let Mr. Dimon, who'd been by his side since graduate school, go.

Mr. Black followed him out. Afterward, Mr. Black spent a year with his family on safari in Africa and driving race cars in Europe. In 2000, Chase chief William B. Harrison Jr. hired him.

In the meantime, Mr. Dimon built up Bank One, which, in 2004, merged with JPMorgan in a $58 billion deal. Mr. Dimon became CEO by 2006.

In a rare interview, Mr. Black denied to BusinessWeek that Mr. Dimon was a yeller. "Throughout our working relationship," read Mr. Dimon's farewell memo to Mr. Black, posted to the Web site Dealbreaker, "he has always impressed me with his tremendous dedication to the firm."

Mr. Black gave a brief interview to The Journal, where he said he's considering jobs in hedge funds or private equity, and to Mr. McDonald, at Fortune. "When the outside world puts an individual like him on a pedestal," he said about Mr. Dimon, "and thinks that he's the only person at the company who has any ability, sure, it can be a little frustrating. But that's not the way Jamie acts. It's not Jamie's fault."

mabelson@observer.com

The thinking goes that a deal for Morgan Stanley to buy the remaining 49 percent of Smith Barney it doesn't already own doesn't have to be consummated as fast as possible. Says The Journal:

On Friday, though, Mr. Gorman, who started as CEO at the beginning of the year, told investors Morgan Stanley has the flexibility to delay part of the purchase of the 18,000-broker joint venture if it wants to, according to people familiar with the meeting.

Morgan Stanley may be training an eye on 2013, when new, tighter Basel III capital standards are set to befall the financial services sector. The way the buyout deal is currently structured, Morgan could begin ramping up its stake in May 2012. Clinging to the cash to avoid regulatory ire has a downside, however: "Some observers say any change in the Smith Barney timetable could be viewed as a sign of weakness, because Morgan Stanley has repeatedly said it wants to be bigger in wealth management," says The Journal.

mtaylor [at] observer.com | @mbrookstaylor