Citigroup/Salomon Smith Barney has outlined the extent of its allocation of shares in initial public offerings to executives at WorldCom and other corporate clients, as part of the investigation by the US Congress into the firm's practices.

In a letter to the House Financial Services Committee, the firm said that before the merger of Salomon Brothers and Travelers Group in November 1997, the average allocation to senior executives at WorldCom was 101,500 shares in IPOs run by Salomon.