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Kevin Havelock will be boss of the refreshment division, which will include ice cream and beverages.
The bank's so-called corporate client solutions division, which will represent around one-third of the investment bank's revenues, will now focus on advisory and capital market services.
Pfizer said it would soon file offering documents for its animal health division, which will be called Zoetis (pronounced "zoe-EH-tis").
The division, which will be based in the Swiss city of Lausanne, made profits of $8.45bn last year by selling 831bn cigarettes for revenue of $48bn.
The new division, which will be known as Smith Barney, will technically be part of Salomon Smith Barney but will function separately from the investment bank.
Only four management jobs are to go in BBC News in the latest round of cuts to hit the division, which will result in 75 post closures.
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But the disastrous state of European finances has produced national divisions which will last for generations.
In terms of geopolitics, the battle for Falluja will also fuel sectarian and ethnic divisions, which will have reverberations far further than Anbar province.
5 40 p.m. | Updated The top two executives at Free Press, an imprint of Simon & Schuster, are leaving the company as a result of the reorganization of the company's adult publishing divisions, which will consolidate its imprints from six groups into four.
BBC 4 is screening Vatican – The Hidden World of God's Servants and Radio 4 is airing The Pope's British Divisions, which will feature Mark Dowd examining the impact of the sex abuse crisis in Britain's Catholic community, plus highlights of the beatification of Cardinal Newman.
Before the end of June, Tyco will spin off the electronics and health care divisions, which will become independent, publicly traded companies.
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CEO of Professional Science Editing for Scientists @ prosciediting.com