Salomon Inc. is a diversified trading and financial services holding company led by its flagship subsidiary, Salomon Brothers Inc., one of Wall Street's leading securities houses and a worldwide operator through its offices in London, Tokyo, and Hong Kong. The parent company also engages in commodities trading and petroleum refining through its subsidiaries Phibro Energy USA, Inc., Phibro Division of Salomon Inc., and Phibro Energy Production, Inc., a joint venture with Russia. This slightly unusual combination of businesses is the result of the 1981 purchase of Salomon Brothers, then a private partnership, by the commodities company Phibro Corporation. The resulting company was named Phibro-Salomon until 1986, when the firm assumed the name Salomon Inc.