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By 1994, he was making a million dollars a year and moved to Salomon which then became Salomon Smith Barney.
When Canongate was on the verge of bankruptcy in 1994, Byng, then in his mid-20s, instigated a buyout, aided by his business partner Hugh Andrew, his stepfather (former BBC chairman Sir Christopher Bland) and then father-in-law (co-chairman of the multinational investment bank Salomon Smith Barney).