SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
January 16, 2001
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SALOMON SMITH BARNEY HOLDINGS INC.
(Exact name of registrant as specified in its charter)
New York 1-4346 11-2418067
(State or other (Commission File Number) (IRS Employer
jurisdiction of Identification No.)
incorporation)
388 Greenwich Street, New York, NY 10013
(Address of principal executive offices) (Zip Code)
(212) 816-6000
(Registrant's telephone number, including area code)
SALOMON SMITH BARNEY HOLDINGS INC.
Current Report on Form 8-K
Item 5. Other Events
Results of Operations
(Unaudited)
This report summarizes the results of operations of Salomon Smith Barney
Holdings Inc. for the twelve month period ended December 31, 2000 and 1999 and
provides certain additional financial information. Certain prior period
amounts have been reclassified or restated to conform to current period
presentation.
SALOMON SMITH BARNEY HOLDINGS INC.
SELECTED FINANCIAL DATA
(Unaudited, dollars in millions)
December 31,
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2000 1999
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Total stockholder's equity $ 11,039 $ 9,326
Total assets under fee-based management (1) $ 445,600 $ 395,900
Twelve
Months Ended
December 31,
2000 1999
Revenues:
Commissions $4,375 $3,642
Investment banking 3,592 3,012
Asset management and administration fees 3,322 2,650
Principal transactions 2,706 2,562
Other 517 297
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Total noninterest revenues 14,512 12,163
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Interest and dividends 16,260 11,275
Interest expense 14,530 9,681
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Net interest and dividends 1,730 1,594
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Revenues, net of interest expense 16,242 13,757
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Noninterest expenses:
Compensation and benefits 8,193 6,847
Communications 648 504
Floor brokerage and other production 645 465
Occupancy and equipment 568 447
Advertising and market development 477 339
Professional services 332 259
Other operating and administrative expenses 633 643
Restructuring charge (credit) 4 (243)
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Total noninterest expenses 11,500 9,261
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Income before income taxes and cumulative
effect of change in accounting principle 4,742 4,496
Provision for income taxes 1,710 1,669
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Income before cumulative effect
of change in accounting principle 3,032 2,827
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Cumulative effect of change in accounting
principle (net of tax benefit of $12) - (15)
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Net income $3,032 $2,812
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(1) Includes jointly managed assets of $71.6 million and $49.1 billion as of December 31, 2000 and 1999, respectively.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Date: January 17, 2001 SALOMON SMITH BARNEY HOLDINGS INC.
By: /s/Michael J. Day
Michael J. Day
Controller