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)
April 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 three month period ended March 31, 2001 and 2000 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)
March 31,
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2001 2000
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Total stockholder's equity $ 11,750 $ 9,876
Total assets under fee-based management (1) $421,100 $427,700
Three
Months Ended
March 31,
2001 2000
Revenues:
Principal transactions $1,152 $ 863
Investment banking 1,108 913
Commissions 1,013 1,313
Asset management and administration fees 841 778
Other 217 132
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Total noninterest revenues 4,331 3,999
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Interest and dividends 4,102 3,329
Interest expense 3,701 2,942
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Net interest and dividends 401 387
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Revenues, net of interest expense 4,732 4,386
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Noninterest expenses:
Compensation and benefits 2,490 2,066
Floor brokerage and other production 203 148
Communications 170 136
Occupancy and equipment 163 122
Advertising and market development 118 97
Professional services 102 68
Other operating and administrative expenses 227 168
Restructuring charge (credit) 70 -
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Total noninterest expenses 3,543 2,805
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Income before income taxes and cumulative
effect of change in accounting principle 1,189 1,581
Provision for income taxes 422 593
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Income before cumulative effect
of change in accounting principle 767 988
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Cumulative effect of change in accounting
principle (net of tax benefit of $1) (1) -
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Net income $ 766 $ 988
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(1) Includes jointly managed assets of $69.6 million and $53.7 billion as of
March 31, 2001 and 2000, 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: April 17, 2001 SALOMON SMITH BARNEY HOLDINGS INC.
By: /s/Michael J. Day
Michael J. Day
Controller