UNITED STATES
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 July 17, 2001)
SALOMON SMITH BARNEY HOLDINGS INC.
(Exact name of registrant as specified in its charter)
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Delaware 1-4346 11-2418067
State or other (Commisssion (IRS Employer
jurisdiction File Number) Identification No.)
of incorporation)
388 Greenwich Street, New York, NY 10013
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(Address of principal executive offices) (Zip Code)
(212) 816-6000
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(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 and six month periods ended June 30, 2001 and 2000
and provides certain additional financial information. Certain prior period
amounts have been reclassified to conform to current period presentation.
SALOMON SMITH BARNEY HOLDINGS INC.
SELECTED FINANCIAL DATA
(Unaudited, dollars in millions)
June 30,
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2001 2000
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Total stockholder's equity $ 12,141 $ 10,276
Total assets under fee-based management $474,200 $427,700
Three Six
Months Ended Months Ended
June 30, June 30,
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2001 2000 2001 2000
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Revenues:
Investment Banking $1,010 $ 834 $2,118 $1,747
Commissions 921 1,020 1,934 2,333
Principal transactions 581 640 1,733 1,503
Asset management and administration fees 816 820 1,657 1,598
Other 86 107 303 239
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Total noninterest revenues 3,414 3,421 7,745 7,420
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Interest and dividends 3,956 3,933 8,058 7,262
Interest expense 3,426 3,468 7,127 6,410
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Net interest and dividends 530 465 931 852
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Revenues, net of interest expense 3,944 3,886 8,676 8,272
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Noninterest expenses:
Compensation and benefits 2,075 2,072 4,565 4,138
Floor brokerage and other production 163 153 366 301
Communications 167 159 337 295
Occupancy and equipment 157 137 320 259
Advertising and market development 86 113 204 210
Professional services 65 86 167 154
Other operating and administrative
expenses 53 190 280 358
Restructuring charge 42 - 112 -
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Total noninterest expenses 2,808 2,910 6,351 5,715
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Income before income taxes and cumulative
effect of change in accounting principle 1,136 976 2,325 2,557
Provision for income taxes 402 318 824 911
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Income before cumulative effect of
change in accounting principle 734 658 1,501 1,646
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Cumulative effect of change in accounting
principle (net of tax benefit of $1) - - (1) -
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Net income $ 734 $ 658 $ 1,500 $ 1,646
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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: July 17, 2001 SALOMON SMITH BARNEY HOLDINGS INC.
By: /s/Michael J.Day
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Michael J. Day
Controller