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) October 15, 2002
SALOMON SMITH BARNEY HOLDINGS INC.
(Exact name of registrant as specified in its charter)
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New York 1-4346 11-2418067
(State or other (Commission (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 nine-month periods ended September 30, 2002 and
2001 and provides certain additional financial information.
SALOMON SMITH BARNEY HOLDINGS INC.
SELECTED FINANCIAL DATA
(Unaudited, dollars in millions)
September 30,
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2002 2001
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Total stockholder's equity $ 12,651 $ 11,441
Total assets under fee-based management $409,400 $472,240
Three Nine
Months Ended Months Ended
September 30, September 30,
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2002 2001 2002 2001
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Revenues:
Commissions $ 952 $ 826 $ 2,910 $ 2,760
Investment banking 757 815 2,631 2,933
Asset management and administration fees 765 842 2,449 2,499
Principal transactions (35) 8 628 1,741
Other 216 143 484 446
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Total noninterest revenues 2,655 2,634 9,102 10,379
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Interest and dividends 2,475 3,410 7,189 11,468
Interest expense 1,829 2,814 5,084 9,941
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Net interest and dividends 646 596 2,105 1,527
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Revenues, net of interest expense 3,301 3,230 11,207 11,906
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Noninterest expenses:
Compensation and benefits 1,719 1,564 6,076 6,129
Floor brokerage and other production 162 162 488 528
Communications 161 161 475 498
Occupancy and equipment 136 152 402 472
Advertising and market development 66 72 212 276
Professional services 89 74 211 241
Other operating and administrative expenses 129 76 313 356
Restructuring charge(credit) (9) - (9) 112
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Total noninterest expenses 2,453 2,261 8,168 8,612
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Income before income taxes and cumulative
effect of changes in accounting principles 848 969 3,039 3,294
Provision for income taxes 319 363 1,138 1,187
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Income before cumulative effect of
changes in accounting principles 529 606 1,901 2,107
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Cumulative effect of changes in accounting
principles (net of tax benefit of $16
and $1, respectively) - - (24) (1)
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Net income $ 529 $ 606 $1,877 $2,106
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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: October 17, 2002 SALOMON SMITH BARNEY HOLDINGS INC.
By: /s/Cliff Verron
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Cliff Verron
Controller