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 20, 2003
CITIGROUP GLOBAL MARKETS HOLDINGS INC.
(Exact name of registrant as specified in its charter)
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New York 1-15286 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)
CITIGROUP GLOBAL MARKETS HOLDINGS INC.
Current Report on Form 8-K
Item 5. Other Events
Results of Operations
(Unaudited)
This report summarizes the results of operations of Citigroup Global Markets
Holdings Inc. for the three- and nine-month periods ended September 30, 2003
and 2002 and provides certain additional financial information. Certain prior
period amounts have been reclassified to conform to current period presentation.
CITIGROUP GLOBAL MARKETS HOLDINGS INC.
SELECTED FINANCIAL DATA
(Unaudited, dollars in millions)
September 30,
------------------
2003 2002
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Total stockholder's equity $ 14,461 $ 12,651
Three Nine
Months Ended Months Ended
September 30, September 30,
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2003 2002 2003 2002
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Revenues:
Commission $ 974 $ 952 $2,733 $2,910
Investment banking 792 757 2,684 2,631
Asset management and administration fees 864 868 2,457 2,746
Principal transactions 383 (35) 1,624 628
Other 41 113 136 187
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Total non-interest revenues 3,054 2,655 9,634 9,102
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Interest and dividends 1,797 2,475 5,942 7,189
Interest expense 1,121 1,829 3,870 5,084
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Net interest and dividends 676 646 2,072 2,105
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Revenues, net of interest expense 3,730 3,301 11,706 11,207
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Non-interest expenses:
Compensation and benefits 1,958 1,719 6,262 6,076
Floor brokerage and other production 155 162 493 488
Communications 151 161 486 475
Occupancy and equipment 134 136 405 402
Professional Services 91 89 268 211
Advertising and market development 67 66 196 212
Other operating and administrative expenses 105 129 283 313
Restructuring credit - (9) - (9)
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Total non-interest expenses 2,661 2,453 8,393 8,168
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Income before income taxes and cumulative
effect of change in accounting principle 1,069 848 3,313 3,039
Provision for income taxes 406 319 1,261 1,138
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Income before cumulative effect of
change in accounting principle 663 529 2,052 1,901
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Cumulative effect of change in accounting
principle (net of tax benefit of $16) - - - (24)
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Net income $ 663 $ 529 $2,052 $1,877
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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 20, 2003 CITIGROUP GLOBAL MARKETS HOLDINGS INC.
By: /s/Cliff Verron
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Cliff Verron
Controller