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) January 20, 2004
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 twelve-month periods ended December 31, 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)
December 31,
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2003 2002
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Total stockholder's equity $ 15,622 $ 12,558
Twelve
Months Ended
December 31,
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2003 2002
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Revenues:
Commissions $3,749 $3,845
Investment banking 3,607 3,420
Asset management and administration fees 3,378 3,547
Principal transactions 1,886 576
Other 181 262
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Total non-interest revenues 12,801 11,650
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Interest and dividends 7,921 9,600
Interest expense 5,060 6,844
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Net interest and dividends 2,861 2,756
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Revenues, net of interest expense 15,662 14,406
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Non-interest expenses:
Compensation and benefits 8,008 7,425
Floor brokerage and other production 712 710
Communications 633 664
Occupancy and equipment 545 554
Professional services 384 312
Advertising and market development 276 289
Other operating and administrative expenses 431 1,408
Restructuring credit - (9)
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Total non-interest expenses 10,989 11,353
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Income before income taxes and cumulative
effect of change in accounting principle 4,673 3,053
Provision for income taxes 1,780 1,242
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Income before cumulative effect of
change in accounting principle 2,893 1,811
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Cumulative effect of change in accounting
principle (net of tax benefit of $16) - (24)
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Net income $2,893 $1,787
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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: January 20, 2004 CITIGROUP GLOBAL MARKETS HOLDINGS INC.
By: /s/Cliff Verron
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Cliff Verron
Controller