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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 17, 2000
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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)
<PAGE>
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, 2000 and
1999 and provides certain additional financial information. Certain prior
period amounts have been reclassified or restated to conform to current period
presentation.
<PAGE>
<TABLE>
<CAPTION>
SALOMON SMITH BARNEY HOLDINGS INC.
SELECTED FINANCIAL DATA
(Unaudited, dollars in millions)
September 30,
------------------
2000 1999
---- ----
<S> <C> <C>
Total stockholder's equity $ 10,687 $ 9,879
Total assets under fee-based management (1) $ 444,200 $ 358,100
Three Nine
Months Ended Months Ended
September 30, September 30,
2000 1999 2000 1999
<S> <C> <C> <C> <C>
Revenues:
Commissions $ 994 $ 815 $3,327 $2,623
Investment banking 1,003 778 2,750 2,213
Asset management and administration fees 848 693 2,446 1,958
Principal transactions 760 329 2,263 2,011
Other 108 67 347 185
------ ------ ------ ------
Total noninterest revenues 3,713 2,682 11,133 8,990
------ ------ ------ ------
Interest and dividends 4,375 2,811 11,637 8,290
Interest expense 3,938 2,420 10,348 7,083
------ ------ ------ ------
Net interest and dividends 437 391 1,289 1,207
------ ------ ------ ------
Revenues, net of interest expense 4,150 3,073 12,422 10,197
------ ------ ------ ------
Noninterest expenses:
Compensation and benefits 2,181 1,608 6,319 5,206
Floor brokerage and other production 171 110 472 335
Communications 170 124 465 360
Occupancy and equipment 147 114 406 333
Advertising and market development 121 81 331 236
Professional services 81 64 235 174
Other operating and administrative expenses 172 138 530 496
Restructuring credit - (30) - (241)
------ ------ ------ ------
Total noninterest expenses 3,043 2,209 8,758 6,899
------ ------ ------ ------
Income before income taxes and cumulative
effect of change in accounting principle 1,107 864 3,664 3,298
Provision for income taxes 411 326 1,322 1,220
------ ------ ------ ------
Income before cumulative effect
of change in accounting principle 696 538 2,342 2,078
------ ------ ------ ------
Cumulative effect of change in accounting
principle (net of tax benefit of $12) - - - (15)
------ ------ ------ ------
Net income $ 696 $ 538 $2,342 $2,063
====== ====== ====== ======
(1) Includes jointly managed assets of $60,300 and $43,600 as of September 30, 2000 and 1999, respectively.
</TABLE>
<PAGE>
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, 2000 SALOMON SMITH BARNEY HOLDINGS INC.
By: /s/Michael J. Day
Michael J. Day
Controller
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