EXHIBIT 15.1
Independent Accountants' Review Report
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The Board of Directors
Donaldson, Lufkin & Jenrette, Inc.
We have reviewed the accompanying condensed combined statement of financial
condition of DLJdirect (a combination of certain assets and liabilities as
described in note 1) as of June 30, 2000, and the related condensed combined
statements of operations, changes in allocated equity and cash flows for the
three-month and six-month periods ended June 30, 2000. These condensed combined
financial statements are the responsibility of Donaldson, Lufkin and
Jenrette, Inc.'s management.
We conducted our review in accordance with standards established by the American
Institute of Certified Public Accountants. A review of interim financial
information consists principally of applying analytical procedures to financial
data and making inquiries of persons responsible for financial and accounting
matters. It is substantially less in scope than an audit conducted in accordance
with generally accepted auditing standards, the objective of which is the
expression of an opinion regarding the financial statements taken as a whole.
Accordingly, we do not express such an opinion.
We have also reviewed the condensed consolidated statement of financial
condition of Donaldson, Lufkin & Jenrette, Inc. and subsidiaries as of June 30,
2000, and the related condensed consolidated statements of income, changes
in stockholders' equity and cash flows for the three-month and six-month periods
ended June 30, 2000, and have issued our report dated August 11, 2000. The
condensed combined financial statements of DLJdirect should be read in
conjunction with the condensed consolidated financial statements of Donaldson,
Lufkin and Jenrette, Inc. and subsidiaries.
Based on our review, we are not aware of any material modifications that should
be made to the condensed combined financial statements referred to above for
them to be in conformity with generally accepted accounting principles.
/s/KPMG LLP
New York, New York
August 11, 2000
