This excerpt taken from the C 8-K filed Jul 17, 2009.
Brokerage and Asset Management
· The closing of the Smith Barney joint venture transaction on June 1, 2009, generated an $11.1 billion pre-tax, $6.7 billion after-tax gain on sale.
· Brokerage and Asset Management (BAM) revenues were $12.3 billion in the current period, up from $2.5 billion in the second quarter of 2008, mainly driven by the gain on the Smith Barney transaction, offset partially by the absence of one month of Smith Barney revenues. Net income was $6.8 billion, up from $218 million in the prior year period, due to the Smith Barney gain on sale.
· Expenses were $1.1 billion, down 45% from the prior year period due to the absence of one month of Smith Barney expenses, lower variable compensation and re-engineering efforts.
· End of period assets were $56 billion, down 14%, consistent with management efforts to reduce assets. End of period assets include approximately $19 billion of Nikko Cordial Securities assets that are recorded on the balance sheet as Assets of Discontinued Operations held for sale. The sale of Nikko Cordial Securities was announced in May, 2009.