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These excerpts taken from the C 8-K filed Sep 9, 2005. Smith
Barney’s revenue is generated from fees earned by managing client
assets, as well as commissions earned as a broker for its clients in the
purchase and sale of securities. Additionally, Smith
Barney generates net interest revenue by financing customers’
securities transactions and other borrowing needs through security-based
lending. Smith Barney also receives commissions and other sales and
service revenues through the sale of third-party mutual funds. As part of Smith Barney, Citigroup Equity Research
produces equity research to serve both institutional and individual investor
clients. The majority of expenses for
Citigroup Equity Research are allocated to the Global Equities business within
CIB and Smith Barney businesses.
Private Bank provides personalized wealth management services for high-net-worth clients through offices in 33 countries and territories. With a global network of Private Bankers and Product Specialists, Private Bank leverages its experience with clients’ needs and its access to Citigroup to provide clients with comprehensive investment management, investment finance and banking services. Investment management services include investment funds management and capital markets solutions, as well as trust, fiduciary and custody services. Investment finance provides standard and tailored credit services including real estate financing, commitments and letters of credit, while Banking includes services for deposit, checking and savings accounts, as well as cash management and other traditional banking services.
Smith
Barney’s Bank Deposit Program totaled $43 billion in 2004, which
increased slightly from 2003. Smith Barney had 12,138 financial
consultants as of December 31, 2004, compared with 12,207 as of December 31,
15
2003, and 12,690 as of December 31, 2002. Annualized revenue per financial consultant of $536,000 in 2004 increased 13% from $473,000 in 2003, which in turn increased 3% from $459,000 in 2002.
The following table details trends in total assets under fee-based management, total client assets and annualized revenue per financial consultant:
(1) Includes assets managed jointly with Citigroup Asset Management.
Operating expenses increased $446 million in 2004 to $5.016 billion from $4.570 billion in 2003, which in turn increased $15 million from $4.555 billion in 2002. The increase in 2004 and 2003 primarily reflects higher legal and advertising and marketing costs as well as continued investment expenses.
These excerpts taken from the C 8-K filed Jun 7, 2005. Smith
Barney’s revenue is generated from fees earned by managing client
assets as well as commissions earned as a broker for its clients in the
purchase and sale of securities. Additionally, Smith
Barney generates net interest revenue by financing customers’
securities transactions and other borrowing needs through security-based
lending. Smith Barney also receives commissions and other sales and
service revenues through the sale of proprietary and third-party mutual funds.
As part of Smith Barney, Global
Equity Research produces equity research to serve both institutional and
individual investor clients. The majority
of expenses for Global Equity Research are allocated to the Global Equities
business within CIB and Smith Barney
businesses.
Private Bank provides personalized wealth management services for high-net-worth clients in 33 countries and territories. With a global network of Private Bankers and Product Specialists, Private Bank leverages its extensive experience with clients’ needs and its access to Citigroup to provide clients with comprehensive investment management, investment finance and banking services. Investment management services include investment funds management and capital markets solutions, as well as trust, fiduciary and custody services. Investment finance provides standard and tailored credit services including real estate financing, commitments and letters of credit, while Banking includes services for deposit, checking and savings accounts, as well as cash management and other traditional banking services.
Smith Barney’s
Bank Deposit Program totaled $43 billion in 2004, which increased slightly from
2003. Smith
Barney had 12,138 financial consultants as of December 31,
2004, compared with 12,207 as of December 31,
15
2003, and 12,690 as of December 31, 2002. Annualized revenue per financial consultant of $534,000 in 2004 increased 13% from $472,000 in 2003, which in turn increased 3% from $459,000 in 2002.
The following table details trends in total assets under fee-based management, total client assets and annualized revenue per financial consultant:
(1) Includes assets managed jointly with Citigroup Asset Management.
Operating expenses increased $448 million in 2004 to $5.015 billion from $4.567 billion in 2003, which in turn increased $12 million from $4.555 billion in 2002. The increase in 2004 and 2003 primarily reflects higher legal and advertising and marketing costs as well as continued investment expenses.
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