-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, OXIzR9KXVcAxVkIxkroY/m16cl1fM9edO9z3FLvEW0HhGp+3w28c2SLk5YhIlENF WRF98dhBwHforUwOCmPFyA== 0000950123-98-008037.txt : 19980902 0000950123-98-008037.hdr.sgml : 19980902 ACCESSION NUMBER: 0000950123-98-008037 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19980831 ITEM INFORMATION: FILED AS OF DATE: 19980901 SROS: AMEX SROS: CBOE SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: SALOMON SMITH BARNEY HOLDINGS INC CENTRAL INDEX KEY: 0000200245 STANDARD INDUSTRIAL CLASSIFICATION: SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211] IRS NUMBER: 221660266 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-04346 FILM NUMBER: 98702508 BUSINESS ADDRESS: STREET 1: 388 GREENWICH ST STREET 2: 28TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10013 BUSINESS PHONE: 2128166000 MAIL ADDRESS: STREET 1: SEVEN WORLD TRADE CENTER STREET 2: 29TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10048 FORMER COMPANY: FORMER CONFORMED NAME: SALOMON INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: PHIBRO CORP DATE OF NAME CHANGE: 19820526 FORMER COMPANY: FORMER CONFORMED NAME: ENGELHARD MINERALS & CHEMICALS CORP DATE OF NAME CHANGE: 19811104 8-K 1 SALOMON SMITH BARNEY HOLDINGS INC. 1 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) August 31, 1998 --------------- Salomon Smith Barney Holdings Inc. - -------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter)
Delaware 1-4346 22-1660266 -------- ----------- ------------- (State or other (Commission (IRS Employer jurisdiction of File Number) 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) 2 SALOMON SMITH BARNEY HOLDINGS INC. CURRENT REPORT ON FORM 8-K ITEM 5. OTHER EVENTS. Salomon Smith Barney Holdings Inc. (the "Company") announced that, while the Company's private client and asset management businesses have continued to perform well, extreme volatility in the global fixed income and equity capital markets has reduced overall trading results and resulted in after-tax losses of approximately $150 million for the July-August period. Included in this loss are the following estimated after-tax losses: - $60 million of Russia-related credit losses; - $120 million of losses in the U.S. fixed income arbitrage portfolio; - $180 million of losses in the remaining global arbitrage business. The Company said it believes it has taken a conservative position with respect to its remaining Russian exposure. It expects no further material losses going forward from its U.S. fixed income arbitrage unit, having substantially completed the risk reduction associated with this unit after a previously announced restructuring. Further, the Company continues to substantially reduce the risk being borne by its continuing global arbitrage business. Certain of the statements contained herein that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act. The Company's actual results may differ materially from those included in the forward-looking statements. Forward-looking statements are typically identified by the words "believe," "expect," "anticipate," "intend," "estimate" and similar expressions. These forward-looking statements involve risks and uncertainties including, but not limited to, the success of the Company's risk reduction strategies and changes in general economic conditions. 3 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 hereunto duly authorized. Dated: September 1, 1998 SALOMON SMITH BARNEY HOLDINGS INC. By: /s/ Joseph Martinelli --------------------------- Joseph Martinelli Assistant Vice President -----END PRIVACY-ENHANCED MESSAGE-----