VEP-Salomon Smith Barney 2003

EMPLOY
PROFILE
VAULT EMPLOYER PROFILE:
SALOMON SMITH
BARNEY
BY THE STAFF OF VAULT
© 2002 Vault Inc.

Copyright © 2002 by Vault Inc. All rights reserved.
All information in this book is subject to change without notice. Vault makes no claims as to
the accuracy and reliability of the information contained within and disclaims all warranties.
No part of this book may be reproduced or transmitted in any form or by any means,
electronic or mechanical, for any purpose, without the express written permission of Vault
Inc.
Vault, the Vault logo, and “the insider career networkTM” are trademarks of Vault Inc.
For information about permission to reproduce selections from this book, contact Vault Inc.,
150 W22nd Street, New York, New York 10011, (212) 366-4212.
Library of Congress CIP Data is available.
ISBN 1–58131–240–7
Printed in the United States of America

Salomon Smith Barney
INTRODUCTION 1
Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1
Salomon Smilth Barney at a Glance . . . . . . . . . . . . . . . . . . . . . . . . . . . .2
THE SCOOP 3
History . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3
League Tables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .13
Compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .27
ORGANIZATION 29
CEO’s Bio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .29

Business Units . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .29
Locations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .31
Key Officers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .32
Ownership . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .33
VAULT NEWSWIRE 35
Recent Transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .39
OUR SURVEY SAYS 41
GETTING HIRED 45
Hiring Process . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .45

Questions to Expect . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .46
Questions to Ask . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .49
To Apply . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .50
Visit the Vault Finance Career Channel at http://finance.vault.com — with

insider firm profiles, message boards, the Vault Finance Job Board and more.
CAREER
LIBRARY vii
ON THE JOB 59
Job Descriptions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .59

A Day in the Life . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .61
Career Path . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .63
Reviews and Feedback . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .64
FINAL ANALYSIS 67
RECOMMENDED READING 69
Introduction
Overview
Forged by a host of mergers of old-school Wall Street powerhouses, Salomon
Smith Barney (SSB) is today one of the world’s leading investment banks.
The defining moment in the company’s recent history came in October 1998,
when commercial bank Citicorp and insurer SSB’s former parent, insurer
Travelers Group, merged. The combination formed Citigroup, one of the
world’s largest financial institutions. Travelers had purchased Smith Barney
in 1993 and Salomon Brothers in 1997.
Salomon Smith Barney is a full-service investment bank offering sales,

research and trading for individuals and institutions; underwriting, advisory
and specialty financing for corporations and government entities; mutual fund
services; and futures and asset management. In 2001 SSB banked revenues
of $27.4 billion, 29 percent of parent Citigroup’s total revenue.
SSB’s link to the Citigroup name will soon become stronger. In May 2001,
Citigroup announced plans to fold Salomon Smith Barney’s operations into
Citibank’s corporate banking service, calling the new unit Citigroup
Corporate and Investment Bank. The change was scheduled to take place in
the first quarter 2002, but has been postponed.

CAREER
LIBRARY 1
Salomon Smith Barney at a Glance
UPPERS
Headquarters
388 Greenwich Street • Excellent training program
New York, NY 10013 • Prestigious firm on its way up the
Phone: (212) 816-6000 league tables
www.salomonsmithbarney.com • Respectful, bright and friendly co-
workers
DEPARTMENTS
DOWNERS
Equities
Fixed Income • Huge firm equals lots of
Global Relationship Bank bureaucracy
Foreign Exchange • Long hours
Investment Banking • Pays lower than competitors
Public Finance
Research
Sales and Trading THE BUZZ
WHAT EMPLOYEES AT OTHER FIRMS ARE SAYING
THE STATS • “Knocking on the door of the Big

Chairman and CEO: Charles O. Two”
“Chuck” Prince III • “A star, but inhumane and too big”
Employer Type: Subsidiary of • “The folks to beat”
Citigroup • “Facing challenges with integrating
2001 Revenues: $27.4 billion all the disparate pieces of its
2001 Net Income: $2.6 billion empire”
No. of Employees: 43,890 • “Holding their own in tough
(35,000) market:
No. of Offices: 500+ • “Sweat shop”
• “High quality”
• “Too big”
KEY COMPETITORS
Credit Suisse First Boston
Goldman Sachs
J.P. Morgan Chase
Merrill Lynch
Morgan Stanley
CAREER
2 LIBRARY © 2002 Vault Inc.
The Scoop
History
The Salomon Story

The Salomon brothers (Arthur, Herbert and Percy) founded Salomon
Brothers in 1910 as a money brokerage firm, but in 1917 the brothers moved
the business into government securities, which has remained the firm’s
specialty ever since. During the 1960s the firm began to build its powerful
equity underwriting unit and created a corporate finance department, whose
director, John Gutfreund, eventually became the firm’s chairman and CEO. It
was under Gutfreund’s direction that Salomon became the hyper-aggressive
jungle ruled by “big swinging dicks” (big moneymakers) as described by
Michael Lewis in his best-seller, Liar’s Poker.
Under Gutfreund, Salomon was sold in 1981 to Phibro, an oil and

commodities trading firm. Gutfreund and Phibro’s John Tendler became joint
CEOs, but Tendler left in 1984, leaving Gutfreund as the sole CEO. During
the 1980s, Salomon Brothers grew at a phenomenal rate, cashing in on the
decade’s bond trading craze. Gutfreund became a star, taking his place beside
other Wall Street luminaries such as Michael Milken and Ivan Boesky (who,
like Gutfreund, were both fated to fall). The firm exploded from 2,000 to
7,000 employees in three years, while many Salomon Brothers traders
became extraordinarily rich, benefiting from special pay deals that
guaranteed them lavish bonuses regardless of company performance.
However, Salomon’s weaknesses became apparent when the stock market

crashed in 1987. Salomon Brothers became one of the first firms to shut
down entire units, closing its municipal bond and commercial paper
departments. Later, Salomon received a cash infusion from Warren Buffett,
the big swinging chairman of investment firm Berkshire Hathaway, and
looked instead into leveraged buyouts (LBOs). That avenue turned out to be
a dead end, too, as the LBO business dried up in the early 1990s.
Solving Treasury bond problems

In 1991 the Securities Exchange Commission charged Salomon Brothers with
buying Treasury bonds for clients without their permission. It also charged
Gutfreund with condoning the illegal sale. Faced with fraud charges and
barred from ever participating in Treasury actions again – a death sentence for

CAREER
LIBRARY 3
The Scoop
a firm like Salomon Brothers that generated much of its revenue from
proprietary trading (i.e., the trading of securities on the firm’s own account,
rather than for clients) – Salomon forced Gutfreund to retire. Investor Warren
Buffet, who had bought 19 percent of the company in 1987 for over $1
billion, became Salomon’s interim chairman. Buffet installed his lawyer,
Robert Denham, as CEO of Salomon Brothers’ holding company, and
promoted Deryck Maughan to CEO of the Salomon Brothers securities
operations. Buffet also replaced several top executives and sold off assets.
Buffet’s management reforms reassured the Treasury Department, which

allowed Salomon back into Treasury auctions. However, in 1994 the firm lost
$1 billion in bad bond deals and had to rescind its policy of tying bonuses to
performance after many disgruntled, “underpaid” employees started leaving
the firm. In 1995 the firm posted another bad year, which was marked by
mass company defections. But Salomon CEO Maughan had been quietly
taking control of the company during the early 1990s and managed to revive
the firm’s investment banking and trading operations. By 1996, the firm had
rebounded: Salomon Brothers’ traders had earned the company $2 billion
during the year and its investment banking operations ranked third in
underwriting U.S. corporate stocks and bonds.
The Smith Barney story

Founded in the late 1800s by the union of two investment-banking houses
(one led by Charles Barney, the other by Edward B. Smith), the former Smith
Barney had one of Wall Street’s most storied pasts. Smith and Barney
founded their respective firms in Philadelphia, but were among the first firms
to open on Wall Street and make it the world’s financial capital. For most of
the 20th century, Smith Barney operated as one of Wall Street’s smaller
operations, with a small investment banking operation that specialized in
equities. That all changed, though, when Sandy Weill came on board.
Sanford (Sandy) I. Weill, formerly the chairman and CEO of the Travelers
Group, the parent company of Smith Barney and several other insurance,
mutual fund, and annuity companies, is now co-head of the financial services
behemoth known as Citigroup. Weill is largely responsible for taking this
traditional old brokerage firm, which, for much of its history, had not shown
much of a yen for expansion, and placing it in front of the rolling snowball of
frenetic financial services mergers of the late 1990s.
Since he was hired in 1986 as CEO of Commercial Credit, a small Baltimore

securities firm, Weill has made a handsome living acquiring companies,
cutting costs, and selling off unprofitable ventures. In 1988 Commercial
CAREER
The Scoop
Credit purchased Primerica, which had bought Smith Barney a year earlier.
In 1993 Weill, as head of Primerica (Weill had taken the better-known name
of the acquisition), bought Travelers and became the head of Travelers Group.
In effect, Weill took a small Baltimore securities firm and built it up,
successively buying up larger companies and taking their more marketable
names for his own. Along the way, Weill raised the value of Commercial
Credit stock tenfold from 1986 to 1996 as the company’s name changed from
Commercial Credit to Primerica to Travelers. During that time, however,
Smith Barney had begun to stagnate; Smith Barney was a sleepy firm with
only 2,000 brokers, and its small investment-banking unit grossed just $157
million for 1992.
Moving towards superpower status

Weill had big plans for Smith Barney. In 1993 Weill succeeded in buying
back Shearson, his old brokerage, from American Express, and quickly
integrated its operations with Smith Barney’s. The immediate impacts on
Smith Barney were enormous. The purchase added 8,000 Shearson brokers
to Smith Barney’s payroll. To support them, Smith Barney had to hire an
army of traders and investment bankers. For Weill, however, investment
banking wasn’t just a support operation for brokers. Rather, he held dreams
of expanding Smith Barney’s investment bank to top-tier status.
To accomplish this goal, Weill hired a Morgan Stanley mergers and

acquisition star, Robert Greenhill, to run Smith Barney in 1995. Despite
Greenhill’s early successes (with Smith Barney, Greenhill advised on the
high-profile Viacom-Paramount deal), the legendary banker proved to be a
poor manager who failed to rein in costs and never got his bankers to replicate
initial successes. More important, Greenhill could never convince Weill to
spend the money he thought a great investment-banking firm needed,
especially one with aspirations of an overseas presence. To Greenhill and
many other observers, Weill’s tendency to grow through acquisition and to
keep costs low was frustrating the development of a world-class investment
bank.
In one respect, though, Greenhill did succeed – in prying money from Weill’s
fists for himself and his staff. To lure Greenhill and 21 Morgan Stanley
bankers to Smith Barney, Weill promised them enormous amounts of money,
much of it in guaranteed bonuses. The ex-Morgan Stanley junior bankers,
already well paid, saw their total compensation rise to nearly a million dollars
a year. These bankers’ large bonuses shrank the bonuses for veteran Smith
Barney bankers, souring the climate at the firm so much that some started

CAREER
LIBRARY 5
The Scoop
calling Smith Barney “Wall Street’s Bosnia.” When Greenhill failed to

perform the next year, leading to an 11th place ranking in domestic mergers
and acquisitions, Weill forced Greenhill to retire in 1996 and replaced him
with James Dimon, Weill’s own longtime right-hand man. Dimon succeeded
in cutting costs and strengthening Smith Barney’s municipal bond operations.
But Smith Barney still suffered from a reputation as a “co-manager of choice”
for securities offerings. The firm was considered competent enough to handle
the issues, but small enough to pose little threat of competition. Many at
Smith Barney cringed at this reputation and had begun to question whether
Weill and Dimon were serious about transforming Smith Barney into a strong
retail broker with an equally strong investment bank. In September 1997,
they got their answer – when the Salomon Brothers/Smith Barney merger was
announced.
The first merger – a nice fit

When Salomon Brothers agreed to be acquired by Travelers Group for $9
billion in 1997, industry analysts hailed the combination as a near-perfect fit.
Smith Barney, a retail-driven, domestic firm, would join with Salomon
Brothers, a mighty international bond trader. The two businesses rarely
competed for the same customers, and, as a “wholesale” operation, Salomon
worked primarily with institutional investors, while Smith Barney was the
guy who called your father on the phone. As an investment bank, Smith
Barney was strong in some industries – health care and real estate – and
nonexistent in others. Backed by Traveler’s muscle, the firm had a
respectable equity underwriting business, but only as a co-manager. Salomon
Brothers, on the other hand, made most of its money in the 1980s on
proprietary trading. Its reputation was primarily as a bond shop, and its stock
business had been disappointing. In terms of clients, Smith Barney serviced
mostly a middle market clientele, while Salomon Brothers was strong with
large, established corporations.
The firms indeed dovetailed nicely. Only 42 banking professionals were laid
off as a result of the merger; 1,250 remained with the combined firm. Smith
Barney, at the time of the merger, was the country’s second largest brokerage
(behind Merrill Lynch) with 10,400 brokers. Meanwhile, Salomon had been
seeking to diversify its earnings through an alliance with mutual fund king
Fidelity Investments, with Fidelity helping to sell Salomon’s securities
offerings. The partnership with Fidelity has since been disbanded and today
the firm has more than 10,000 troops ready to sell its products. And those
troops now have sexier products to sell. As one competitor told Investment
Dealers’ Digest in the spring of 1998, after several large deals suggested that
CAREER
The Scoop
the new firm was larger than the sum of its parts, “Smith Barney never had a
hope of being a global player on its own; it never positioned itself that way.
But now, with Salomon, it has a chance.”
The second merger

Salomon Smith Barney had little time to get situated before another deal hit
the wires. Travelers and Citicorp agreed to a merger in October 1998,
forming a financial services powerhouse. For the investment bankers at
Salomon Smith Barney, the move meant the accelerated dissipation of
Salomon’s high-paying, risk-taking culture. The Wall Street Journal reported
of panic in the halls of Salomon Smith Barney. Word was of Citicorp’s 1,100
corporate banking officers, only three were earning more than $1 million,
while at Salomon Smith Barney, about 150 out of 1,000 investment bankers
were being paid more than $1 million – a sure sign of significant cultural
differences. Citicorp moved to quash the rumor, stating that “many more”
than three of its top corporate officers were topping seven figures.
The second merger led to departures as well, most notably that of Jamie
Dimon, who had co-headed Salomon Smith Barney along with Deryck
Maughan. Dimon, who had also been president of Citigroup and presumed
heir apparent for the Citigroup CEO spot, resigned amid a rapid consolidation
of Salomon Smith Barney’s investment banking unit and Citibank’s corporate
banking business. Maughan also was moved out of the leadership role,
becoming a Citigroup vice chairman. Dimon was a Wall Street favorite and
his departure led Citigroup’s stock to slightly stumble. Sandy Weill’s former
right-hand man was also well loved by his underlings: when he walked onto
the firm’s trading floor after the announcement of his resignation, he was
given a standing ovation by the 1,000-plus staff on the floor.
So why do it?
In the 1980s, Sanford Weill dreamed of building a “one-stop shopping”
financial supermarket offering products as varied as car insurance and put
options, credit cards and three-tranch mortgage-backed bonds. In both the
Salomon/Smith Barney and Travelers/Citicorp mergers, the compelling
business logic behind the deal far outweighed the concerns over potential
culture. For example, the Travelers/Citicorp merger made a lot of sense,
because the two partners had, for the most part, complementary businesses
Citicorp got Smith Barney’s more than 10,000-strong brokerage (which
largely sells to individual investors) to hawk its checking accounts, mutual

CAREER
LIBRARY 7
The Scoop
funds and credit cards, along with Traveler’s 100,000 insurance agents and
80,000 part-time Primerica Financial Services insurance agents.
Rocky road to the top

Initial results from the Citicorp/Travelers merger were excellent and analysts
raved about the company’s future. Euromoney named Salomon Smith Barney
“Most Improved Investment Bank” in July 1999. In October 1999, SSB was
able to lure former Treasury Secretary Robert Rubin to the firm, making him
chair of the executive committee and part of the chairman’s office. After his
appointment, rumors surfaced that Rubin was under consideration for the
CEO post at Citigroup and the position of chairman of the Federal Reserve.
But the rumors were extinguished after Rubin denied interest in becoming the
company’s CEO and Alan Greenspan was reappointed Fed chairman.
Transitions were reportedly not as smooth at Citigroup’s headquarters,

however, as Weill and Reed (who were co-chairmen and co-CEOs) struggled
for control of the company. Reed retired in February 2000, saying he sought
the tranquility of life outside corporate America. In April 2000, The Wall
Street Journal published a far different account, saying that Reed and Weill
had clashed over a number of issues, including the bank’s Internet strategy,
and that some senior managers found the presence of two CEOs disruptive.
Citigroup’s board of directors debated the issue for several hours in February
2000. At one point, Reed rejected a compromise that would have made him
non-executive chairman and Weill as the sole CEO. After that, the board
asked Reed to retire.
Mergers for others

In addition to its own merger activity, Salomon Smith Barney has been busy
advising its clients on mergers and acquisitions. SSB’s M&A operation is not
too shabby, either. In 2001 the firm was the fourth- ranked M&A adviser,
handling $482 billion of business, according to Thomson Financial. The
firm’s biggest deals for the year included advising Tyco International on its
$10.2 billion acquisition of The CIT Group, USX Corp. on its $9.8 billion
purchase of USX Marathon Group and Compaq Computer on its $24.9 billion
sale to Hewlett Packard in September 2001. The firm was ranked fifth among
advisors of announced U.S. M&A transactions in 2000, advising on 198
domestic announced deals worth $423.4 billion. Salomon Smith Barney was
also fifth in worldwide announced M&A for 2000, advising on 435 deals
worth $666.8 billion.
CAREER
The Scoop
Despite the firm’s status, some industry observers were surprised when
Salomon Smith Barney was chosen as lead adviser to America Online in its
blockbuster merger with Time Warner. The bank was an unexpected choice
because others in the industry perceived SSB’s technology and Internet teams
as weak. “I don’t even know the names of anyone over there,” one
competitor told The Industry Standard after the deal was announced. That
competitor should take note of the name Eduardo Mestre. Not only did
Mestre lead the AOL deal team, but also led the team that advised the now-
controversial WorldCom on its acquisition of MCI in 1998. That transaction
helped him capture the “Banker of the Year” award from Investment Dealers’
Digest in 1998.
Adept with debt

Salomon Smith Barney is a perennial leader in underwriting fixed income
offerings and providing liquidity in those markets. In 2001 SSB held on to
the top spot in total fixed income offerings, underwriting debt totaling $186
billion, according to Thomson Financial Securities Data. The total
constituted a big jump from the $108 billion worth of debt that SSB
underwrote in 2000, when the firm was the only bank to break the $100
billion mark. Capitalizing on its fixed income prowess, SSB was also the top
underwriter in 2001 of global debt and equity combined, breaking Merrill
Lynch’s 11-year reign in the category. SSB handled $486 billion in debt and
equity issues, garnering the firm a 12 percent share of the worldwide $4
trillion market. “These bragging rights are actually a tangible marketing
item,” money manager Michael Holland of Holland Balanced Fund told The
Wall Street Journal. Holland added, “When the king is dethroned, you can
bet the new king is going to be making a lot of commotion about that.”
SSB also unseated Goldman in 2001, knocking the bank from its pedestal in
the category of disclosed fees from total global debt and equity issues. SSB
racked up $2.4 billion in disclosed fees during the year, leaping from its
fourth place finish in 2000, when it banked $2 billion in fees. During its
monumental 2001, SSB co-lead managed numerous billion dollar plus debt
offerings, including AT&T’s $10 billion issuance in November, Ford Motor’s
$8.5 billion (and €1 million) issuance in October, and Lucent Technologies’
$1.9 million issuance in August. Without breaking stride, before the 2002
first quarter was finished, SSB already had its hand in a bunch more billion
dollar debt deals, including issuances for Marathon Oil, Sprint and Walt
Disney. SSB’s recent equity underwriting engagements include Kraft Foods’
whopping $8.7 billion IPO in June 2001, Willis Group Holdings’ $270
million IPO also in June 2001, tobacco maker Loews Corp.’s $980 million

CAREER
LIBRARY 9
The Scoop
IPO in February 2002 and Travelers Property Casualty Corp.’s $3.9 billion
IPO in March 2002. Due to its leading hand in the huge Travelers offering,
SSB underwrote more dollars in IPOs in the first quarter 2002 than any other
firm. SSB raised $4.9 billion, which amounted to nearly half of total IPO
proceeds during the period.
Making the cut

Salomon Smith Barney was not immune to the layoffs sweeping the industry.
In April 2001, SSB’s parent Citigroup announced it was cutting several
hundred jobs in its 60,000 employee corporate and investment banking
operations. “Most of the jobs are in operations and technology, many the
result of ongoing integration,” a Citigroup spokeswoman told CNNfN.
“We’ve had four mergers in three years, and clearly the layoffs also reflect
current market conditions.” The spokeswoman would not specify exact
numbers, but said less than one percent of the staff would be laid off.
Feeling the heat

SSB was one of several targets of a recent investigation into alleged conflicts
of interest among Wall Street firms’ research analysts and their investment
bankers. The investigation was launched by New York State Attorney
General Eliot Spitzer. He first looked into allegations that SSB competitor
Merrill Lynch allowed investment-banking fees to influence research
coverage. The probe soon expanded to other Wall Street firms. In April 2002,
SSB confirmed in an internal memo (obtained by The New York Times) that
Spitzer had subpoenaed the firm to turnover all related communications
between the firm’s investment banking group and its telecommunications
research team. The memo also stated that SSB was to turnover all
information about how the research team was compensated.
In May 2002, Merrill agreed to a settlement with Spitzer. The firm agreed to
pay a $100 million fine, set up a committee to oversee its research, separate
analysts’ compensation from investment-banking fees and disclose any fees
in research reports. Salomon Smith Barney adopted the same changes shortly
afterwards. The reforms, however, were not enough to save SSB and other
Wall Street research units from investigators. The Securities and Exchange
Commission and other state attorneys general began investigations of their
own.
CAREER
The Scoop
Where there’s smoke, there’s fire

In July 2002, Salomon Smith Barney’s research unit again felt the heat of
regulators. This time, star telecom analyst Jack Grubman was at the fire’s
center. Grubman landed in the middle of a federal probe after telecom giant
WorldCom, formerly one of the Grubman’s top stock picks, announced that a
huge accounting misstatement helped force its bankruptcy in late June 2002.
NASD investigators began looking at whether SSB misled investors by
publishing positive research on WorldCom and doling out shares of hot initial
public offerings to top WorldCom executives in exchange for winning
advisory business from the telecom firm. Grubman had recommended
buying WorldCom’s stock until just a few days before the company
announced its bankruptcy and had advised WorldCom on many of its 65
acquisitions. Grubman helped SSB win almost $1 billion in total fees during
the late 1990’s.
The New York State probe extended to SSB’s relationship with AT&T.
Spitzer subpoenaed SSB and Citigroup documents related to Grubman’s
sudden decision to change his rating of AT&T’s stock just before the telecom
giant issued a tracking stock for its wireless division in early 2000. Salomon
Smith Barney was one of the lead underwriters of the deal, one of the largest
public offerings in history. Specifically, Spitzer is investigating Sandy
Weill’s role in Grubman’s change of heart, fearing that Weill, also an AT&T
board member, may have influenced Grubman to improve on what had been
a sub-par rating.
Jack hits the road

Amid the numerous regulatory inquiries, Salomon Smith Barney
telecommunications analyst Jack Grubman resigned in August 2002. Once
considered one of the most powerful people on Wall Street, Grubman said the
criticism and second-guessing of his work made it impossible for him to do
his job. In a letter to SSB CEO Michael Carpenter, Grubman said he
regretted having “failed to then predict” the collapse of the
telecommunications industry, but he said, “I am nevertheless proud of the
work I, and the analysts who worked with me, did.” According to The New
York Times, 10 of the 25 largest bankruptcy filings in the U.S. were made by
telecommunications companies, and Grubman recommended the stocks of all
of them.
Citigroup retools, Carpenter replaced

In mid-September 2002, still waist-deep in allegations and investigations,
Salomon Smith Barney received news that a new man would be leading the

CAREER
LIBRARY 11
The Scoop
bank in the fight to clear its name. Salomon Smith Barney parent Citigroup
announced that SSB CEO Michael Carpenter would be replaced, effective
immediately, with Chuck Prince, then Citigroup’s chief operating officer.
Prince, a more senior Citi executive than Carpenter, brings more legal
experience to the Salomon CEO post than his predecessor – Prince is an
attorney and former Citigroup general counsel. According to the Financial
Times, Citigroup chairman Sandy Weill said “the move was a way to
‘accelerate the process of change’ at the bank, and assure that the bank is a
leader in corporate governance standards.” The ousted Carpenter, who was
named the new head of Citigroup’s Global Investment Group, told The Wall
Street Journal that he and Weill “reached the joint decision that the best way
for me to serve the company is to take on a new assignment and to enable the
Global Corporate and Investment Bank to start on a fresh page.”
Salary CAP
Some former SSB brokers have taken issue with the firm’s Capital
Accumulation Plan (CAP). The 400 ex-brokers filed a lawsuit against SSB
and Citigroup, charging that the company illegally retained money they put
into the deferred compensation plan after the brokers left Salomon Smith
Barney. The CAP plan allows qualified employees to buy Citigroup stock at
a discount and sometimes pays part of bonuses in company stock as well.
The plan vests in two or three years, but all of the money put into the program
– both employee and company contributions – are retained by the company if
the employee leaves before full vesting. (Most deferred compensation plans
allow employees to keep their contributions no matter how long they stay at
the firm.) The plaintiffs say that policy is an unlawful retention of their
wages; the firm claims the policy is lawful and in keeping with the intentions
of the plan. The suit is still pending.
The bank that dare not speak its name

Though rich in history, the Salomon Smith Barney name will soon be history.
Parent Citigroup combined Salomon Smith Barney’s operations with
Citibank’s corporate bank and renamed the group Citigroup Corporate and
Investment Bank. In a company-wide e-mail in May 2001, Chairman Weill
told employees that Citigroup wished to exploit the strength of its Citi brand
name, as well as strengthen the “common culture we are developing as
Citigroup.” (The name change was supposed to take place in the first quarter
of 2002, but has been postponed.) Additionally, in a return to making money
the old fashioned way, Salomon Smith Barney will use the name “Smith
Barney as the brand name for its Private Client business”
CAREER
The Scoop
League Tables
Global Debt & Equity Offerings:
Jan 1, 2001 - December 31, 2001
PROCEEDS MARKET # OF DISCLOSED

RANK ADVISER ($BILLIONS) SHARE (%) ISSUES FEES ($MILLIONS)
1 Citigroup/Salomon SB 486.9 11.9 1,574 2,401.7
2 Merrill Lynch 432.7 10.6 2,012 1,940.9
3 CSFB 346.9 8.5 1,312 1,641.0
4 J.P. Morgan Chase 315.1 7.7 1,094 1,037.5
5 Goldman Sachs 302.5 7.4 795 2,111.1
6 Morgan Stanley 277.6 6.8 929 1,976.0
7 Lehman Brothers 260.6 6.4 861 972.7
8 UBS Warburg 252.8 6.2 949 888.2
9 Deutsche Bank 224.4 5.5 770 745.3
Source: Thomson Financial

10 BofA Securities 162.5 4.0 728 465.8
11 Bear Stearns 134.7 3.3 427 230.0
12 ABN Ambro 90.0 2.2 776 353.4
13 Barclays Capital 72.9 1.8 314 121.8
14 BNP Paribas 55.0 1.4 216 207.7
15 DK Wasserstein 53.1 1.3 272 251.2
INDUSTRY TOTAL 4,075.1 100.0 16,748 18,159.6
Global Debt & Equity Offerings:

Jan 1, 2002 - Jun 30, 2002
RANK ADVISER PROCEEDS MARKET # OF DISCLOSED

($BILLIONS) SHARE (%) ISSUES FEES ($MILLIONS)
1 Citigroup/Salomon SB 244.8 11.1 797 1,346.3
2 Merrill Lynch 197.0 9.0 811 753.4
3 J.P. Morgan Chase 183.2 8.3 627 690.1
4 CSFB 175.4 8.0 656 811.4
5 Goldman Sachs 152.5 6.9 534 688.1
6 Deutsche Bank 143.4 6.5 588 501.5
7 Lehman Brothers 143.0 6.5 438 446.1
8 Goldman Sachs 135.1 6.1 372 647.3
9 UBS Warburg 132.2 6.0 507 364.8
10 BofA Securities 97.3 4.4 529 292.1

11 Bear Stearns 69.8 3.2 236 150.9
13 ABN Amro 46.2 2.1 295 125.8
14 Royal Bank of Scotland 33.5 1.5 115 39.5
15 HBSC Holdings 32.9 1.5 204 91.3
INDUSTRY TOTAL 2,199.0 100.0 8,234 8,745.2

CAREER
LIBRARY 13
The Scoop
Global M&A Transactions (announced):

Jan 1, 2001 - December 31, 2001
RANK ADVISER RANK VALUE # OF DEALS

($BILLIONS)
1 Goldman Sachs 602.8 339
2 Merrill Lynch 477.0 255
3 Morgan Stanley 460.6 313
4 CSFB 395.3 455
5 J.P. Morgan Chase 388.4 403
6 Citigroup/Salomon SB 264.9 331
7 UBS Warburg 227.9 239
8 Deutsche Bank 224.1 253
9 Lehman Brothers 123.2 148

10 Dresdner Kleinwort Wass. 120.7 89
11 Lazard 103.5 161
12 Rothschild 90.1 168
13 Bear Stearns 78.2 71
14 Quadrangle 72.5 2
15 CIBC World Markets 37.1 101
INDUSTRY TOTAL 1,751.9 28,885
Global M&A Transactions (announced):

Jan 1, 2002 - Jun 30, 2002

($BILLIONS)
1 CSFB 124.5 191
10 Rothschild 68.5 76
11 Lazard 42.0 87
12 BNP Paribas 23.1 40
13 Cazenove 18.9 4
15 RBC Capital Markets 16.5 34
INDUSTRY TOTAL 590.3 11,585
CAREER
The Scoop
Global Equity & Equity-related Issues:

Jan 1, 2001 - December 31, 2001

1 Merrill Lynch 61.3 14.4 206 1,219.9
3 Goldman Sachs 48.8 11.5 1,482 1,026.1
4 Morgan Stanley 45.4 10.7 98 1,083.8
5 CSFB 42.2 9.9 161 934.7
6 UBS Warburg 29.7 7.0 160 469.0
7 Lehman Brothers 18.4 4.3 66 418.0
8 Deutsche Bank 16.9 4.0 81 276.2
9 J.P. Morgan Chase 14.6 3.4 60 281.0

10 Societe Generale 7.6 1.8 27 146.0
11 Nomura 6.1 1.4 82 215.2
12 BofA Securities 5.7 1.3 26 163.4
13 ABN Amro 4.8 1.1 47 70.7
14 BNP Paribas 4.8 1.1 25 51.7
15 Credit Agr. Indo-Laz Frere 4.5 1.1 7 80.0
INDUSTRY TOTAL 425.7 100.0 2,472 8,926.8
Global Equity & Equity-related Issues:

Jan 1, 2002 - Jun 30, 2002

1 Citigroup/Salomon SB 31.2 15.5 118 802.4
2 Goldman Sachs 27.5 13.7 57 473.9
3 Merrill Lynch 24.5 12.2 81 524.4
4 CSFB 16.6 8.2 84 489.6
5 Morgan Stanley 12.6 6.3 45 337.3
6 Deutsche Bank 12.2 6.0 50 147.5
7 J.P. Morgan Chase 11.2 5.6 48 221.6
8 UBS Warburg 9.0 4.5 72 151.3
10 Societe Generale 4.3 2.1 18 45.6

11 Cazenove 3.7 1.8 16 24.7
13 BNP Paribas 3.2 1.6 12 26.2
14 Nomura 2.8 1.4 34 89.3
15 Bear Stearns 2.2 1.1 22 99.7
INDUSTRY TOTAL 201.1 100.0 1,180 4,218.2

CAREER
LIBRARY 15
The Scoop
Global Debt (Including MBS, ABS & Tax Munis):

Jan 1, 2001 - December 31, 2001

2 Merrill Lynch 367.4 10.2 1,778 640.5
3 CSFB 303.7 8.4 1,130 696.1
4 J.P. Morgan Chase 299.2 8.3 1,026 725.6
5 Goldman Sachs 238.7 6.6 649 445.4
6 Lehman Brothers 237.9 6.6 756 456.9
7 Morgan Stanley 255.7 7.1 796 730.4
8 UBS Warburg 220.8 6.1 773 372.0
9 Deutsche Bank 206.8 5.7 680 461.5

10 BofA Securities 156.2 4.3 700 302.4
11 Bear Stearns 130.7 3.6 402 116.4
12 ABN Ambro 83.0 2.3 723 240.2
14 BNP Paribas 49.8 1.4 189 149.4
15 DK Wasserstein 49.2 1.4 259 168.9
INDUSTRY TOTAL 3,609.7 100.0 14,033 8,372.6
Global Debt (Including MBS, ABS & Tax Munis):

Jan 1, 2002 - Jun 30, 2002

2 Merrill Lynch 172.5 8.6 730 228.9
3 J.P. Morgan Chase 172.1 8.6 579 468.5
4 CSFB 158.8 8.0 572 321.7
5 Goldman Sachs 139.9 7.0 489 350.7
6 Lehman Brothers 136.0 6.8 404 239.3
7 Deutsche Bank 131.2 6.6 538 354.0
8 UBS Warburg 123.3 6.2 435 213.5
9 Goldman Sachs 107.6 5.4 315 173.5
10 BofA Securities 93.9 4.7 511 210.0

11 Bear Stearns 67.6 3.4 214 51.2
13 ABN Amro 44.7 2.2 279 120.6
15 HBSC Holdings 31.2 1.6 196 72.0
INDUSTRY TOTAL 1,997.9 100.0 7,054 4,536.0
CAREER
The Scoop
U.S. Debt & Equity Offerings:

Jan 1, 2001 - December 31, 2001

2 Merrill Lynch 350.0 12.2 1,741 1,399.8
3 CSFB 278.7 9.7 1,029 1,178.1
4 J.P. Morgan Chase 248.0 8.6 869 782.1
5 Goldman Sachs 244.1 8.5 624 1,737.2
6 Lehman Brothers 232.0 8.1 758 809.5
7 Morgan Stanley 189.7 6.6 644 1,463.1
8 UBS Warburg 180.8 6.3 595 462.8
9 BofA Securities 160.2 5.6 715 458.4

10 Deutsche Bank 133.4 4.6 404 314.5
11 Bear Stearns 132.3 4.6 420 219.2
12 ABN Ambro 38.5 1.3 539 104.7
14 Countrywide Securities 26.0 0.9 457 40.6
15 Wachovia 23.8 0.8 161 31.1
INDUSTRY TOTAL 2,880.1 100.0 12,269 11,437.2
U.S. Debt & Equity Offerings:

Jan 1, 2002 - Jun 30, 2002

2 Merrill Lynch 169.1 11.0 706 6,006.3
3 J.P. Morgan Chase 148.5 9.7 504 536.1
4 CSFB 145.0 9.4 513 605.8
5 Lehman Brothers 126.8 8.3 368 396.1
6 Morgan Stanley 118.6 7.7 397 574.0
7 Goldman Sachs 103.9 6.8 288 504.0
8 UBS Warburg 94.5 6.1 343 221.6
9 BofA Securities 93.9 6.1 518 279.9
10 Deutsche Bank 82.7 5.4 308 283.4

11 Bear Stearns 69.2 4.5 234 145.9
14 Bank One 16.8 1.1 93 36.1
15 Wachovia 15.0 1.0 119 26.3
INDUSTRY TOTAL 1,537.4 100.0 5,796 5,720.4

CAREER
LIBRARY 17
The Scoop
U.S. M&A Transactions (announced with U.S. targets):

Jan 1, 2001 - December 31, 2001

($BILLIONS)
4 CSFB 272.6 199

11 Quadrangle 72.5 2
12 Lazard 32.0 37
14 BofA Securities 23.5 57
15 Greenhill 20.4 11
U.S. M&A Transactions (announced with U.S. targets):

Jan 1, 2002 - Jun 30, 2002

($BILLIONS)
1 CSFB 56.9 105
10 BofA Securities 13.6 37

11 Lazard 9.0 23
14 Rothschild 6.4 9
15 ABN Amro 5.5 4
CAREER
The Scoop
U.S. Equity & Equity-related Issues:

Jan 1, 2001 - December 31, 2001

1 Goldman Sachs 43.6 19.1 94 1,331.4
2 Merrill Lynch 39.9 17.4 157 863.1
4 CSFB 29.7 13.0 120 724.6
5 Morgan Stanley 28.7 12.5 70 791.8
7 UBS Warburg 10.4 4.5 63 273.7
8 J.P. Morgan Chase 9.6 4.2 42 206.1

10 Deutsche Bank 4.6 2.0 36 100.2
11 Bear Stearns 2.7 1.2 17 94.0
12 FleetBoston Financial 1.0 0.4 8 20.0
13 CIBC World Markets 1.4 0.6 12 39.4
14 ABN Amro 0.9 0.4 6 23.0
15 Friedman Billings Group 0.7 0.3 14 38.8
INDUSTRY TOTAL 228.9 100.0 769 5,893.9
U.S. Equity & Equity-related Issues:

Jan 1, 2002 - Jun 30, 2002

2 Merrill Lynch 20.2 17.9 66 435.3
3 Goldman Sachs 16.2 14.3 39 381.2
4 CSFB 13.4 11.9 68 432.8
5 Morgan Stanley 9.4 8.4 31 287.7
6 J.P. Morgan Chase 7.7 6.8 36 162.3
8 UBS Warburg 3.6 3.2 46 120.0
9 Deutsche Bank 3.4 3.0 25 96.1

11 Bear Stearns 2.2 2.0 22 99.1
14 RBC Capital Markets 0.5 0.4 2 17.6
15 Thomas Weisel 0.5 0.4 4 23.5
INDUSTRY TOTAL 112.8 100.0 460 3,183.6

CAREER
LIBRARY 19
The Scoop
U.S. Initial Public Offerings 2001:

Jan 1, 2001 - December 31, 2001

1 Goldman Sachs 11,915.6 32.1 18 517.4
2 Merrill Lynch 8,511.8 22.9 12 333.1
3 Citigroup/Salomon SB 5,510.3 14.9 15 197.3
4 CSFB 4,457.1 12.0 8 140.9
5 Morgan Stanley 1,470.1 4.0 10 83.3
6 Lehman Brothers 1,427.0 3.8 14 67.3
7 UBS Warburg 695.2 1.9 7 30.8
8 J.P. Morgan Chase 561.2 1.5 4 33.1

10 Deutsche Bank 426.2 1.1 4 27.8
11 Bear Stearns 332.0 0.9 3 21.4
12 FleetBoston Financial 179.4 0.5 1 10.9
14 ABN Amro 135.7 0.4 1 4.1
INDUSTRY TOTAL 37,095.4 100.0 106 1,556.8
U.S. Initial Public Offerings:

Jan 1, 2002 - Jun 30, 2002

2 CSFB 2,508.9 15.7 11 119.6
3 Merrill Lynch 2,238.6 14.0 8 99.8
4 Morgan Stanley 1,497.4 9.4 5 76.6
5 Deutsche Bank 693.1 4.3 4 33.5
6 Goldman Sachs 691.9 4.3 4 45.6
7 UBS Warburg 554.7 3.5 5 34.7
9 Bear Stearns 384.2 2.4 4 24.1
10 Cazenove 121.5 0.8 2 3.7

11 Jefferies 115.2 0.7 1 8.1
12 US Bancorp 103.5 0.6 1 6.3
13 J.P. Morga Chase 85.5 0.5 1 2.6
14 Legg Mason 85.0 0.5 1 6.0
15 ING 78.6 0.5 1 3.4
INDUSTRY TOTAL 15,954.6 100.0 55 756.4
CAREER
The Scoop
U.S. Debt (Including MBS, ABS & Tax Munis):

Jan 1, 2001 - December 31, 2001

1 Citigroup/Salomon SB 355.1 13.6 1,124 926.9
2 Merrill Lynch 306.4 11.7 1,558 462.8
3 CSFB 248.4 9.5 888 446.9
4 J.P. Morgan Chase 238.0 9.1 822 565.1
5 Lehman Brothers 214.6 8.2 669 381.1
6 Goldman Sachs 198.1 7.6 513 330.4
7 UBS Warburg 168.3 6.4 516 142.4
8 Morgan Stanley 154.6 5.9 539 509.6
9 BofA Securities 153.9 5.9 688 295.8

10 Deutsche Bank 128.6 4.9 363 213.3
11 Bear Stearns 128.5 4.9 396 111.2
12 ABN Amro 37.8 1.4 533 81.7
15 Wachovia 23.0 0.9 150 16.6
INDUSTRY TOTAL 2,618.0 100.0 11,271 4,801.7
U.S. Debt (Including MBS, ABS & Tax Munis):

Jan 1, 2002 - Jun 30, 2002

2 Merrill Lynch 148.8 10.4 640 171.0
3 J.P. Morgan Chase 140.8 9.9 468 373.8
4 CSFB 131.6 9.2 445 172.9
5 Lehman Brothers 121.4 8.5 336 205.3
6 Morgan Stanley 109.1 7.7 366 286.3
7 UBS Warburg 90.9 6.4 296 101.6
8 BofA Securities 90.5 6.4 500 198.2
9 Goldman Sachs 87.7 6.2 249 123.0
10 Deutsche Bank 79.3 5.6 283 187.3

11 Bear Stearns 67.0 4.7 212 46.9
14 Bank One 16.8 1.2 93 36.1
15 Wachovia 14.7 1.0 113 13.9
INDUSTRY TOTAL 1,424.6 100.0 5,335 2,536.8

CAREER
LIBRARY 21
The Scoop
U.S. High Yield Debt:

Jan 1, 2001 - December 31, 2001

1 CSFB 12,811.7 386,103.9 60 62.3
2 Citigroup/Salomon SB 9,664.7 291,263.3 39 86.4
3 Goldman Sachs 9,312.8 280,658.2 36 34.6
4 J.P. Morgan Chase 8,069.9 243,201.1 48 23.6
5 BofA Securities 7,363.0 221,897.4 345 43.9
6 Morgan Stanley 6,014.6 181,260.9 18 63.5
7 Deutsche Bank 5,394.6 162,576.1 31 14.1
8 Lehman Brothers 5,097.5 153,622.4 25 22.7
9 Merrill Lynch 4,753.2 143,246.3 22 38.6

10 UBS Warburg 2,902.4 87,469.1 18 8.4
11 Bear Stearns 2,646.4 79,754.1 17 10.7
12 Jeffereies 661.8 19,944.5 5 0.0
13 Wachovia 476.6 14,363.2 4 0.0
14 TD Securities 348.0 10,487.6 3 0.0
15 CIBC World Markets 332.5 10,020.5 3 5.3
INDUSTRY TOTAL 76,319.2 100.0 261 414.7
U.S. High Yield Debt:

Jan 1, 2002 - Jun 30, 2002

1 CSFB 7,003.7 18.1 46 15.5
3 BofA Securities 3,767.7 9.8 26 2.9
4 Deutsche Bank 3,609.3 9.3 22 8.3
5 Lehman Brothers 3,523.1 9.1 18 41.3
6 J.P. Morgan Chase 3,507.4 9.1 24 17.9
7 Goldman Sachs 3,158.9 8.2 9 17.5
8 UBS Warburg 2,400.7 6.2 14 2.5
9 Morgan Stanaley 2,297.0 5.9 12 5.4
10 Merrill Lynch 986.4 2.6 6 0.0

11 Bear Stearns 887.0 2.3 9 4.3
13 Dresdner KW 519.8 1.3 4 2.1
14 Wachovia 505.6 1.3 6 0.0
15 Jefferies 335.3 0.9 2 0.4
INDUSTRY TOTAL 38,641.4 100 164 163.5
CAREER
The Scoop
U.S. Investment Grade Debt:

Jan 1, 2001 - December 31, 2001

2 J.P. Morgan Chase 94.2 14.8 286 383.9
3 Lehman Brothers 66.0 10.3 164 219.2
4 Merrill Lynch 59.6 9.3 206 287.9
5 Morgan Stanley 5.8 0.9 129 297.3
6 CSFB 51.1 8.0 138 255.3
7 Goldman Sachs 46.6 7.3 111 212.7
8 BofA Securities 43.6 6.8 148 199.6
9 UBS Warburg 20.1 3.1 66 82.4

10 Deutsche Bank 16.3 2.6 50 64.4
11 Bear Stearns 12.2 1.9 35 50.3
12 Bnak One 7.0 1.1 36 23.8
14 ABN Amro 3.6 0.6 23 12.5
15 BNP Paribas 3.0 0.5 6 13.9
INDUSTRY TOTAL 638.5 100.0 1,189 2,825.1
U.S. Investment Grade Debt:

Jan 1, 2002 - Jun 30, 2002

2 J.P. Morgan Chase 59.9 16.7 227 252.4
3 Lehman Brothers 39.5 11.0 97 118.6
4 BofA Securities 32.1 9.0 292 168.9
5 Morgan Stanley 31.4 8.8 73 183.3
6 Merril Lynch 25.9 7.2 112 99.7
7 CSFB 23.5 6.6 80 104.7
8 Deutsche Bank 20.3 5.7 70 73.5
9 Goldman Sachs 11.6 3.2 44 47.3
10 UBS Warburg 9.7 2.7 38 62.7

11 Bank One 5.2 1.4 28 20.6
13 Wachovia 3.6 1.0 23 9.8
14 Bear Stearns 3.1 0.9 11 9.7
15 In Capital 1.9 0.5 182 26.4
INDUSTRY TOTAL 357.7 100.0 1,059 1,552.3

CAREER
LIBRARY 23
The Scoop
All Municipal Bond Issues:

Jan 1, 2001 - December 31, 2001
RANK ADVISER PROCEEDS MARKET # OF ISSUES

($BILLIONS) SHARE (%)
1 Salomon Smith Barney 39.6 14.0 111
2 UBS PaineWebber 33.6 11.8 62
3 Merrill Lynch 19.6 6.9 108
4 Morgan Stanley 19.1 6.8 119
5 Bear Stearns 17.5 6.2 107
6 Goldman Sachs 16.5 5.8 73
7 Lehman Brothers 16.3 5.7 67
8 J.P. Morgan Securities 10.0 3.5 44
9 BofA Securities 6.4 2.3 54

10 Piper Jaffray 6.3 2.2 47
11 A.G. Edwards 6.2 2.2 36
12 RBC Dain Rauscher 5.7 2.0 22
13 Morgan Keenan 5.1 1.8 18
14 George K. Baum 4.4 1.5 8
15 Bank One 3.4 1.2 11
INDUSTRY TOTAL 283.5 100.0 13,235
All Municipal Bond Issues:

Jan 1, 2002 - Jun 30, 2002
RANK ADVISER PROCEEDS MARKET # OF ISSUES

($BILLIONS) SHARE (%)
1 Salomon Smith Barney 23.5 14.6 330
2 UBS PaineWebber 23.5 14.6 446
3 Bear Stearns 11.6 7.2 85
4 Lehman Brothers 11.5 7.2 133
5 Merrill Lynch 11.5 7.2 136
6 Goldman Sachs 9.4 5.8 91
7 Morgan Stanley 8.4 5.2 184
8 J.P. Morgan Securities 5.5 3.4 85
10 BofA Securities 3.3 2.0 147

11 Piper Jaffray 3.1 2.0 272
13 Morgan Keenan 2.9 1.8 68
14 George K. Baum 2.7 1.7 228
15 Bank One 1.8 1.1 69
INDUSTRY TOTAL 160.8 100.0 6,555
CAREER
The Scoop
U.S. Asset-Backed Securities:

Jan 1, 2001 - December 31, 2001

1 Citigroup/Salomon SB 49.2 1,440.6 88 91.2
2 CSFB 48.8 1,427.8 130 72.7
3 J.P. Morgan Chase 43.4 1,270.6 70 64.0
4 Deutsche Bank 34.6 1,013.0 77 78.7
5 Lehman Brothers 30.7 897.2 82 60.9
6 BofA Securities 23.5 687.6 59 44.5
7 Bear Stearns 20.5 599.9 55 8.5
8 Morgan Stanley 17.8 521.9 48 35.2
9 Merill Lynch 15.4 451.7 46 19.0

10 Wachovia 13.2 387.6 37 5.1
12 Bnak One 10.2 297.5 25 17.5
14 Goldman Sachs 6.9 202.6 23 6.4
15 UBS Warburg 3.3 97.1 19 2.8
INDUSTRY TOTAL 349.1 100.0 785 529.6
U.S. Asset-Backed Securities:

Jan 1, 2002 - Jun 30, 2002

1 J.P. Morgan Chase 27.6 12.4 41 37.9
2 CSFB 25.3 11.3 76 23.0
4 Deutsche Bank 24.0 10.7 47 55.5
6 Morgan Stanley 16.3 7.3 38 6.4
8 Bear Stearns 10.6 4.7 34 4.9
9 Merill Lynch 8.9 4.0 13 15.2
10 Wachovia 8.8 4.0 23 15.0

12 Bnak One 7.9 3.6 17 1.8
14 Goldman Sachs 4.7 2.1 12 1.7
15 UBS Warburg 3.1 1.4 5 3.4
INDUSTRY TOTAL 223.1 100.0 453 260.7

CAREER
LIBRARY 25
The Scoop
U.S. Mortgage-Backed Securities:

Jan 1, 2001 - December 31, 2001

1 UBS Warburg 86.1 14.7 111 0.0
2 Goldman Sachs 82.3 14.0 62 0.0
3 Bear Stearns 72.5 12.4 108 1.3
4 CSFB 67.1 11.4 119 0.0
9 J.P. Morgan Chase 20.8 3.6 54 0.0

10 Merrill Lynch 19.6 3.3 47 0.5
13 Deutsche Bank 6.2 1.1 18 11.8
14 Securities Sales & Trading 5.3 0.9 8 0.0
15 Wachovia 3.4 0.6 11 0.0
INDUSTRY TOTAL 586.1 100.0 838 21.5
U.S. Mortgage-Backed Securities:

Jan 1, 2002 - Jun 30, 2002

1 UBS Warburg 52.4 15.9 47 0.0
2 CSFB 45.7 13.8 62 0.0
3 Bear Stearns 39.6 12.0 66 0.0
5 Goldman Sachs 36.1 10.9 39 0.0
9 Merrill Lynch 15.0 4.5 28 0.0
10 J.P. Morgan Chase 13.6 4.1 26 0.0

12 Securities Sales & Trading 4.1 1.3 5 0.0
14 Nomura 2.7 0.8 8 0.0
15 Deutsche Bank 2.4 0.7 9 0.0
INDUSTRY TOTAL 330.2 100.0 470 1.6
CAREER
The Scoop
Compensation
Pay
Analyst: 1st year: $55,000 + bonus
Associate: 1st year: $85,000 + $25,000 sign-on bonus + $35,000 year-end

bonus + $12,000 moving expenses
Perks
• Discounted membership to on-site gym
• Daily $20 dinner allowance if work past 6 pm during the week
• Lunch and dinner allowance on the weekends
• Occasional tickets to sporting and cultural events
• Car service when returning home past 9 pm

CAREER
LIBRARY 27
Increase your T/NJ Ratio
(Time to New Job)
Use the Internet’s most targeted
job search tools for finance
professionals.
Vault Finance Job Board

The most comprehensive and convenient job board for finance
professionals. Target your search by area of finance, function,
and experience level, and find the job openings that you want.
No surfing required.
VaultMatch Resume Database

Vault takes match-making to the next level: post your resume
and customize your search by area of finance, experience and
more. We’ll match job listings with your interests and criteria
and e-mail them directly to your in-box.
Organization
CEO’s Bio
Prince, Charles
BusinessWeek has called Charles “Chuck” Prince one of Citigroup chairman
Sandy Weill’s “most trusted trouble shooters.” The New York Times has
called him “a sort of fireman in the boardroom” for Weill. And Weill himself
has called Chuck Prince the savior of Salomon. Well, not exactly. Weill did,
though, name Prince the new SSB CEO in September 2002, and in doing so,
was betting on Prince’s legal knowledge to cool SSB’s troubles, namely the
allegations into questionable practices inside the investment bank’s research
unit.
To be sure, Prince, who’s worked under Weill for more than a decade, brings
to the SSB CEO position extensive schooling and experience in the law.
Prince holds a master’s in law from Georgetown, and a law degree and
master’s in international relations from the University of Southern California.
After beginning his career as an attorney for U.S. Steel, Prince moved to the
Commercial Credit Company, a predecessor company to Citigroup, in 1979.
He became senior vice president and general counsel of Commercial Credit
in 1983. Prince was named executive vice president of Citibank in 1996, and
in 2000 became the bank’s chief administrative officer. One year later Prince
assumed the spot as Citigroup’s chief operating officer. When he was named
Salomon’s CEO, the 52 year-old Prince had been overseeing risk, legal,
compliance, operations and technology, human resources, communications,
and government relations for Citigroup.
Business Units
Investment banking
This department is divided into industry and product groups. The product
groups are the firm’s M&A advisory group and its Capital Markets division
(including equity, investment grade debt, and high yield debt). The firm’s 19
industry groups range from automotive to health care to transportation. All
told, the firm has more than 1,000 investment banking professionals on five
continents, with major efforts outside the U.S. in Asia, Europe and Latin
America.

CAREER
LIBRARY 29
Organization
Research
The firm’s research department is split into three main areas: Economic &
Market Analysis (EMA), which covers macroeconomic trends throughout the
world; Fixed Income Research, which focuses on products such as U.S.
Treasury bonds and corporate bonds (the firm covers more than 1,200
companies worldwide); and Equity Research, which includes more than 300
equity research analysts. The firm’s research department employs more than
850 professionals.
Sales and Trading

Salomon Brothers was historically known for its swashbuckling bond trading
desks, and sales and trading remains a strength. The firm’s institutional sales
and trading department is split into several main divisions, including equity,
fixed income, municipals, and capital markets. When it comes to equities, the
firm handles 7 to 10 percent of the trades on the New York Stock Exchange,
and 10 to 15 percent of the volume on the Nasdaq. In fixed income, the firm
remains the oldest and largest dealer of U.S. government securities.
Retail Brokerage
SSB’s 12,000 retail brokers, also called financial consultants, work
throughout the country at one of 450 branch offices. After passing a battery
of licensing exams required by the Securities and Exchange Commission,
brokers sell mostly to individual investors, hawking equities (especially
Salomon Smith Barney-issued equities), money market accounts and mutual
funds.
Public Finance
Salomon Smith Barney boasts the country’s strongest municipal bond
practice; in 1998, the firm was senior manager for 471 deals worth more than
$25 billion. The department is organized into the following groups: airports;
derivatives; health care; housing/real estate; infrastructure; higher education;
public power and cooperative finance; resource recover and project finance;
short-term and money market finance; and the quantitative strategies and debt
structuring group.
CAREER
Organization
Finance
Employees can join Salomon Smith Barney in several back-office finance
and strategy divisions, including Treasury, the Controllers Division, and
Planning and Analysis.
Locations
North America
• New York, NY (HQ)
• Atlanta, GA
• Boston, MA
• Chicago, IL
• Los Angeles, CA
• Mexico City, Mexico
• Montreal, Canada
• San Francisco, CA
• Toronto, Canada
South America
• Buenos Aires, Argentina
• Sao Paulo, Brazil
Middle East
• Bahrain
• Tel Aviv, Israel
Europe
• Amsterdam, The Netherlands
• Frankfurt, Germany
• London, U.K.
• Madrid, Spain
• Milan, Italy
• Moscow, Russia

CAREER
LIBRARY 31
Organization
• Paris, France
• Zurich, Switzerland
Asia
• Bangkok, Thailand
• Beijing, China
• Hong Kong
• Jakarta, India
• Melbourne, Australia
• New Delhi, India
• Seoul, Korea
• Singapore, Indonesia
• Sydney, Australia
• Taipei, Taiwan
• Tokyo, Japan
• Wellington, New Zealand
Salomon Smith Barney has local brokerage offices throughout the U.S. The
firm boasts 12,000 retail brokers who cater to individual investors.
Key Officers
Chairman and CEO, Global Corporate & Investment Bank: Charles O.
“Chuck” Prince III
Co-Head, Global Investment Banking: Michael Klein
Co-Head, Global Investment Banking: Robert Morse
Vice Chairman, Citigroup’s Corporate and Investment Bank, Head,

Global Fixed Income: Tom Maheras
Vice Chairman, Citigroup’s Corporate and Investment Bank, CEO,

Global Private Client Group: Jay Mandelbaum
CFO, Citigroup’s Corporate and Investment Bank: Barbara A. Yastine
CAREER
Organization
Ownership
Salomon Smith Barney is a subsidiary of financial services giant Citigroup,
which was formed by the 1998 merger of Travelers Group and Citicorp.
Citigroup is traded on the New York Stock Exchange under the stock ticker
“C.”

CAREER
LIBRARY 33
Competition on the Street – and beyond – is heating up. With
the finance job market tightening, you need to be your best.
We know the finance industry. And we’ve got

“Thank you, thank you, thank
experts that know the finance environment
you! I would have never come up
standing by to review your resume and give you with these changes on my own!”
the boost you need to snare the financial – W.B., Associate, Investment
positions you deserve. Banking, NY
“Having an experienced pair of

Finance Resume Writing and eyes looking at the resume
Resume Reviews made more of a difference
than I thought.”
• Have your resume reviewed by a practicing
– R.T., Managing Director, SF
finance professional.
• For resume writing, start with an e-mailed “I found the coaching so helpful
I made three appointments!”
history and 1- to 2-hour phone discussion.
– S.B., Financial Planner, NY
Our experts will write a first draft, and deliver
a final draft after feedback and discussion.
• For resume reviews, get an in-depth, detailed
critique and rewrite within TWO BUSINESS
DAYS.
Finance Career Coaching

Have a pressing finance career situation you
need Vault’s expert advice with? We’ve
got experts who can help.
• Trying to get into investment banking

from business school or other careers?
• Switching from one finance sector to
another – for example, from commercial
banking to investment banking?
• Trying to figure out the cultural
fit of the finance firm you
should work for?
Vault Newswire
September 2002: SSB’s top dog demoted
Salomon Smith Barney parent Citigroup announced that SSB CEO Michael
Carpenter would be replaced, effective immediately, with Chuck Prince,
Citigroup’s current chief operating officer. Carpenter, who was named the
new head of Citigroup’s Global Investment Group, told The Wall Street
Journal that he and Citigroup chairman Sandy Weill “reached the joint
decision that the best way for me to serve the company is to take on a new
assignment and to enable the Global Corporate and Investment Bank to start
on a fresh page.” Prince, a more senior exec in the Citi empire than
Carpenter, is an attorney and former Citgroup general counsel.
August 2002: Jack, once nimble, quits

Salomon Smith Barney telecommunications analyst Jack Grubman resigned
amid numerous regulatory inquiries into whether he hyped stocks and gave
shares of IPOs to top executives in exchange for winning lucrative advisory
business. Once considered one of the most powerful people on Wall Street,
Grubman said the criticism and second-guessing of his work made it
impossible for him to do his job. According to SSB, Grubman’s resignation
was made by “mutual agreement.”
August 2002: Weill caught in Spitzer net

New York’s attorney general subpoenaed documents related to Jack
Grubman’s rating of AT&T. Grubman, who had historically had a poor rating
of the telecom giant’s stock, raised his rating shortly before SSB was picked
as a lead underwriter for AT&T’s offering of a tracking stock for AT&T
Wireless. Spitzer’s probe includes an inquiry into Citigroup CEO Sandy
Weill’s role, specifically whether Weill, an AT&T board member, pressured
Grubman into raising is rating on AT&T and whether it was a factor in SSB
securing a role as underwriter on the AT&T Wireless deal.
July 2002: SSB in a WorldCom of trouble

After WorldCom announced that an earnings misstatement helped force its
bankruptcy in late June 2002, NASD investigators began to investigate
whether Salomon Smith Barney misled investors by publishing positive
research on WorldCom in exchange for winning advisory business from the
telecom firm. SSB star analyst Jack Grubman had recommended buying

CAREER
LIBRARY 35
Vault Newswire
WorldCom’s stock until just a few days before the company announced its
bankruptcy and had advised WorldCom on many of its 65 acquisitions. The
NASD also began investigating whether SSB gave shares of hot initial public
offerings to top WorldCom executives in exchange for investment-banking
business. Additional, SSB was investigated for similar actions involving
other fallen telecoms.
April 2002: SSB a part of Spitzer’s spat

New York State Attorney General Eliot Spitzer subpoenaed SSB to turnover
all related communications between the firm’s investment banking group and
its telecommunications research team. SSB was one of several large
investment banks that Spitzer included in his investigation into possible
conflicts of interest among Wall Street firms’ research analysts and their
investment bankers.
April 2002: SSB incurs cuts

SSB’s parent Citigroup announced it was cutting several hundred jobs in its
60,000 employee corporate and investment banking operations, which
includes the SSB unit. A Citigroup spokeswoman said less than one percent
of the staff would be laid off, and most of the cuts would come from the
operations and technology divisions.
January 2001: SSB dethrones Merrill – and

Goldman
SSB was the top underwriter in 2001 of global debt and equity combined,
breaking Merrill Lynch’s 11-year reign in the category. SSB also unseated
Goldman Sachs in 2001, knocking Goldman from its pedestal in the category
of disclosed fees from total global debt and equity issues. SSB racked up $2.4
billion in disclosed fees during the year, leaping from its fourth place finish
in 2000.
September 2001: SSB affected by World Trade

Center attacks
Salomon Smith Barney’s offices at 388 Greenwich Street were temporarily
evacuated after the terrorist attacks on the World Trade Center. Though
SSB’s headquarters are not in the immediate area, the area of New York City
below Canal Street was evacuated after the attacks for safety reasons. Parent
CAREER
Vault Newswire
company Citigroup had offices at 7 World Trade Center, which collapsed

after the attack.
May 2001: New name, same game

Salomon Smith Barney parent Citigroup plans to fold SSB into Citibank’s
corporate banking unit, forming a division called Citigroup Corporate and
Investment Bank. Citigroup hopes to strengthen the “common culture” the
company is developing, according to Citigroup Chairman Sanford Weill.
April 2001: King of the world

Forbes magazine rated Salomon Smith Barney No. 1 on its list of the Forbes
Super 100. SSB displaced General Electric for the top spot on the list, which
rates the top companies in the world based on sales, profits, assets and market
value.
November 2000: Solly does Dallas

Salomon Smith Barney opened a six-person investment banking office in
Dallas, Texas. The team, headed by Julie Silcock and focused on technology
and telecommunications, was hired away from Donaldson Lufkin & Jenrette
after that firm was acquired by Credit Suisse First Boston.
July 2000: Klein named co-head of global

investment banking
The firm named Michael Klein co-head of global investment banking. Klein,
who is based in London, will be responsible for the firm’s European
investment banking operations and will run the SSB’s private equity
operations.
April 2000: Salomon memo a harbinger of

change
The firm got some unexpected press when a memo, written by an analyst for
upper management, was leaked to the press. Though the tone of the memo
made it appear as though it was blasting management’s failure to keep junior
bankers happy, the memo was solicited by Salomon Smith Barney
management to curb turnover.

CAREER
LIBRARY 37
Vault Newswire
March 2000: Dime files suit

Dime, a New York-based savings and loan, has sued Salomon Smith Barney
to prevent the investment bank from advising North Folk, another New York
savings and loan, in an attempted hostile takeover of Dime. According to the
suit, Salomon Smith Barney had signed a confidentiality agreement with
Dime when it represented the commercial bank in a 1997 transaction. A
federal judge agreed with Dime in April 2000, barring Salomon from
participating in the deal. Salomon appealed the decision.
February 2000: Robert Reed leaves Citigroup

Reed, co-chairman and co-CEO along with Sanford Weill, said he wanted to
retire. However, The Wall Street Journal reported that Reed left only after he
lost a power struggle. Citigroup’s board met in February 2000 to address the
divide between Weill and Reed after it became clear that it was affecting the
company. The board offered a compromise – Reed could stay as non-
executive chairman and Weill would control the company. Reed rejected the
offer and the board asked him to resign.
February 2000: Citigroup announces the

acquisition of the investment banking business
of Schroders PLC
Salomon Smith Barney execs believe the $2.2 billion acquisition of the
investment banking portion of Schroders will significantly improve
Citigroup’s previously unimpressive European presence. The company will
be known in Europe as Schroders Salomon Smith Barney. Sanford I. Weill,
chairman of Citigroup, told The New York Times that the deal would put his
firm “two or three years ahead of where we would have been” in investment
banking in Europe.
November 1999: Salomon offers online trading

Salomon Smith Barney has added trading capabilities to its Internet
brokerage. While other firms, including Merrill Lynch and Morgan Stanley,
announced their online trading capabilities with an enormous amount of
media publicity and fanfare, SSB remained low key. “That’s because the
move toward online trading is more of an add-on service rather than a new
direction for Salomon Smith Barney,” Steven Clifford, senior vice president
and directive of interactive marketing for SSB’s brokerage, told The
American Banker.
CAREER
Vault Newswire
October 1999: Citigroup lures Robert Rubin

Former Treasury Secretary Robert Rubin has joined Citigroup as chair of the
executive committee and part of the chairman’s office. Rumors soon surfaced
that Rubin would either lead Citigroup or become chairman of the Federal
Reserve. Rubin has repeatedly stated he has no interest in taking charge of
the company, and Alan Greenspan was reappointed as head of the Fed.
July 1999: Salomon Smith Barney named

“Most Improved Investment Bank” by
Euromoney
Recent Transactions
• In June 2002, SSB acted as co-advisor, along with CSFB, to Hispanic
Broadcasting on its $3.5 billion sale to Univision Communications.
• SSB acted as co-adviser to New York-based cable operator NTL, Inc. on its
$10.6 billion sale to bondholders in April 2002. Morgan Stanley, CSFB, J.P.
Morgan and Rothschild served as NTL’s other advisers on the deal, which
was the largest announced transaction for the first six months of 2002.
• SSB was the sole lead manager on Travelers Property Casualty’s $3.9
billion IPO in March 2002.
• SSB, along with Goldman Sachs, co-advised Providian Master Trust on its
$2.9 billion sale to J.P. Morgan Chase in January 2002.
• SSB co-lead managed AT&T’s $10 billion debt issuance in November 2001.
• In October 2001, SSB acted as a co-lead manger on Ford Motor’s $8.5

billion (plus € 1 million) bond issuance.
• SSB co-lead managed tobacco maker Loews Corp.’s $980 million IPO in
February 2002
• SSB advised USX Corp. on its $9.8 billion purchase of USX Marathon
Group in TK.
• SSB advised Compaq Computer on its $24.9 billion sale to Hewlett Packard
in September 2001.
• In August 2001, SSB co lead managed a $1.9 million debt issuance for
Lucent Technologies.

CAREER
LIBRARY 39
Vault Newswire
• In August 2001, Salomon Smith Barney co-led (along with Morgan Stanley)
Max Re Capital’s $192 million IPO.
• SSB co-lead managed Kraft Foods’ $8.7 billion IPO in June 2001.
• In June 2001, SSB co-lead managed Willis Group Holdings’ $270 million
IPO.
• Salomon Smith Barney was tapped to co-lead Kraft Foods’ $8.68 billion
IPO. The offering was completed in June 2001.
• SSB advised Tyco International on its $10.2 billion acquisition of The CIT
Group in June 2001.
• In May 2001, SSB co-led (along with Credit Suisse First Boston) Global
Power Equipment Group’s May 2001 IPO. The deal was worth $147
million.
• The firm managed a $500 million global bond offering for Dow Chemical
in February 2001. The deal was a coup for Salomon Smith Barney; Dow
originally hired Goldman Sachs and Deutsche Banc Alex. Brown to do the
offering but the firms couldn’t complete the deal at the price Dow
Chemicals wanted.
• Salomon Smith Barney was the lead underwriter for Beacon Power’s $48
million IPO in November 2000.
• The firm was the co-lead manager on Monsanto’s $700 million IPO. The
October 2000 offering was co-led by Goldman Sachs.
• In September 2000, Salomon Smith Barney was the lead manager for
Inrange Technologies’ $123.2 million IPO.
• Salomon Smith Barney served as a co-lead underwriter (with Morgan

Stanley) on Vodafone’s bond issue in February 2000, the largest ever by the
U.K. company. The three-tranche deal yielded approximately $5 billion in
proceeds.
• Also in February 2000, Salomon Smith Barney was hired by ClientLogic to

co-lead manage (along with FleetBoston Robertson Stephens) its initial
public offering, which will raise approximately $230 million.
• In January 2000, Salomon Smith Barney was the surprising lead manager to
America Online in its merger with Time Warner. SSB’s technology and
Internet teams had been perceived as weak, and one competitor admitted to
The Industry Standard, “I don’t even know the names of anyone over there.”
Even so, Eduardo Mestre, who advised WorldCom on its acquisition by
MCI, did earn the “Banker of the Year” award in 1998 from Investment
Dealers’ Digest.
CAREER
Our Survey Says

The competitive advantage
“If you can succeed at this firm, you can succeed anywhere,” says one New
York insider, sounding a little like Sinatra. SSB’s extremely competitive,
fast-paced culture is “designed to let those who perform flourish,” says
another. The internal competition among employees is team-oriented and
collaborative, not ruthless. “You are constantly surrounded by extremely
bright individuals, who push you to perform at your best,” says one contact.
When describing SSB’s corporate climate, many insiders use the words
“friendly,” “entrepreneurial,” “open-minded,” and “meritocracy.” At SSB,
“people take their work seriously, but not themselves,” says one contact.
Speaking about who is most likely to succeed at SSB, one banker says, “Only
the people who are the most determined, but who also seek a friendly
environment, find themselves staying at the firm.” A San Francisco-based
associate offers her recipe for SSB success: “It’s crucial to make an impact
within your immediate team and with clients at an early stage in one’s career.
And on a broader level, visibility within the firm through networking events
and extra-curricular activities plays a significant role in one’s career
progression, even at relatively junior levels.”
Despite the passage of time, some feel the firm’s merger history still haunts
the culture. One insider in London admits that your standing with the firm is
based somewhat on where you were before the mergers. “People are aware
who the Salomon people are, who the Schroders people are,” says the source,
who concedes that the firm is developing a “unified” culture.
Clearly, SSB’s well-known training program is one of the firm’s strengths.

Numerous firm contacts call SSB’s program the “best on the Street.” Despite
receiving such high marks for its training year after year, SSB is unafraid to
make changes to the comprehensive 10-week program. Reports one insider,
SSB is “constantly tweaking the program, scrapping initiatives that don’t
work.” As far as the specifics of the program, inside sources seem to have
conflicting opinions. One source calls the accounting training “superb,” but
the finance training just “average.” However, another says, “No other bank
comes close in terms of teaching financial statement analysis.”
Living to – and at – work

SSB certainly hasn’t been gaining ground on the top I-banks without its junior
folks working long hours. Analysts and associates both log, on average, a

CAREER
LIBRARY 41
Our Survey Says
minimum of 80 hours a week, which includes frequent weekend office visits.

An investment-banking associate claims to “consistently work all weekend.”
Another associate says the work “goes in spurts. You can have a few 10-hour
days followed by four all nighters.” Of course, analysts work more, regularly
putting in 100-hour weeks during busier times. Says a New York-based
analyst, “On average, I’ll have one day off per month.” (And that includes
Saturdays and Sundays.) Another analyst doesn’t even have it that good. “I
work every weekend,” she says. “I haven’t had one day off since Christmas
Day.” (She reported this three months after her one-day sabbatical.)
While most sources admit to having to put in little to no “face time,” some
say they’re still forced to spend a significant number of unnecessary hours at
the office. One insider says, “25 to 35 percent of hours worked are needless,
resulting from the inefficiency and abusiveness of senior bankers.” Another
employee agrees, saying, “Many hours spent in the office are due to senior
manager’s inability to focus, and to realize the amount of time and effort it
takes junior people to complete something as requested.” With or without the
needless time spent at the office, SSB analysts and associates eat many a
dinner in cubicle city (if working past 6 p.m., employees are given dinner
allowance of $20, which one analyst calls “really low.”). Says an associate
in New York, “Just because there’s very little, if any, face time required,
doesn’t mean you’ll be able to go home before midnight from Monday to
Thursday very often.” Another banking associate says, “Hours are feast or
famine. Either you’re working extremely hard – maybe 7 days a week – to get
a deal closed, or your hours aren’t so bad.” He adds that in his group “there’s
no face time whatsoever. If I’m not doing work, I’m outta there.”
How ‘bout a little something, you know, for the

effort?
Most insiders call SSB’s pay package at best average, compared to its
competitors. One source calls SSB’s compensation “consistently lower than
the industry average,” but another says it’s “adequate when compared to other
banks.” Even so, with SSB gaining ground in the league tables, some
employees think they’re being slighted. An insider says, “The firm’s
compensation is barely above average, which is pretty disappointing given
the relative performance of the firm over the past two years.” Another
employee echoes that opinion. “Given the strength of the bank, we should
pay higher than the Street. But this just isn’t the case.” And one insider says,
without the big bucks, it doesn’t make sense to work hard anymore. “They
recently lowered [compensation] significantly, and, in doing so, they remove
CAREER
Our Survey Says
all motivation and rationale for working this hard or this long. There’s no
tradeoff to giving up your life.”
Perks are pretty much in line with pay. Many insiders complain about the
company health club and the lack of free food floating around the office.
“The gym is awful. It’s expensive and not open on weekends,” says an
associate in New York who adds, “And [there’s] no company provided meals
or snacks.” (That is, aside the meal allowance for working late or on
weekends.) Another employee notes that SSB has “no 401k matching
program” and a “weak stock purchase program.” Yet another offers his
grievances: “We don’t even have water coolers anymore. And for expenses,
everything must be charged to Diner’s Club – which can be a pain – and we
don’t even get frequent flyer miles.” This source blames the lack of free
water and mileage to SSB’s parent. “Citi can be pretty cheap. They’re not
afraid to cut costs. But that’s part of what allows us to make our numbers
each quarter.”
Showing some respect

With few exceptions, junior employees at SSB report receiving a great deal
of respect from their superiors. One source says SSB senior managers are
“very respectful of subordinates’ skills and opinions,” while another says
senior bankers are “always professional and respectful.” One insider offers,
“If you’re good, managers will respect your work, however, they never
respect your time.” Even so, says one investment banking associate,
“Managers take seriously their commitment to teach and train subordinates.”
While many contacts say senior managers lack arrogance, there is some of the
“‘don’t waste my time, you lowly analyst’ attitude from the senior people,”
says one source. A New York-based banker says that although senior
managers are “straightforward, and not stuffy,” he admits that “junior people
are a bit disgruntled because senior people aren’t willing to stand up for their
subordinates.” Another employee, however, claims that SSB’s “culture
doesn’t reward people who treat subordinates poorly.” The source goes on to
say, “Expectations are high, but realistic. And VPs and MDs are reasonable.”
The office atmosphere is pretty typical. SSB’s offices seem utilitarian, if not
overly aesthetic. “Cubicle city,” says one contact. “Nothing fancy here at
Salomon Smith Barney. The conference rooms are plain [and] even MDs’
offices are less than spectacular. At least analysts don’t work in bullpens.”
Unlike the area inside SSB’s New York headquarters, the area outside – the
downtown Manhattan neighborhood called Tribeca (TRI-angle BE-low CA-
nal street) – receives high marks. At SSB, “you get to work in a cool area like

CAREER
LIBRARY 43
Our Survey Says
Tribeca, where you can jump out for a beer at a decent place,” offers one
investment-banking associate. “It’s much better than working on Wall Street
or in Midtown.” For those that drink too much, or just work too late, SSB’s
New York offices offer a refuge. “The lounge on the 36th floor is a God-send
for the hung over and the overworked,” says one late night boozer. Salomon
Smith Barney hasn’t gone back to suits and ties and “currently, there is no talk
of going back to business attire.”
CAREER
Getting Hired
Hiring Process
Thin velvet rope

Although Salomon Smith Barney generally limits its formal recruiting
process to the top undergrad and MBA programs, the firm does look further
than the first tier for new talent. According to one banker, SSB also targets
“select second-tier schools that have proven successful over time.” Another
insider says the firm recruits from other than the top schools “during better
economic times when there are more jobs to be filled.” Explains one source,
“The firm is selective, but does allow for individuals with unique
backgrounds to take a shot at explaining why they can add value.” And
another says SSB “keeps a relatively open mind about a candidate’s
backgrounds. However, if you are not able to demonstrate an ability to be
aggressive about selling yourself, it can be hard to get in.”
Once in the door, all recruits typically go through three rounds of interviews.
As one insider points out, “the recruiting process is quick and very organized.
Unlike some of our competitors, we don’t drag out the interview process for
four unnecessary rounds.” The first round usually occurs on a recruit’s
campus, the second off campus, and the third at SSB’s offices. During the
entire recruiting process, candidates could meet with up to 15 bankers at the
associate through managing director levels, but some sources report meeting
with as little as six bankers. Most contacts report receiving few, if any,
difficult quantitative questions. According to one New York employee,
“Questions are definitely behavioral-based, weighted on fit,” rather than
quantitative-based. Another source says that although interviewers will pose
“a few light technical questions at some point,” they won’t throw out any
“screwball questions about Rubik’s cubes or physics.”
Summer lovin’
Most employees agree that it’s easier to land a full time position at SSB
having worked as a summer intern for the firm. Although difficult to land,
SSB summer internships are “key to getting a full time job here,” says one
employee. One summer alumnus says, “Unlike other top firms, which hire
about 80 [summer associates] per summer and hire half of them [for full-time
positions], we only hire between 40 and 50, but at least 90 percent receive
full-time offers.” Working a summer at SSB gives potential full-time recruits

CAREER
LIBRARY 45
Getting Hired
a preview of the real deal. “The internship is a trial run for [working full
time] and the company treats it that way. The workload wasn’t significant,
but I learned a great deal in those three months that continues to help me
today.” A trader echoes the opinion: “The summer internship was important
to help me understand what the culture was like. Since I ended up joining the
same department upon graduation, I was also able to get to know the people
that would eventually become my full-time colleagues.” Another summer
alum and current full-timer also gives the program high marks. “[I had an]
excellent summer experience. SSB does a great job of rotating you through
groups and projects depending on your interests.” A full-time investment
banker offers his favorite aspects of the program: “I was treated like a full-
time associate – and paid like a first–year associate.”
Questions to Expect
1. Are you willing to work 100 hours a week?
This question requires respondents to answer, with as much eagerness and
honesty as they can muster, yes. Hundred-hour workweeks are a brutal
reality of the business, and the more convincing applicants are in saying that
they can handle the workload, the better their chances of landing the
opportunity to do so. I f possible, discuss situations where you’ve worked
similar hours in the past.
2. Give me an example of your ability to work as part of a team.

Because teamwork is an essential element of an investment banker’s day,
have a story prepared describing how you worked as part of a team.
3. Why do you want to work at Salomon Smith Barney?

This question is meant to test your knowledge of the securities field, so the
best way to address it is to first research the various investment-banking firms
and to pinpoint differences and specialties of each. Mentioning specific
departments or aspects of company culture specific to a firm will also help.
4. How would you go about valuing a company whose stock you were
considering buying?
One answer is to discount the projected cash flows by using the company’s
risk-adjusted discount rate. After projecting the first five or ten years, you
add in a “Terminal Value,” which represents the present value of all the future
cash flows that are too far into the future to project. You can calculate the
Terminal Value in one of two ways: (1) you take the earnings of the last year
you projected, say year 10, and multiply it by some market multiple like 20
times earnings, and that’s the terminal value; or (2) you take the last year, say
CAREER
Getting Hired
year 10, and assume some constant growth rate after that like 10 percent – the
present value of this constant growth rate is the Terminal Value. You should
also mention other methods of valuing a company, including looking at
“comparables,” or how other similar companies were valued recently.
5. How do you calculate WACC (Weighted Average Cost of Capital)?
6. Walk me through the three financial statements. How do they flow

together?
Know your Accounting 101: Income statement, cash flow statement and
balance sheet.
7. What are the three valuation methods?

1) Discounted cash flow analysis: See the answer to question four above. 2)
Company comparable analysis, commonly referred to as “public trading
comps”: By applying appropriate valuation multiples from a group of similar
public companies, you can arrive at a valuation. For example, say you want
to value a pharmaceutical company. First, you find several public
pharmaceutical companies similar to the one you want to value. Second, you
calculate various ratios (such as stock price to sales or stock price to earnings)
for each of the comparable companies based on their financial information.
Third, take the average, or a range, of the ratios and apply them to the
company you want to value. This will yield an estimated enterprise value. 3)
Transaction multiples: Looking at recent merger and acquisitions in a given
industry will provide you with a range of multiples, which can be used to
place a value on a company. This is similar to analyzing public trading
comps. For example, going back to the pharmaceutical company, you first
find several completed M&A deals (with disclosed data) in the
pharmaceutical industry. Based on the financial information of the deals,
calculate ratios such as deal value to sales of the seller, or deal value to
earnings of the seller. Average this data and apply it to your pharma
company; this will give you an estimated value. (It’s important to note that
each industry or sector uses valuation multiples that are most relevant to the
way in which the investors and acquirers of that industry evaluate
companies.)
8. Tell me what you think of industry X.

Interviewers will ask you this question if you have prior industry experience,
and you’ll be expected to give a well-thought, thorough answer based on your
knowledge of the company or sector.

CAREER
LIBRARY 47
Getting Hired
9. What would you like to be doing 10 years from now?

You don’t have to be working at Salomon Smith Barney, but you want to be
using the skills that you would learn there.
10. What did you think of “X” story in today’s Wall Street Journal?
Read the Journal for at least a week before your interview if you don’t do so
already.
11. Can you describe an instance of how you learned from adversity?
12. Which item on your resume is most important to you?

Pick something here that your interviewer might not otherwise notice and that
showcases your interpersonal skills.
13. What would your colleagues say is your worst quality?

An easy one: make a positive quality sound negative. “Oh, they would
probably say that I’m too involved in my work.”
14. What about this grade on your transcript?

Be ready to talk about your college or graduate school courses, especially if
there is a particular grade that will stand out or if you don’t have many
finance or accounting courses.
15. Why are you going into the I-banking industry?

Interviewers don’t want to hear “because it’s lucrative,” they want to hear
“because it fits my goals.” An SSB I-banking associate offers some advice:
“Our philosophy is more generalist, so make sure you have an underlying
passion for the industry, not a specific group.”)
16. Can you pitch me a stock?

This question will most likely only be asked to those interviewing for equity
research positions. An insider who interviews candidates in equity research,
says: “I want to hear someone who really knows a stock. Tell me the name
of the company, the ticker, what price it closed at yesterday, its 52-week
range, the market cap, the industry sector the firm is in, your estimated 12-
month target price and how you got to that price.”
17. Tell me a stock you don’t like – and why?

Same analysis as question number 16.
18. Why do you want go into X unit and not Y department (for example, why
equity research versus sales and trading)?
Different departments look for different qualities in candidates. An insider in
equity research says he’s “looking for people who have a passion for the stock
market and who have an interest in developing into junior industry experts.
CAREER
Getting Hired
They should have interests that are an inch wide and a mile deep, as opposed
to interests that are a mile wide and an inch deep – which is what successful
institutional salespeople have.”
19. Give me an example when you weren’t able to complete a project on time.
How did you handle that situation? How would you have done some things
differently to better manage that project?
Gauges your thought process and determines your ability to complete projects
on time.
20. What about your previous experience as an analyst made you want to take
on the role of an associate?
Former I-banking analysts interviewing for associate positions should expect
this one, which attempts to single out those who want to enter the business for
the wrong reasons, namely, for the big bucks.
Questions to Ask
1. How has the Salomon Smith Barney merger and subsequent changes, such
as a cutback in proprietary trading, affected the firm’s morale and culture?
You might not want to let on to the fact that you know that people have been
dropping like flies in certain groups, but this is a reasonable, intelligent
question.
2. What kind of training will I receive at Salomon Smith Barney?

The firm is extremely proud of its training programs for new employees,
which it calls “one of Wall Street’s largest, most active training and
development departments.”
3. How do the layoffs at the analyst level affect the associate position?
SSB has laid off quite a few undergrads at the analyst level and, as a result,
some associates’ work function has changed.
4. How is the staffing done? What sort of care is taken to what sort of projects
you get put on?
Is someone making sure you get a well-rounded experience – or are you being
staffed on all equity or all debt deals?
5. What are your favorite and least favorite aspects of the job?

CAREER
LIBRARY 49
Getting Hired
To Apply
Investment banking
The Americas
Caitlin McLaughlin
Director, MBA Recruiting
mba.fulltime.jobopps@ssmb.com
mba.summer.jobopps@ssmb.com
Kate Schwab
Manager, Undergraduate Recruiting
ibanalyst.fulltime.jobopps@ssmb.com
ibanalyst.summer.jobopps@ssmb.com

388 Greenwich Street
New York, NY 10013
Europe
Jamie Lichtman
Manager, European Investment Banking Recruiting
Citigroup Centre
33 Canada Square
Canary Wharf, London E14 5LB
eibRecruitment@ssmb.com
Japan
Chihiro Katsui
Akasaka Park Building
5-2-20, Akasaka
Minato-Ku
Tokyo 107-6122
Japan
employment@nssmb.com
Australia
Athena Chintis
Citigroup Centre
2 Park Street
Sidney NSW 2000
Australia
athena.chintis@ssmb.com
CAREER
Getting Hired
Hong Kong
Alice Chan
Graduate Recruiting
Assistant Vice President
Three Exchange Place, 20th Floor
8 Connaught Place
Central Hong Kong
hongkongmba.jobopportunities@ssmb.com
Natalie Madden
Vice President, Undergraduate Recruiting
Three Exchange Place, 20th Floor
8 Connaught Place
Central Hong Kong
hongkongundergraduate.jobopportunities@ssmb.com
Equity Research
The Americas
Deborah Bertan
Vice President, Recruiting
388 Greenwich Street, 7th Floor
New York, NY 10013
deborah.bertan@ssmb.com
Europe
Kathryn Jones
Graduate Recruitment
Citigroup Centre
33 Canada Square
STRecruitment@ssmb.com
Japan
Chihiro Katsui
5-2-20, Akasaka
Minato-Ku
Tokyo 107-6122
Japan

CAREER
LIBRARY 51
Getting Hired
Australia
Caroline Hudspith
Citigroup Centre
2 Park Street
Sidney NSW 2000
Australia
caroline.hudspith@ssmb.com
Hong Kong
Cindy Yau
Vice President, Human Resources
20/F Three Exchange Square
Central, Hong Kong
cindy.yau@ssmb.com
Fixed Income Research

The Americas
Susan Glendon
Director, MBA, Undergraduate Recruiting
New York, NY 10013
sandt.jobops@ssmb.com
Europe
Kathryn Jones
Citigroup Centre
33 Canada Square
Asia-Pacific
Cindy Yau
Central, Hong Kong
cindy.yau@ssmb.com
CAREER
Getting Hired
Capital Markets
The Americas
Cynthia Bohan
Vice President, Recruiting
390 Greenwich Street 6th Floor
New York, NY 10013
capmkts.jobopps@ssmb.com
Europe
Kathryn Jones
Citigroup Centre
33 Canada Square
Sales and Trading

The Americas
Susan Glendon
Director, MBA, Undergraduate Recruiting
New York, NY 10013
sandt.jobops@ssmb.com
Europe
Kathryn Jones
Citigroup Centre
33 Canada Square
Asia-Pacific
Cindy Yau
Central, Hong Kong
cindy.yau@ssmb.com

CAREER
LIBRARY 53
Getting Hired
Japan
Chihiro Katsui
5-2-20, Akasaka
Minato-Ku
Tokyo 107-6122
Japan
Foreign Exchange Sales and Trading

The Americas
Megan Tencza
Recruiting Manager
New York, NY 10013
Fxtjob1@ssmb.com
Europe
Kathryn Jones
Citigroup Centre
33 Canada Square
Japan
Kaori Shindo
Manager, HR
Citicorp Services (Japan) Limited
Citicorp Center, 21st Floor
Shinagawa-ku, Tokyo 140-8639
saiyo@citicorp.com
Global Loan Portfolio Management

The Americas
David Ong
AVP, Undergraduate Recruiting
388 Greenwich Street, 23rd Floor
New York, NY 10013
undergrad.cfrm@citi.com
CAREER
Getting Hired
Melanie Rose
Recruiter, Graduate Recruiting
New York, NY 10013
grad.cfrm@citi.com
Global Relationship Management

The Americas
David Ong
New York, NY 10013
Melanie Rose
New York, NY 10013
grad.cfrm@citi.com
Europe
Patricia Kenny
Citigroup Centre
33 Canada Square
London E14 5LB
Japan
Kaori Shindo
Manager, HR
2-3-14 Higashi-shinagawa
saiyo@citicorp.com

CAREER
LIBRARY 55
Getting Hired
Public Finance
The Americas
Lisa Sardella
Director, Public Finance
390 Greenwich Street, 2nd Floor
New York, NY 10013
public.finance.recruiting@ssmb.com
Structured Corporate Finance

The Americas
David Ong
New York, NY 10013
Melanie Rose
New York, NY 10013
grad.cfrm@citi.com
Europe
Patricia Kenny
Citigroup Centre
33 Canada Square
London E14 5LB
Japan
Kaori Shindo
Manager, HR
2-3-14 Higashi-shinagawa
saiyo@citicorp.com
CAREER
Getting Hired
Technology and Operations

The Americas
Debbie Z. Beckman
Assistant Vice President, IT
Associate Program
New York, NY 10013
techjobs6@ssmb.com
Marcia Wood
Assistant Vice President,
Operations Training Program
New York, NY 10013
opsjobs4@ssmb.com
Europe
Brian Hood
Technology & Operations
Citigroup Centre
33 Canada Square
OTRecruitment@ssmb.com
Treasury and Money Markets Trading

The Americas
Megan Tencza
Recruiting Manager
New York, NY 10013
Fxtjob1@ssmb.com
Europe
Kathryn Jones
Citigroup Centre
33 Canada Square

CAREER
LIBRARY 57
Getting Hired
Japan
Kaori Shindo
Manager, HR
Citicorp Services (Japan) Limited
Citicorp Center 21st Floor
saiyo@citicorp.com
The Yield Book

The Americas
Maryanne Gargiulo
New York, NY 10013
Fax: (212) 816-8575
recruiting@yieldbook.com
CAREER
On the Job
Job Descriptions
Associate, Investment Banking

A position generally held by business school graduates, an investment
banking associate works on capital raising and mergers and acquisitions
projects. Salomon Smith Barney hires 20 to 30 new associates a year into its
investment-banking department. Associates are assigned to specific groups
shortly after they accept an offer. Daily activities include:
• Preparing exhibits for presentations to clients, including industry overviews

• Preparing financing case studies
• Attending presentations of financing recommendations at client’s offices
• Writing sales memorandum for distribution to Salomon sales force in
connection with stock or bond offering
• Assigning exhibits and analysis to analyst on deal team
• Preparing common stock comparisons, merger runs, and LBO analyses
• Assembling and editing pitchbooks
Analyst, Investment Banking

Those coming out of undergrad into Salomon Smith Barney are hired as
analysts, primarily in corporate finance. The firm hires about 80 to 100
analysts into the department each year. Analysts start with a four-week
training program that starts in mid-July. Analysts spend much of their time
number crunching – putting together data used in pitchbooks.
Trader, Sales and Trading

Traders are responsible for handling the firm’s stock, bond and derivatives
positions and for speculating in securities. Armed with multiple computer
screens providing data from a variety of online financial information sources,
such as Dow Jones Markets, Bloomberg and Reuters, traders regularly scan
breaking news to keep abreast of every latest development that could affect
the market. The trader quickly decides if the latest news or economic number
will affect the market positively or adversely – and acts accordingly.
Associates at Salomon Smith Barney hired as traders start with a six-month
training program – nine weeks of classroom training and several months of

CAREER
LIBRARY 59
On the Job
rotations through various trading desks. The firm also sponsors a weeklong
course to prepare associates for the Series 7 Examination. Daily activities
include:
• Reviewing newswires for breaking news and the release of economic data
• Presenting daily market summaries at Salomon’s morning meetings
• Providing price indications (i.e., bid and ask prices) on equity and fixed
income instruments to Salomon sales force
• Executing buy and sell orders for Salomon institutional clients on major
exchanges
• Providing a daily rundown of market activity and psychology to Salomon
research analysts
Summer Associate, Investment Banking/Sales

and Trading
Salomon Smith Barney investment banking summer associates are generally
asked to perform the work required of a first-year associate. The firm hires
about 20 to 25 MBA summer associates in New York, Chicago, London, Los
Angeles, San Francisco and Toronto. As they gain more experience,
investment banking summer associates are asked to assist more senior
bankers prepare pitches to potential clients to secure a merger advisory
engagement or a stock or bond issuance. Much of the summer associate’s job
consists of arduous work involving extensive quantitative analysis. For
example, a summer associate might be asked to analyze the financial
statements of two companies that are considering a merger and to construct a
model that simulates what the two companies would look like if combined.
Summer associates in investment banking often work in teams with analysts
and full-time associates on client engagements. The summer in the sales and
trading department involves two-week rotations among a variety of trading
desks, with evaluations after each rotation. All of Salomon Smith Barney’s
summer associates enjoy a weekly breakfast series with top management
from the firm’s various departments, such as public finance and research.
Associates are expected to work 12 weeks.
CAREER
On the Job
A Day in the Life
Associate, Investment Banking

8:00 a.m.: Read The Wall Street Journal on the subway. Check e-mails on
blackberry.
9:00 a.m.: Arrive at office. Pick up work left the night before at word
processing. Prioritize ongoing projects for the day based on deadlines and
schedule. (“I’m probably working on a handful of deals at once.”)
9:15 a.m.: Read news online (“focusing on client news”). Return emails and
phone calls.
9:30 a.m.: Review the work performed overnight by analysts; review market
activity.
10:00 a.m.: Meet with various deal teams, which usually consist of an
analyst, an associate, a VP and an MD. Talk with clients and people from
other departments such as capital markets and legal that are also working on
your deals. (“You want to talk with clients and the officers involved on your
deals during the day – when they’re around. I save the non-interactive stuff
like model building for the night.” “I pretty much meet with my deal teams
every hour during the day.”)
12:00 p.m.: Eat lunch at desk, cafeteria or out of the office. (“I often go out
to lunch with people from my training program; we stay pretty tight. “Tribeca
is a great area to go out to lunch. Sometimes, though, I’ll go down to the
cafeteria – it all depends on the weather – but there, you see the same faces.
It’s good to get out.”)
1:00 p.m.: Meet with deal teams. Talk with clients and deal support.
4:00 p.m.: Begin to receive assignments (such as pitchbooks and financial

modeling) for the rest of day (and night).
5:00 p.m.: Work on pitchbooks and models.
7: 00 p.m.: Finish receiving assignments for the rest of the day. Determine
how late you’ll be staying. (“Some people go to the gym if they’re going be
there late.”)
8:00 p.m.: Order dinner.
8:30 p.m.: Eat dinner at desk. Continue to work on pitchbooks and

modeling. Answer analysts’ questions and check their work.

CAREER
LIBRARY 61
On the Job
9:30 p.m.: Pick up any work from word processing and route it to vice
president’s desk for review in the morning.
10:00 p.m.: Call car service and head home (“It’s acceptable to leave at 10,
but 1 am is more realistic, especially if you’re working on any live deals.”
“There are times when you leave at 7:30 [p.m.].”)
Associate, Equity Research

7:00 a.m.: Get on the subway and read The Wall Street Journal. (“I focus on
news that’s relevant to the companies I cover.”)
8:00 a.m.: Arrive at the office. Look at Reuters to see if there’s any breaking
news on the companies that you cover. (“Once an hour, all day, I’m checking
Reuters for breaking news on my companies.” “If there’s negative news,
institutional investor calls start pouring in regarding the effect of the news on
the stock.”)
8:15 a.m.: Call the investor relations at the company for which news came
out in order to get their take on it. If there’s no breaking news, begin work
on ongoing projects such as an industry research report. (I’ll usually have a
few piles of projects on my desk.”)
8:45 a.m.: Meet with equity research team, which consists of one senior
analyst, “who might be on the road,” one MBA associate, one undergraduate
research assistant, and one administrative assistant. (With respect to effects
of negative news, the team must “form a unified opinion on a situation. Once
we’re all on the same page, we start to handle client calls.”)
9:15 a.m.: Write a “global alert” on the news to be sent to sales force
worldwide.
9:45 a.m.: Handle client calls (“their inquiries into the news”).
11:30 a.m.: Meet with team regarding ongoing projects.
12:00 p.m.: Go out to lunch or eat at the “great” SSB cafeteria with other
SSBers. (“I used to work at Bear Stearns; the SSB cafeteria is much better
than Bear’s.” “In Tribeca there’s a handful of good lunchspots.”)
12:30 p.m.: Return phone calls. Focus on ongoing projects.
1:30 p.m.: Afternoon team meeting. (“Checking in with the boss.” “It’s
important that our team communicates effectively.”)
2:00 p.m.: Downtime. Work on ongoing projects.
CAREER
On the Job
4:00 p.m.: Meet with a company that wants SSB to cover it.
6:00 p.m.: Order dinner.
6:30 p.m.: Dinner arrives.
8:00 p.m.: Head home.
Career Path
Undergraduates
After a five-week period of classroom training, analysts in investment
banking enter the firm working with a particular “group” that specializes in a
specific industry or sector, like M&A or energy. Explains one insider about
the training program: “You have an introduction to all the news information
sources that you will be using as an analyst, a session on how to work on a
computer, how to build financial models – they give you a few examples and
you have to build a few.” That contact says the program is no cakewalk: “Our
training wasn’t relaxed. It was almost as bad as regular work. Training can
get pretty brutal – you’re staying up late to finish stuff.” After the training
period, the analysts submit group choices. “You give five choices. I’d say 99
percent get one of their top three. I’ve never met a person who didn’t get one
of their top five choices.”
Unlike some other firms, Salomon Smith Barney will not pay for business
school for outstanding I-banking analysts. As for advancement past the
normal two-year track, “The firm adopted Solly’s policies,” says one insider.
“If you want to do a third-year slot, you have to submit a package with your
resume and four other groups that you want to join – and you have to switch
groups. The group gets to interview you first.”
To move from a third-year to associate spot, “you not only have to apply but
you have to write an essay.” Says one insider, “You can advance from analyst
to associate. I think it’s very rare, though. It depends on your performance,
or your perceived performance, because you can be an under performer and
still get good reviews. A lot of it really depends on how much they need you,
where they really need a glut of associates, and if you’re really good.” Says
another source, “It’s still possible to advance without an MBA. You can do
it, but it’s much less possible. Now you’re reporting to four different people,
most of whom you don’t even work for. You’re on the same level as some
kid that walked into the door with an MBA.”

CAREER
LIBRARY 63
On the Job
Analysts in the firm’s sales and trading department also have a two-year
program. The track includes three to four weeks training, and a widely
ranging generalist program: they can move from fixed income to equities, or
from sales to trading. The opportunity to advance to associate in sales and
trading is much greater than in investment banking.
Analysts in public finance enter a two-year program similar to the investment

banking analyst track. They begin with a nine-week training program that
groups them with public finance associates.
MBAs
MBAs begin their lives at Salomon Smith Barney with a six-week classroom-
based training program that brings together associates from investment
banking, sales and trading, and research. The length of further training varies
by department – investment banking associates receive four additional weeks
of training; sales and trading associates have a total of six months of training.
Both I-banking and sales and trading associates also can complete formal
rotations among groups and desks (the I-banking rotations are optional).
The MBA career path reportedly got a bit longer for some associates after the
Salomon Smith Barney merger. Investment banking groups adopted
Salomon’s policy of requiring associates to complete four and a half years
before being considered for a vice president position; Smith Barney had used
a three and a half-year track.
Associates typically work on deal teams headed by managing directors and

consisting of two to six professionals. Those who successfully work for
another three years are generally rewarded with a directorship. Then,
depending on each person’s skill, Salomon may decide to promote the person
to a managing director position after several more years.
Reviews and Feedback

Insiders say that at Salomon Smith Barney “every year you get a mid-year
and year-end review. You put a list down of six names from anyone in the
bank that you feel can evaluate your performance. Those people review you,
but you can also get unsolicited reviews. Then the [Managing Director] from
your group will look at that, and typically sit down with you and someone
from human resources and go over it.” At the end of the year, the review
involves that all-important bonus step. “The manager goes to the
compensation committee and your case gets reviewed,” explains one contact,
CAREER
On the Job
who adds, “I don’t think the review process was productive as a feedback
mechanism. I think you got your real feedback from your day-to-day
interactions. With the review, they’d say, ‘He’s very good at managing time,
he really knows his numbers.’ As a standalone basis, that doesn’t really tell
you that much – the psychology was, I tell him what I think about him during
the year, but I’m going to write him a really good review so he gets a good
bonus ‘cause I like him.”
Just as senior bankers review junior bankers, junior bankers review senior
bankers. Senior managers also submit the names of six junior employees who
have worked for them. These junior bankers will fill out reviews of the
manager. In addition, other junior bankers can give unsolicited reviews of
their supervisors.

CAREER
LIBRARY 65
Do you have an interview coming
up with a financial institution?
Unsure how to handle

a finance Interview?
Vault Live Finance

Interview Prep
Vault brings you a new service to
help you prepare for your finance
interviews. Your 1-hour live
session with a Vault finance
expert will include an actual 30-
minute finance interview, which
will be immediately followed by a
30-minute critique and Q&A session
with your expert.
Investment Sales & Trading

Banking/Corporate Interview Prep
Finance Interview Prep
This session prepares you for
This session preps you for questions about:
questions about:
• Capital markets
• Mergers & acquisition • Macroeconomics, including impact
• Valuation models of different pieces of economic
• Accounting concepts data on securities prices
• Personality fit for investment • Trading strategies

banking and corporate finance • Interest rates
positions • Securities including equities, fixed
• And more! income, currencies, options, and
other derivatives
• Personality fit for sales & trading
positions
• And more!
For more information go to

http://finance.vault.com
Final Analysis
To be sure, the new Salomon Smith Barney will be a different firm than the
one that rose to prominence in the late 1990s. The firm’s name will be gone
by 2003, replaced with the name Citigroup Corporate and Investment Bank,
in attempt to link the firm to its parent and leverage the relationship Citigroup
has with its corporate clients. The new firm will certainly remain a force in
investment banking, and the new ties to Citigroup will likely increase SSB’s
profile. But it remains to be seen how SSB’s culture will be affected. Since
the Travelers/Citibank merger in 1998, the major complaint of Salomon
Smith Barney employees has been increased bureaucracy. And although
initial apprehension about the merger has faded, SSB investment banking
employees might have a difficult time being further indoctrinated into the
Citigroup family.

CAREER
LIBRARY 67
Increase your T/NJ Ratio
(Time to New Job)
Use the Internet’s most targeted
job search tools for finance
professionals.
Vault Finance Job Board

The most comprehensive and convenient job board for finance
professionals. Target your search by area of finance, function,
and experience level, and find the job openings that you want.
No surfing required.
VaultMatch Resume Database

Vault takes match-making to the next level: post your resume
and customize your search by area of finance, experience and
more. We’ll match job listings with your interests and criteria
and e-mail them directly to your in-box.
Recommended Reading
Check out the Salomon Smith Barney web site,
www.salomonsmithbarney.com, for the latest company press releases and
news. For a humorous and informative look at the old Salomon Brothers, read
Michael Lewis’ best seller, Liar’s Poker. One of the most well known books
on Wall Street, Liar’s Poker follows Salomon’s rapid expansion and decline
in the 1980s and Lewis’ own experience rising from lowly trainee to big-
swinging bond trader.
We also recommend the following recent articles on Salomon Smith Barney:
• “Carpenter’s Work: His Future Is Hinging on the Salomon Crisis,” The Wall
Street Journal, September 4, 2002.
• “Salomon Made IPO Allocations Available to Ebbers, Others,” The Wall

Street Journal, August 28, 2002.
• “How Salomon almost lost its ticket,” International Herald Tribune, March
23, 2002
• “Some Lessons For Andersen From Scandal At Salomon,” The New York
Times, March 18, 2002
• “Say Good-Bye to Salomon,” The Daily Deal, May 22, 2001
• “Salomon Outruns its Wall Street Rivals,” Crain’s New York Business,
January 1, 2001
• “Where Banking, Brokerage Merge,” Crain’s New York Business, May 24,
1999.
• “Power-sharing Problems Fail to Knock Citigroup Off Course,” The

Financial Times, April 6, 1999.
• “Puzzling it Out at Citigroup,” The New York Times, December 18, 1998.
• “Travelers Reins in Risky Stock, Bond Plays by Its Salomon Unit,” The
Wall Street Journal, August 25, 1998.
• “The ‘Coca-Cola of Personal Finance,’” BusinessWeek, April 20, 1998.
• “The New Salomon: A Smaller Fish in a Bigger Pond,” The New York
Times, May 3, 1998.

CAREER
LIBRARY 69
“For those hoping to climb the ladder of success, Vault’s
insights are priceless.” — Money
VAULT EMPLOYER PROFILE:
SALOMON SMITH
BARNEY
Vault Employer Profiles include: THE VAULT EDITORIAL PROCESS
Introduction: An overview of the Exclusive Surveys: Vault annually

company and basic stats surveys 10,000s of employees at
The Scoop: The company's history, leading employers.
current business, major products, and One-on-One Interviews: For each
rankings in the industry employer, we conduct in-depth
Vault Newswire: Easy-to-digest interviews of current and former
summaries of recent news about the employees.
company
Our Survey Says: Employees speak
their minds on company culture, job
satisfaction, pay, benefits, diversity VAULT FINANCE CAREER CHANNEL
issues and more
• Insider firm profiles
Getting Hired: The company's hiring • Finance interview preparation
process, interview questions to expect • The Vault Finance Job Board
and application contacts • Advice on career-switching, job-
hunting and more
On the Job: Typical days in the life, • Employee message boards
job descriptions, career paths • Finance resume and cover letter
reviews
Final Analysis: The final word on the
pros and cons of working for the HTTP://FINANCE.VAULT.COM
company
VAULT CAREER LIBRARYTM is the world’s most comprehensive and up-to-date

collection of guidebooks on career subjects. Researched, written and published
by Vault, Inc., the Vault Career LibraryTM is comprised of more than 80 titles for
job seekers, professionals and researchers.
ISBN 1-58131-240-7 ABOUT VAULT, INC.: The Insider Career NetworkTM is the
52495 leading media company for career information. Called "a killer
app" by the New York Times, Vault is headquartered in New
York City and was founded in 1997 by Hussam Hamadeh,
EAN
Samer Hamadeh and Mark Oldman.

9 781581 312409
Finance/Career/Reference
$24.95

VEP-Salomon Smith Barney 2003

Cargado por

Información del documento

Descripción original:

Derechos de autor

Formatos disponibles

Compartir este documento

Compartir o incrustar documentos

Opciones para compartir

¿Le pareció útil este documento?

¿Este contenido es inapropiado?

Copyright:

Formatos disponibles

VEP-Salomon Smith Barney 2003

Cargado por

Copyright:

Formatos disponibles

EMPLOY

BY THE STAFF OF VAULT

© 2002 Vault Inc.

Library of Congress CIP Data is available.

Printed in the United States of America

CEO’s Bio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .29

Recent Transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .39

OUR SURVEY SAYS 41

Hiring Process . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .45

Visit the Vault Finance Career Channel at http://finance.vault.com — with

Job Descriptions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .59

Salomon Smith Barney is a full-service investment bank offering sales,

Visit the Vault Finance Career Channel at http://finance.vault.com — with

THE STATS • “Knocking on the door of the Big

The Salomon Story

Under Gutfreund, Salomon was sold in 1981 to Phibro, an oil and

However, Salomon’s weaknesses became apparent when the stock market

Solving Treasury bond problems

Visit the Vault Finance Career Channel at http://finance.vault.com — with

Buffet’s management reforms reassured the Treasury Department, which

The Smith Barney story

Since he was hired in 1986 as CEO of Commercial Credit, a small Baltimore

Moving towards superpower status

To accomplish this goal, Weill hired a Morgan Stanley mergers and

Visit the Vault Finance Career Channel at http://finance.vault.com — with

calling Smith Barney “Wall Street’s Bosnia.” When Greenhill failed to

The first merger – a nice fit

The second merger

Visit the Vault Finance Career Channel at http://finance.vault.com — with

Rocky road to the top

Transitions were reportedly not as smooth at Citigroup’s headquarters,

Mergers for others

Adept with debt

Visit the Vault Finance Career Channel at http://finance.vault.com — with

Making the cut

Feeling the heat

Where there’s smoke, there’s fire

Jack hits the road

Citigroup retools, Carpenter replaced

Visit the Vault Finance Career Channel at http://finance.vault.com — with

The bank that dare not speak its name

PROCEEDS MARKET # OF DISCLOSED

Source: Thomson Financial

Global Debt & Equity Offerings:

RANK ADVISER PROCEEDS MARKET # OF DISCLOSED

10 BofA Securities 97.3 4.4 529 292.1

Visit the Vault Finance Career Channel at http://finance.vault.com — with

Global M&A Transactions (announced):

RANK ADVISER RANK VALUE # OF DEALS

Source: Thomson Financial

Global M&A Transactions (announced):

RANK ADVISER RANK VALUE # OF DEALS

Global Equity & Equity-related Issues:

RANK ADVISER PROCEEDS MARKET # OF DISCLOSED

Source: Thomson Financial

Global Equity & Equity-related Issues:

RANK ADVISER PROCEEDS MARKET # OF DISCLOSED

10 Societe Generale 4.3 2.1 18 45.6

Visit the Vault Finance Career Channel at http://finance.vault.com — with

Global Debt (Including MBS, ABS & Tax Munis):

RANK ADVISER PROCEEDS MARKET # OF DISCLOSED

Source: Thomson Financial

Global Debt (Including MBS, ABS & Tax Munis):