| For the Year Ended or as of December | ||||||||||||||
| in millions | 2013 | 2012 | 2011 | |||||||||||
|
Investment Banking |
Financial Advisory |
$ 1,978 | $ 1,975 | $ 1,987 | ||||||||||
|
Equity underwriting |
1,659 | 987 | 1,085 | |||||||||||
|
Debt underwriting |
2,367 | 1,964 | 1,283 | |||||||||||
|
Total Underwriting |
4,026 | 2,951 | 2,368 | |||||||||||
|
Total net revenues |
6,004 | 4,926 | 4,355 | |||||||||||
|
Operating expenses |
3,475 | 3,330 | 2,995 | |||||||||||
|
Pre-tax earnings |
$ 2,529 | $ 1,596 | $ 1,360 | |||||||||||
|
Segment assets |
$ 1,901 | $ 1,712 | $ 1,983 | |||||||||||
|
Institutional Client Services |
Fixed Income, Currency and
Commodities |
$ 8,651 | $ 9,914 | $ 9,018 | ||||||||||
|
Equities client execution |
2,594 | 3,171 | 3,031 | |||||||||||
|
Commissions and fees |
3,103 | 3,053 | 3,633 | |||||||||||
|
Securities services |
1,373 | 1,986 | 1,598 | |||||||||||
|
Total Equities |
7,070 | 8,210 | 8,262 | |||||||||||
|
Total net revenues 1 |
15,721 | 18,124 | 17,280 | |||||||||||
|
Operating expenses |
11,782 | 12,480 | 12,837 | |||||||||||
|
Pre-tax earnings |
$ 3,939 | $ 5,644 | $ 4,443 | |||||||||||
|
Segment assets |
$788,238 | $825,496 | $813,660 | |||||||||||
|
Investing & Lending |
Equity securities |
$ 3,930 | $ 2,800 | $ 603 | ||||||||||
|
Debt securities and loans |
1,947 | 1,850 | 96 | |||||||||||
|
Other |
1,141 | 1,241 | 1,443 | |||||||||||
|
Total net revenues |
7,018 | 5,891 | 2,142 | |||||||||||
|
Operating expenses |
2,684 | 2,666 | 2,673 | |||||||||||
|
Pre-tax earnings/(loss) |
$ 4,334 | $ 3,225 | $ (531 | ) | ||||||||||
|
Segment assets |
$109,285 | $ 98,600 | $ 94,330 | |||||||||||
|
Investment Management |
Management and other fees |
$ 4,386 | $ 4,105 | $ 4,188 | ||||||||||
|
Incentive fees |
662 | 701 | 323 | |||||||||||
|
Transaction revenues |
415 | 416 | 523 | |||||||||||
|
Total net revenues |
5,463 | 5,222 | 5,034 | |||||||||||
|
Operating expenses |
4,354 | 4,294 | 4,020 | |||||||||||
|
Pre-tax earnings |
$ 1,109 | $ 928 | $ 1,014 | |||||||||||
|
Segment assets |
$ 12,083 | $ 12,747 | $ 13,252 | |||||||||||
|
Total |
Net revenues |
$ 34,206 | $ 34,163 | $ 28,811 | ||||||||||
|
Operating expenses |
22,469 | 22,956 | 22,642 | |||||||||||
|
Pre-tax earnings |
$ 11,737 | $ 11,207 | $ 6,169 | |||||||||||
|
Total assets |
$911,507 | $938,555 | $923,225 | |||||||||||
| 1. |
Includes $37 million for 2013, $121 million for 2012 and $115 million for 2011 of realized gains on available-for-sale securities held in the firm’s Americas reinsurance business, in which a majority stake was sold in April 2013. |