

Three months ended September 30, 2011 (in millions, except ratios)	Investment Bank			Retail Financial Services			Card Services & Auto			Commercial Banking			Treasury & Securities Services			Asset Management			Corporate/ Private Equity			Reconciling Items^(c)			Total
Noninterest revenue	$	4,293		$	3,473		$	1,254		$	524		$	1,107		$	1,898		$	(140	)	$	(463	)	$	11,946
Net interest income	2,076			4,062			3,521			1,064			801			418			8			(133		)	11,817
Total net revenue	6,369			7,535			4,775			1,588			1,908			2,316			(132		)	(596		)	23,763
Provision for credit losses	54			1,027			1,264			67			(20		)	26			(7		)	—			2,411
Credit allocation income/(expense)^(b)	—			—			—			—			9			—			—			(9		)	—
Noninterest expense	3,799			4,565			2,115			573			1,470			1,796			1,216			—			15,534
Income/(loss) before income tax expense/(benefit)	2,516			1,943			1,396			948			467			494			(1,341		)	(605		)	5,818
Income tax expense/(benefit)	880			782			547			377			162			109			(696		)	(605		)	1,556
Net income	$	1,636		$	1,161		$	849		$	571		$	305		$	385		$	(645	)	$	—		$	4,262
Average common equity	$	40,000		$	25,000		$	16,000		$	8,000		$	7,000		$	6,500		$	71,954		$	—		$	174,454
Average assets	803,667			283,443			199,974			145,195			60,141			78,669			659,458			NA			2,230,547
Return on average common equity	16		%	18		%	21		%	28		%	17		%	24		%	NM			NM			9		%
Overhead ratio	60			61			44			36			77			78			NM			NM			65



Three months ended September 30, 2010 (in millions, except ratios)	Investment Bank			Retail Financial Services			Card Services & Auto			Commercial Banking			Treasury & Securities Services			Asset Management			Corporate/ Private Equity			Reconciling Items^(c)			Total
Noninterest revenue	$	3,462		$	2,534		$	1,060		$	547		$	1,172		$	1,780		$	1,213		$	(446	)	$	11,322
Net interest income	1,891			4,280			4,025			980			659			392			371			(96		)	12,502
Total net revenue	5,353			6,814			5,085			1,527			1,831			2,172			1,584			(542		)	23,824
Provision for credit losses	(142		)	1,397			1,784			166			(2		)	23			(3		)	—			3,223
Credit allocation income/(expense)^(b)	—			—			—			—			(31		)	—			—			31			—
Noninterest expense	3,704			4,170			1,792			560			1,410			1,488			1,274			—			14,398
Income/(loss) before income tax expense/(benefit)	1,791			1,247			1,509			801			392			661			313			(511		)	6,203
Income tax expense/(benefit)	505			531			583			330			141			241			(35		)	(511		)	1,785
Net income	$	1,286		$	716		$	926		$	471		$	251		$	420		$	348		$	—		$	4,418
Average common equity	$	40,000		$	24,600		$	18,400		$	8,000		$	6,500		$	6,500		$	59,962		$	—		$	163,962
Average assets	746,926			309,523			207,474			130,237			42,445			64,911			539,597			NA			2,041,113
Return on average common equity	13		%	12		%	20		%	23		%	15		%	26		%	NM			NM			10		%
Overhead ratio	69			61			35			37			77			69			NM			NM			60



Nine months ended September 30, 2011 (in millions, except ratios)	Investment Bank			Retail Financial Services			Card Services & Auto			Commercial Banking			Treasury & Securities Services			Asset Management			Corporate/ Private Equity			Reconciling Items^(c)			Total
Noninterest revenue	$	15,702		$	7,968		$	3,607		$	1,624		$	3,427		$	6,057		$	3,185		$	(1,365	)	$	40,205
Net interest income	6,214			12,175			10,720			3,107			2,253			1,202			260			(373		)	35,558
Total net revenue	21,916			20,143			14,327			4,731			5,680			7,259			3,445			(1,738		)	75,763
Provision for credit losses	(558		)	3,220			2,561			168			(18		)	43			(26		)	—			5,390
Credit allocation income/(expense)^(b)	—			—			—			—			68			—			—			(68		)	—
Noninterest expense	13,147			14,736			6,020			1,699			4,300			5,250			3,219			—			48,371
Income/(loss) before income tax expense/(benefit)	9,327			2,187			5,746			2,864			1,466			1,966			252			(1,806		)	22,002
Income tax expense/(benefit)	3,264			1,042			2,253			1,140			512			676			(327		)	(1,806		)	6,754
Net income	$	6,063		$	1,145		$	3,493		$	1,724		$	954		$	1,290		$	579		$	—		$	15,248
Average common equity	$	40,000		$	25,000		$	16,000		$	8,000		$	7,000		$	6,500		$	70,167		$	—		$	172,667
Average assets	820,239			289,486			200,803			143,069			53,612			73,967			595,133			NA			2,176,309
Return on average common equity	20		%	6		%	29		%	29		%	18		%	27		%	NM			NM			11		%
Overhead ratio	60			73			42			36			76			72			NM			NM			64



Nine months ended September 30, 2010 (in millions, except ratios)	Investment Bank			Retail Financial Services			Card Services & Auto			Commercial Banking			Treasury & Securities Services			Asset Management			Corporate/ Private Equity			Reconciling Items^(c)			Total
Noninterest revenue	$	14,085		$	7,784		$	3,173		$	1,593		$	3,545		$	5,253		$	3,597		$	(1,333	)	$	37,697
Net interest income	5,919			12,964			12,227			2,836			1,923			1,118			2,194			(282		)	38,899
Total net revenue	20,004			20,748			15,400			4,429			5,468			6,371			5,791			(1,615		)	76,596
Provision for credit losses	(929		)	6,501			7,861			145			(57		)	63			12			—			13,596
Credit allocation income/(expense)^(b)	—			—			—			—			(91		)	—			—			91			—
Noninterest expense	13,064			12,012			5,311			1,641			4,134			4,335			4,656			—			45,153
Income/(loss) before income tax expense/(benefit)	7,869			2,235			2,228			2,643			1,300			1,973			1,123			(1,524		)	17,847
Income tax expense/(benefit)	2,731			966			904			1,089			478			770			(106		)	(1,524		)	5,308
Net income	$	5,138		$	1,269		$	1,324		$	1,554		$	822		$	1,203		$	1,229		$	—		$	12,539
Average common equity	$	40,000		$	24,600		$	18,400		$	8,000		$	6,500		$	6,500		$	55,737		$	—		$	159,737
Average assets	711,277			316,407			215,653			132,176			41,211			63,629			560,803			NA			2,041,156
Return on average common equity	17		%	7		%	10		%	26		%	17		%	25		%	NM			NM			10		%
Overhead ratio	65			58			34			37			76			68			NM			NM			59

(a)

In addition to analyzing the Firm’s results on a reported basis, management reviews the Firm’s lines of business results on a “managed basis,” which is a non-GAAP financial measure. The Firm’s definition of managed basis starts with the reported U.S. GAAP results and includes certain reclassifications as discussed below that do not have any impact on net income as reported by the lines of business or by the Firm as a whole.

(b)

IB manages traditional credit exposures related to the Global Corporate Bank (“GCB”) on behalf of IB and TSS. Effective January 1, 2011, IB and TSS share the economics related to the Firm’s GCB clients. Included within this allocation are net revenue, provision for credit losses, as well as expenses. Prior-year period reflected a reimbursement to IB for a portion of the total costs of managing the credit portfolio. IB recognizes this credit allocation as a component of all other income.


(c)	Segment managed results reflect revenue on a fully tax-equivalent basis, with the corresponding income tax impact recorded within income tax expense/(benefit). These adjustments are eliminated in reconciling items to arrive at the Firm’s reported U.S. GAAP results. Tax-equivalent adjustments for the three and nine months ended September 30, 2011 and 2010, were as follows.