Noninterest Revenue (Tables)

12 Months Ended

Dec. 31, 2012

The following table presents the components of investment banking fees.



Year ended December 31, (in millions)	2012		2011		2010
Underwriting
Equity	$	1,026	$	1,181	$	1,589
Debt	3,290		2,934		3,172
Total underwriting	4,316		4,115		4,761
Advisory	1,492		1,796		1,429
Total investment banking fees	$	5,808	$	5,911	$	6,190

Principal transactions revenue

The following table presents principal transactions revenue by major underlying type of risk exposures. This table does not include other types of revenue, such as net interest income on trading assets, which are an integral part of the overall performance of the Firm’s client-driven market-making activities.



Year ended December 31, (in millions)	2012			2011			2010
Trading revenue by risk exposure
Interest rate^(a)	$	3,922		$	(873	)	$	(199	)
Credit^(b)	(5,460		)	3,393			4,543
Foreign exchange	1,436			1,154			1,896
Equity	2,504			2,401			2,275
Commodity^(c)	2,363			2,823			889
Total trading revenue	4,765			8,898			9,404
Private equity gains/(losses)^(d)	771			1,107			1,490
Principal transactions^(e)	$	5,536		$	10,005		$	10,894


(a)	Includes a pretax gain of $665 million for the year ended December 31, 2012, reflecting the recovery on a Bear Stearns-related subordinated loan.


(b)	Includes $5.8 billion of losses incurred by CIO from the synthetic credit portfolio for the six months ended June 30, 2012, and $449 million of losses incurred by CIO from the retained index credit derivative positions for the three months ended September 30, 2012; and losses incurred by CIB from the synthetic credit portfolio.

(c)

Includes realized gains and losses and unrealized losses on physical commodities inventories that are generally carried at the lower of cost or market (market approximates fair value), subject to any applicable fair value hedge accounting adjustments, and gains and losses on commodity derivatives and other financial instruments that are carried at fair value through income. Commodity derivatives are frequently used to manage the Firm’s risk exposure to its physical commodities inventories. Gains/(losses) related to commodity fair value hedges were $(1.4) billion, $(1.1) billion and $528 million for the years ended December 31, 2012, 2011 and 2010, respectively.


(d)	Includes revenue on private equity investments held in the Private Equity business within Corporate/Private Equity, as well as those held in other business segments.


(e)	Principal transactions revenue included DVA related to structured notes and derivative liabilities measured at fair value in CIB. DVA gains/(losses) were $(930) million, $1.4 billion, and $509 million for the years ended December 31, 2012, 2011 and 2010, respectively.

Components of asset management, administration and commissions

The following table presents components of asset management, administration and commissions.



Year ended December 31, (in millions)	2012		2011		2010
Asset management
Investment management fees	$	6,309	$	6,085	$	5,632
All other asset management fees	792		605		496
Total asset management fees	7,101		6,690		6,128

Total administration fees^(a)	2,135		2,171		2,023

Commission and other fees
Brokerage commissions	2,331		2,753		2,804
All other commissions and fees	2,301		2,480		2,544
Total commissions and fees	4,632		5,233		5,348
Total asset management, administration and commissions	$	13,868	$	14,094	$	13,499


(a)	Includes fees for custody, securities lending, funds services and securities clearance.

- Definition

Components of asset management, administration and commissions. Combination of: 1) Revenue recognized in the period for (A) performance (incentive) fees based on the investment results achieved for management of certain institutional accounts and hedge funds, (B) schedule-based fees earned for management of mutual funds and closed-end funds, based either on average daily net assets or on a combination of the average daily net assets and gross income, and (C) other investment management and advisory fees. 2) Acting as an agent, a broker-dealer may buy and sell securities on behalf of its customers. In return for such services, the broker-dealer charges a commission. Each time a customer enters into a buy or sell transaction, a commission is earned by the broker-dealer for its selling and administrative efforts. For securities purchased, the commission is recorded as a receivable from customers; for securities sold, it is recorded as reductions in the payable to customers. Commissions earned are usually related to the broker-dealer's customers' trading volume and the dollar amounts of the trades. In general, commissions are for smaller trades of exchange-listed stocks and bonds made by retail customers. 3)Income from services rendered by trust departments or by any consolidated subsidiaries acting in a fiduciary capacity, including fees earned for (A) acting as an agent for fiduciary placement and loans and (B) custody or investment advisory services when such fees are not separately billed to the customer. This item excludes commissions and fees received for the accumulation or disbursement of funds deposited to Individual Retirement or Keogh plan accounts when such are not handled by the reporting entity's trust department. 4) Income from agency and brokerage operations (includes sales of annuities and supplemental contracts); service charges, commissions, and fees from the sale of insurance and related services; and management fees from separate accounts, deferred annuities, and universal life products. 5) Revenues from providing transfer agent services to corporations. Such services include maintaining records of investors and account balances and transactions, canceling and issuing certificates, processing investor mailings and dealing with any associated problems (i.e. lost or stolen certificates). 6) Service revenue earned by a depository institution that holds the account balances of other financial institutions and provides services thereto. Such services include check collection and item processing. 7) Fee and commission revenue earned from sources not otherwise specified in the existing taxonomy, such as ADR fees, fund accounting fees, etc.

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