Noninterest Revenue (Tables)

3 Months Ended

Mar. 31, 2013

Noninterest Revenue (Tables) [Abstract]

The following table presents the components of investment banking fees.



	Three months ended March 31,
(in millions)	2013		2012
Underwriting
Equity	$	273	$	276
Debt	917		823
Total underwriting	1,190		1,099
Advisory	255		282
Total investment banking fees	$	1,445	$	1,381

Principal transactions revenue

The following table presents all realized and unrealized gains and losses recorded in principal transactions revenue by major underlying type of risk exposures.



	Three months ended March 31,
(in millions)	2013			2012
Trading revenue by risk exposure
Interest rate	$	589		$	1,345
Credit^(a)	1,145			(984		)
Foreign exchange	489			548
Equity	1,122			823
Commodity^(b)	688			627
Total trading revenue	4,033			2,359
Private equity gains/(losses)^(c)	(272		)	363
Principal transactions^(d)	$	3,761		$	2,722


(a)	Included $1.4 billion of losses incurred by CIO from the synthetic credit portfolio for the three months ended March 31, 2012.

(b)

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 related to market-making and client-driven activities. Gains/(losses) related to commodity fair value hedges were $26 million and $(482) million for the three months ended March 31, 2013 and 2012, respectively.


(c)	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.


(d)	Principal transactions revenue includes DVA related to structured notes and derivative liabilities measured at fair value in CIB. DVA gains/(losses) were $126 million and $(907) million for the three months ended March 31, 2013 and 2012, respectively.

Components of asset management, administration and commissions

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



	Three months ended March 31,
(in millions)	2013		2012
Asset management
Investment management fees	$	1,703	$	1,446
All other asset management fees	246		162
Total asset management fees	1,949		1,608

Total administration fees^(a)	527		535

Commission and other fees
Brokerage commissions	580		655
All other commissions and fees	543		594
Total commissions and fees	1,123		1,249
Total asset management, administration and commissions	$	3,599	$	3,392


(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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