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Noninterest Revenue (Tables)
 6 Months Ended
Jun. 30, 2013
Noninterest Revenue (Tables) [Abstract]  
Components of investment banking fees
The following table presents the components of investment banking fees.
 
Three months ended June 30,
 
Six months ended
June 30,
(in millions)
2013
 
2012
 
2013
 
2012
Underwriting
 
 
 
 
 
 
 
Equity
$
457

 
$
250

 
$
730

 
$
526

Debt
956

 
654

 
1,873

 
1,477

Total underwriting
1,413

 
904

 
2,603

 
2,003

Advisory
304

 
353

 
559

 
635

Total investment banking fees
$
1,717

 
$
1,257

 
$
3,162

 
$
2,638
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 June 30,
 
Six months ended
June 30,
(in millions)
2013
 
2012
 
2013
 
2012
Trading revenue by risk exposure
 
 
 
 
 
 
 
Interest rate
$
564

 
$
1,228

 
$
1,153

 
$
2,573

Credit(a)
733

 
(3,583
)
 
1,878

 
(4,567
)
Foreign exchange
554

 
245

 
1,043

 
793

Equity
888

 
712

 
2,010

 
1,535

Commodity(b)
541

 
617

 
1,229

 
1,244

Total trading revenue
3,280

 
(781
)
 
7,313

 
1,578

Private equity gains/(losses)(c)
480

 
354

 
208

 
717

Principal transactions(d)
$
3,760

 
$
(427
)
 
$
7,521

 
$
2,295

(a)
Included $4.4 billion and $5.8 billion of losses incurred by CIO from the synthetic credit portfolio for the three and six months ended June 30, 2012. In June 2012, CIO identified a portion of the synthetic credit portfolio that aggregated a notional amount of approximately $12 billion; subsequent losses of $240 million are included in the 2012 amounts.
(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 $114 million and $203 million for the three months ended June 30, 2013 and 2012, respectively. Gains/(losses) related to commodity fair value hedges were $140 million and $(279) million for the six months ended June 30, 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 $355 million and $755 million for the three months ended June 30, 2013 and 2012, respectively, and $481 million and $(152) million for the six months ended June 30, 2013 and 2012, respectively.
Components of asset management, administration and commissions
The following table presents the components of asset management, administration and commissions.
 
Three months ended June 30,
 
Six months ended
June 30,
(in millions)
2013
 
2012
 
2013
 
2012
Asset management(a)
 
 
 
 
 
 
 
Investment management fees(b)
$
1,948

 
$
1,607

 
$
3,773

 
$
3,152

All other asset management fees(c)
139

 
68

 
263

 
131

Total asset management fees
2,087

 
1,675

 
4,036

 
3,283

 
 
 
 
 
 
 
 
Total administration fees(d)
548

 
559

 
1,075

 
1,094

 
 
 
 
 
 
 
 
Commission and other fees
 
 
 
 
 
 
 
Brokerage commissions
625

 
585

 
1,205

 
1,240

All other commissions and fees
605

 
642

 
1,148

 
1,236

Total commissions and fees
1,230

 
1,227

 
2,353

 
2,476

Total asset management, administration and commissions
$
3,865

 
$
3,461

 
$
7,464

 
$
6,853

(a)
The Firm has contractual arrangements with third parties to provide certain services in connection with its asset management activities. Generally, amounts paid to third-party service providers are expensed, such that asset management fees are recorded gross of payments made to third parties.
(b)
Represents fees earned from managing assets on behalf of Firm clients, including investors in Firm-sponsored funds or owners of separately managed investment accounts.
(c)
Represents fees for services that are ancillary to investment management services, such as commissions earned on the sales or distribution of mutual funds to clients.
(d)
Predominantly, includes fees for custody, securities lending, funds services and securities clearance.