Noninterest Revenue (Tables)

12 Months Ended

Dec. 31, 2010

Noninterest Revenue (Tables) [Abstract]


Year ended December 31,
(in millions)	2010		2009		2008

Underwriting:
Equity	$	1,589	$	2,487	$	1,477
Debt		3,172		2,739		2,094

Total underwriting		4,761		5,226		3,571
Advisory^(a)		1,429		1,861		1,955

Total investment banking fees	$	6,190	$	7,087	$	5,526


(a)		Effective January 1, 2010, the Firm adopted accounting guidance related to VIEs. Upon adoption of the guidance, the Firm consolidated its Firm-administered multi-seller conduits. The consolidation of the conduits did not significantly change the Firm’s net income as a whole; however, it did affect the classification of items on the Firm’s Consolidated Statements of Income. As a result, certain advisory fees were considered inter-company and eliminated, and the fees charged by the consolidated multi-seller conduits to its customers were classified as lending-and-deposit-related fees.

Principal transactions revenue


Year ended December 31,
(in millions)	2010		2009			2008

Trading revenue	$	9,404	$	9,870		$	(9,791	)
Private equity gains/(losses)^(a)		1,490		(74	)		(908	)

Principal transactions	$	10,894	$	9,796		$	(10,699	)


(a)		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.

Components of asset management, administration and commissions


Year ended December 31,
(in millions)	2010		2009		2008

Asset management:
Investment management fees	$	5,632	$	4,997	$	5,562
All other asset management fees		496		356		432

Total asset management fees		6,128		5,353		5,994
Total administration fees^(a)		2,023		1,927		2,452
Commission and other fees:
Brokerage commissions		2,804		2,904		3,141
All other commissions and fees		2,544		2,356		2,356

Total commissions and fees		5,348		5,260		5,497

Total asset management, administration and commissions	$	13,499	$	12,540	$	13,943


(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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