The table below sets forth Citigroup's Commissions and fees revenue for the three months ended March 31, 2012 and 2011, respectively. The primary components of Commissions and fees revenue for the three months ended March 31, 2012 were credit card and bank card fees, investment banking fees and trading-related fees.

Credit card and bank card fees are primarily composed of interchange revenue and certain card fees, including annual fees, reduced by reward program costs. Interchange revenue and fees are recognized when earned, except for annual card fees which are deferred and amortized on a straight-line basis over a 12-month period. Reward costs are recognized when points are earned by the customers.

Investment banking fees are substantially composed of underwriting and advisory revenues. Investment banking fees are recognized when Citigroup's performance under the terms of the contractual arrangements is completed, which is typically at the closing of the transaction. Underwriting revenue is recorded in Commissions and fees net of both reimbursable and non-reimbursable expenses, consistent with the AICPA Audit and Accounting Guide for Brokers and Dealers in Securities (codified in ASC 940-605-05-1). Expenses associated with advisory transactions are recorded in Other operating expenses, net of client reimbursements. Out-of-pocket expenses are deferred and recognized at the time the related revenue is recognized. In general, expenses incurred related to investment banking transactions that fail to close (are not consummated) are recorded gross in Other operating expenses.

Trading-related fees primarily include commissions and fees from the following: executing transactions for clients on exchanges and over-the-counter markets; sale of mutual funds, insurance and other annuity products; and assisting clients in clearing transactions, providing brokerage services and other such activities. Trading-related fees are recognized when earned in Commissions and fees. Gains or losses, if any, on these transactions are included in Principal transactions.

The following table presents commissions and fees revenue for the three months ended March 31:

	Three Months Ended March 31,

*In millions of dollars*	2012		2011
Credit cards and bank cards	$	820	$	865
Investment banking		654		647
Trading-related		608		691
Transaction services		373		374
Other Consumer(1)		216		217
Checking-related		238		225
Loan servicing		40		146
Corporate finance(2)		134		128
Other		55		75

Total commissions and fees	$	3,138	$	3,368