Goodwill and Identifiable Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2011

Goodwill and intangible assets

	Goodwill
	As of
	June		December
in millions	2011		2010
Investment Banking:
Underwriting	$	125	$	125
Institutional Client Services:
Fixed Income, Currency and Commodities Client Execution 1		5		159
Equities Client Execution		2,361		2,361
Securities Services		117		117
Investing & Lending		154		172
Investment Management		561		561
Total	$	3,323	$	3,495

Intangible Assets Disclosure

	Identifiable
	Intangible Assets
	As of
	June		December
in millions	2011		2010
Institutional Client Services:
Fixed Income, Currency and Commodities Client Execution	$	525	$	608
Equities Client Execution		687		718
Investing & Lending		538		579
Investment Management		114		122
Total	$	1,864	$	2,027

1.   The decrease from December 2010 to June 2011 is related to the classification of Litton as held for sale. See Note 12 for further information.

Amortization expense for identifiable intangible assets

		As of
		June			Weighted Average	December
$ in millions		2011			Remaining Lives	2010
Customer lists	Gross carrying amount	$	1,104			$	1,104
	Accumulated amortization		(561	)			(529	)
	Net carrying amount	$	543		10	$	575
Commodities-related intangibles 1	Gross carrying amount	$	633			$	667
	Accumulated amortization		(100	)			(52	)
	Net carrying amount	$	533		20	$	615
Broadcast royalties 2	Gross carrying amount	$	560			$	560
	Accumulated amortization		(92	)			(61	)
	Net carrying amount	$	468		8	$	499
Insurance-related intangibles 3	Gross carrying amount	$	292			$	292
	Accumulated amortization		(146	)			(146	)
	Net carrying amount	$	146		7	$	146
Other 4	Gross carrying amount	$	941			$	953
	Accumulated amortization		(767	)			(761	)
	Net carrying amount	$	174		13	$	192
Total	Gross carrying amount	$	3,530			$	3,576
	Accumulated amortization		(1,666	)			(1,549	)
	Net carrying amount	$	1,864		12	$	2,027

1.	Primarily includes commodity-related customer contracts and relationships, permits and access rights.
2.	Represents television broadcast royalties held by a consolidated VIE.
3.	Represents value of business acquired related to the firm’s insurance businesses.
4.	Primarily includes the firm’s NYSE designated market maker rights and exchange-traded fund lead market maker rights.

Estimated future amortization for existing identifiable intangible assets through 2016

	Three Months				Six Months
	Ended June				Ended June
in millions	2011		2010		2011		2010
Amortization expense	$	66	$	82	$	123	$	126

	As of
in millions	June 2011
Estimated future amortization expense:
Remainder of 2011	$	134
2012		249
2013		232
2014		202
2015		170
2016		167