Non-U.S. Activities

12 Months Ended

Dec. 31, 2013

Segments, Geographical Areas [Abstract]

Non-U.S. Activities

Non-U.S. Activities

We generally define our non-U.S. activities as those revenue-producing business activities that arise from clients domiciled outside the U.S. Due to the integrated nature of our business, precise segregation of our U.S. and non-U.S. activities is not possible. Subjective estimates and other judgments are applied to determine the financial results and assets related to our non-U.S. activities, including our application of funds transfer pricing, our asset-and-liability management policies and our allocation of certain indirect corporate expenses. Interest expense allocations are based on our internal funds transfer pricing methodology.

The following table presents our non-U.S. financial results for the years ended December 31. Results for 2012 and 2011 reflect reclassifications associated with tax transfer pricing reflected in results for 2013. Results for 2011 reflect changes in methodology associated with funds transfer pricing and expense allocation reflected in results for 2012.

(In millions)	2013			2012			2011
Total fee revenue	$	3,119		$	2,917		$	3,004
Net interest revenue	1,191			953			966
Gains (losses) related to investment securities, net	(11		)	(40		)	(25		)
Total revenue	4,299			3,830			3,945
Expenses	3,130			3,013			3,089
Income before income taxes	1,169			817			856
Income tax expense	289			204			218
Net income	$	880		$	613		$	638

Gains (losses) related to investment securities, net, for the year ended December 31, 2012 included a loss of $46 million from the sale of all of our Greek investment securities (refer to note 4).

The following table presents the significant components of our non-U.S. assets as of December 31, based on the domicile of the underlying counterparties:

(In millions)	2013		2012
Interest-bearing deposits with banks	$	9,584	$	20,665
Investment securities	31,522		28,976
Other assets	16,778		13,441
Total non-U.S. assets	$	57,884	$	63,082