Review of businesses (Tables)

3 Months Ended

Mar. 31, 2012

Contribution of Segments to Overall Profitability

The following consolidating schedules show the contribution of our businesses to our overall profitability.

For the quarter ended March 31, 2012 (dollar amounts in millions)	Investment Management			Investment Services			Other			Consolidated
Fee and other revenue	$	852	(a)	$	1,854		$	164		$	2,870	(a)
Net interest revenue		55			644			66			765
Total revenue		907			2,498			230			3,635
Provision for credit losses		-			16			(11	)		5
Noninterest expense		667			1,829			260			2,756
Income (loss) before taxes	$	240	(a)	$	653		$	(19	)	$	874	(a)
Pre-tax operating margin (b)		26	%		26	%		N/M			24	%
Average assets	$	36,475		$	215,899		$	48,970		$	301,344

(a) Total fee and other revenue includes income from consolidated investment management funds of $43 million, net of noncontrolling interests of $11 million, for a net impact of $32 million. Income before taxes includes noncontrolling interests of $11 million.

(b) Income before taxes divided by total revenue.

N/M - Not meaningful.

For the quarter ended Dec. 31, 2011 (dollar amounts in millions)	Investment Management			Investment Services			Other			Consolidated
Fee and other revenue	$	767	(a)	$	1,781		$	240		$	2,788	(a)
Net interest revenue		55			634			91			780
Total revenue		822			2,415			331			3,568
Provision for credit losses		-			-			23			23
Noninterest expense		685			1,756			387			2,828
Income (loss) before taxes	$	137	(a)	$	659		$	(79	)	$	717	(a)
Pre-tax operating margin (b)		17	%		27	%		N/M			20	%
Average assets	$	37,163		$	228,668		$	50,243		$	316,074

(a) Total fee and other revenue includes a loss from consolidated investment management funds of $5 million, net of loss attributable to noncontrolling interests of $28 million, for a net impact of $23 million. Income before taxes includes a loss attributable to noncontrolling interests of $28 million.

(b) Income before taxes divided by total revenue.

N/M - Not meaningful.

For the quarter ended March 31, 2011 (dollar amounts in millions)	Investment Management			Investment Services			Other			Consolidated
Fee and other revenue	$	868	(a)	$	1,889		$	147		$	2,904	(a)
Net interest revenue		52			621			25			698
Total revenue		920			2,510			172			3,602
Noninterest expense		682			1,752			263			2,697
Income (loss) before taxes	$	238	(a)	$	758		$	(91	)	$	905	(a)
Pre-tax operating margin (b)		26	%		30	%		N/M			25	%
Average assets	$	37,315		$	176,162		$	44,221		$	257,698

(a) Total fee and other revenue includes income from consolidated investment management funds of $110 million, net of noncontrolling interests of $44 million, for a net impact of $66 million. Income before taxes includes noncontrolling interests of $44 million.

(b) Income before taxes divided by total revenue.

N/M - Not meaningful.