| International Operations |
Note 26—International
operations
International activity
includes Investment Management and Investment Services fee revenue
generating businesses, foreign exchange trading activity, loans and
other revenue producing assets and transactions in which the
customer is domiciled outside of the United States and/or the
international activity is resident at an international entity. Due
to the nature of our international and domestic activities, it is
not possible to precisely distinguish between internationally and
domestically domiciled customers. As a result, it is necessary to
make certain subjective assumptions such as:
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Income from international operations is determined after
internal allocations for interest revenue, taxes, expenses,
provision and allowance for credit losses.
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Expense charges to international operations include those
directly incurred in connection with such activities, as well as an
allocable share of general support and overhead charges.
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Total revenue, income
before income taxes, net income and total assets of our
international operations are shown in the table
below.
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International operations |
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International |
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Total
international
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Total
domestic
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(in
millions) |
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EMEA |
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APAC |
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Other |
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Total |
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2012
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Total assets at period
end (a)
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$ |
78,912 |
(b) |
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$ |
18,064 |
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$ |
1,816 |
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$ |
98,792 |
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$ |
260,198 |
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$ |
358,990 |
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Total revenue
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3,727 |
(b) |
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|
902 |
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|
646 |
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5,275 |
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9,280 |
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|
14,555 |
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Income before
taxes
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|
936 |
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|
429 |
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|
326 |
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1,691 |
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|
1,611 |
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3,302 |
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Net income
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761 |
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|
349 |
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265 |
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1,375 |
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1,148 |
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2,523 |
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2011
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Total assets at period
end (a)
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$ |
61,115 |
(b) |
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$ |
13,030 |
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$ |
1,694 |
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$ |
75,839 |
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$ |
249,427 |
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$ |
325,266 |
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Total revenue
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3,780 |
(b) |
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|
842 |
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|
769 |
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5,391 |
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9,339 |
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14,730 |
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Income before
taxes
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1,135 |
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|
426 |
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|
350 |
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1,911 |
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|
1,706 |
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|
3,617 |
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Net income
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867 |
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|
325 |
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|
267 |
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1,459 |
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|
1,110 |
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2,569 |
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2010 (c):
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Total assets at period
end (a)
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$ |
72,629 |
(b) |
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$ |
8,806 |
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$ |
3,124 |
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$ |
84,559 |
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$ |
162,422 |
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$ |
246,981 |
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Total revenue
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3,497 |
(b) |
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745 |
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735 |
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4,977 |
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8,898 |
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13,875 |
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Income before
taxes
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1,222 |
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|
394 |
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|
348 |
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1,964 |
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1,730 |
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3,694 |
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Net income from
continuing operations
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916 |
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|
295 |
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|
261 |
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1,472 |
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|
1,175 |
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|
2,647 |
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| (a) |
Total assets include
long-lived assets, which are not considered by management to be
significant in relation to total assets. Long-lived assets are
primarily located in the United States. |
| (b) |
Includes revenue of
approximately $2.3 billion, $2.2 billion and $2.1 billion and
assets of approximately $40.0 billion, $28.3 billion and $44.7
billion in 2012, 2011, and 2010, respectively, of international
operations domiciled in the UK, which is 16%, 15% and 15% of total
revenue and 11%, 9%, and 18% of total assets,
respectively. |
| (c) |
Presented on a
continuing operations basis. |
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