Noninterest Revenue (Tables)

3 Months Ended

Mar. 31, 2012

Noninterest Revenue (Tables) [Abstract]



	Three months ended March 31,
(in millions)	2012		2011
Underwriting
Equity	$	276	$	379
Debt	823		982
Total underwriting	1,099		1,361
Advisory	282		432
Total investment banking fees	$	1,381	$	1,793

Principal transactions revenue



	Three months ended March 31,
(in millions)	2012			2011
Trading revenue by risk exposure
Interest rate	$	1,345		$	527
Credit	(324		)	1,248
Foreign exchange	548			560
Equity	823			1,039
Commodity^(a)	627			566
Total trading revenue	3,019			3,940
Private equity gains/(losses)^(b)	363			805
Principal transactions^(c)	$	3,382		$	4,745

(a)

Includes realized gains and losses and unrealized losses on physical commodities inventories that are generally carried at the lower of cost or fair value, subject to any applicable fair value hedge accounting adjustments, and gains and losses on commodity derivatives and other financial instruments that are carried at fair value through income. Commodity derivatives are frequently used to manage the Firm’s risk exposure to its physical commodities inventories.


(b)	Includes revenue on private equity investments held in the Private Equity business within Corporate/Private Equity, as well as those held in other business segments.


(c)	Principal transactions included debit valuation adjustments (“DVA”) related to derivatives and structured liabilities measured at fair value in IB. DVA (losses) were $(907) million and $(46) million for the three months ended March 31, 2012 and 2011, respectively.

Components of asset management, administration and commissions



	Three months ended March 31,
(in millions)	2012		2011
Asset management
Investment management fees	$	1,446	$	1,494
All other asset management fees	162		144
Total asset management fees	1,608		1,638

Total administration fees^(a)	535		551

Commission and other fees
Brokerage commissions	655		763
All other commissions and fees	594		654
Total commissions and fees	1,249		1,417
Total asset management, administration and commissions	$	3,392	$	3,606


(a)	Includes fees for custody, securities lending, funds services and securities clearance.

- Definition

Components of asset management, administration and commissions. Combination of: 1) Revenue recognized in the period for (A) performance (incentive) fees based on the investment results achieved for management of certain institutional accounts and hedge funds, (B) schedule-based fees earned for management of mutual funds and closed-end funds, based either on average daily net assets or on a combination of the average daily net assets and gross income, and (C) other investment management and advisory fees. 2) Acting as an agent, a broker-dealer may buy and sell securities on behalf of its customers. In return for such services, the broker-dealer charges a commission. Each time a customer enters into a buy or sell transaction, a commission is earned by the broker-dealer for its selling and administrative efforts. For securities purchased, the commission is recorded as a receivable from customers; for securities sold, it is recorded as reductions in the payable to customers. Commissions earned are usually related to the broker-dealer's customers' trading volume and the dollar amounts of the trades. In general, commissions are for smaller trades of exchange-listed stocks and bonds made by retail customers. 3)Income from services rendered by trust departments or by any consolidated subsidiaries acting in a fiduciary capacity, including fees earned for (A) acting as an agent for fiduciary placement and loans and (B) custody or investment advisory services when such fees are not separately billed to the customer. This item excludes commissions and fees received for the accumulation or disbursement of funds deposited to Individual Retirement or Keogh plan accounts when such are not handled by the reporting entity's trust department. 4) Income from agency and brokerage operations (includes sales of annuities and supplemental contracts); service charges, commissions, and fees from the sale of insurance and related services; and management fees from separate accounts, deferred annuities, and universal life products. 5) Revenues from providing transfer agent services to corporations. Such services include maintaining records of investors and account balances and transactions, canceling and issuing certificates, processing investor mailings and dealing with any associated problems (i.e. lost or stolen certificates). 6) Service revenue earned by a depository institution that holds the account balances of other financial institutions and provides services thereto. Such services include check collection and item processing. 7) Fee and commission revenue earned from sources not otherwise specified in the existing taxonomy, such as ADR fees, fund accounting fees, etc.

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