Share-Based Compensation Plans (Tables)

3 Months Ended

Mar. 31, 2014

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Share-based compensation expense recognized in continuing operations

The following table summarizes share-based compensation expense recognized in the Condensed Consolidated Statements of Income in Compensation and benefits (in millions):

	Three months ended March 31,
	2014		2013
Restricted share units (“RSUs”)	$	60	$	55
Performance share awards (“PSAs”)	39		11
Share options	—		1
Employee share purchase plans	3		2
Total share-based compensation expense	$	102	$	69

Restricted share unit activity

A summary of the status of the Company’s RSUs is as follows (shares in thousands):

	Three months ended March 31,
	2014				2013
	Shares		Fair Value (1)		Shares		Fair Value (1)
Non-vested at beginning of period	9,759		$	51	10,432		$	44
Granted	1,146		83		1,764		60
Vested	(1,950	)	51		(2,080	)	46
Forfeited	(125	)	50		(128	)	44
Non-vested at end of period	8,830		56		9,988		47

 ______________________________________________

(1) Represents per share weighted average fair value of award at date of grant.

Performance-based plans

Information as of March 31, 2014 regarding the Company’s target PSAs granted and shares that would be issued at current performance levels for PSAs granted during the three months ended March 31, 2014 and the years ended December 31, 2013 and 2012, respectively, is as follows (shares in thousands, dollars in millions, except fair value):

	As of March 31, 2014		As of December 31, 2013		As of December 31, 2012
Target PSAs granted	816		1,135		1,369
Fair value (1)	$	81	$	58	$	47
Number of shares that would be issued based on current performance levels	816		2,243		2,682
Unamortized expense, based on current performance levels	$	65	$	82	$	34

 ______________________________________________

(1) Represents per share weighted average fair value of award at date of grant.

Share options and related information

A summary of the status of the Company’s share options and related information is as follows (shares in thousands):

	Three months ended March 31,
	2014				2013
	Shares		Weighted- Average Exercise Price		Shares		Weighted- Average Exercise Price
Beginning outstanding	3,462		$	32	5,611		$	32
Granted	—		—		—		—
Exercised	(416	)	33		(610	)	31
Forfeited and expired	(2	)	36		(10	)	33
Outstanding at end of period	3,044		32		4,991		32
Exercisable at end of period	2,928		32		4,579		32

Other information related to the company's share options

Other information related to the Company’s share options is as follows (in millions):

	Three months ended March 31,
	2014		2013
Aggregate intrinsic value of stock options exercised	$	21	$	17
Cash received from the exercise of stock options	14		20
Tax benefit realized from the exercise of stock options	6		3