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129

FINANCIAL STATEMENTS AND NOTES TABLE OF CONTENTS

CONSOLIDATED FINANCIAL STATEMENTS

Consolidated Statement of Income—

For the Years Ended December 31, 2011, 2010 and 2009 131

Consolidated Balance Sheet—

December 31, 2011, and 2010 132

Consolidated Statement of Changes in Stockholders’ Equity—For the

Years Ended December 31, 2011, 2010 and 2009 134

Consolidated Statement of Cash Flows—

For the Years Ended December 31, 2011, 2010 and 2009 136

NOTES TO CONSOLIDATED FINANCIAL

STATEMENTS

Note 1 – Summary of Significant Accounting Policies 137

Note 2 – Business Divestitures 153

Note 3 – Discontinued Operations 154

Note 4 – Business Segments 156

Note 5 – Interest Revenue and Expense 157

Note 6 – Commissions and Fees 157

Note 7 – Principal Transactions 158

Note 8 – Incentive Plans 158

Note 9 – Retirement Benefits 165

Note 10 – Income Taxes 177

Note 11 – Earnings per Share 181

Note 12 – Federal Funds/Securities Borrowed, Loaned, and Subject to

Repurchase Agreements 182

Note 13 – Brokerage Receivables and Brokerage Payables 183

Note 14 – Trading Account Assets and Liabilities 183

Note 15 – Investments 184

Note 16 – Loans 194

Note 17 – Allowance for Credit Losses 205

Note 18 – Goodwill and Intangible Assets 207

Note 19 – Debt 210

Note 20 – Regulatory Capital 213

Note 21 – Changes in Accumulated Other Comprehensive Income (Loss) 214

Note 22 – Securitizations and Variable Interest Entities 215

Note 23 – Derivatives Activities 232

Note 24 – Concentrations of Credit Risk 241

Note 25 – Fair Value Measurement 241

Note 26 – Fair Value Elections 255

Note 27 – Fair Value of Financial Instruments 260

Note 28 – Pledged Securities, Collateral, Commitments and Guarantees 261

Note 29 – Contingencies 267

Note 30 – Subsequent Events 276

Note 31 – Condensed Consolidating Financial Statement Schedules 276

Note 32 – Selected Quarterly Financial Data (Unaudited) 285