Goldman Sachs 2013 Annual Report Download - page 203
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Notes to Consolidated Financial Statements
For the Year Ended or as of December
in millions 2013 2012 2011
Investment Banking Financial Advisory $ 1,978 $ 1,975 $ 1,987
Equity underwriting 1,659 987 1,085
Debt underwriting 2,367 1,964 1,283
Total Underwriting 4,026 2,951 2,368
Total net revenues 6,004 4,926 4,355
Operating expenses 3,475 3,330 2,995
Pre-tax earnings $ 2,529 $ 1,596 $ 1,360
Segment assets $ 1,901 $ 1,712 $ 1,983
Institutional Client Services Fixed Income, Currency and Commodities
Client Execution $ 8,651 $ 9,914 $ 9,018
Equities client execution 2,594 3,171 3,031
Commissions and fees 3,103 3,053 3,633
Securities services 1,373 1,986 1,598
Total Equities 7,070 8,210 8,262
Total net revenues 115,721 18,124 17,280
Operating expenses 11,782 12,480 12,837
Pre-tax earnings $ 3,939 $ 5,644 $ 4,443
Segment assets $788,238 $825,496 $813,660
Investing & Lending Equity securities $ 3,930 $ 2,800 $ 603
Debt securities and loans 1,947 1,850 96
Other 1,141 1,241 1,443
Total net revenues 7,018 5,891 2,142
Operating expenses 2,684 2,666 2,673
Pre-tax earnings/(loss) $ 4,334 $ 3,225 $ (531)
Segment assets $109,285 $ 98,600 $ 94,330
Investment Management Management and other fees $ 4,386 $ 4,105 $ 4,188
Incentive fees 662 701 323
Transaction revenues 415 416 523
Total net revenues 5,463 5,222 5,034
Operating expenses 4,354 4,294 4,020
Pre-tax earnings $ 1,109 $ 928 $ 1,014
Segment assets $ 12,083 $ 12,747 $ 13,252
Total Net revenues $ 34,206 $ 34,163 $ 28,811
Operating expenses 22,469 22,956 22,642
Pre-tax earnings $ 11,737 $ 11,207 $ 6,169
Total assets $911,507 $938,555 $923,225
1. Includes $37 million for 2013, $121 million for 2012 and $115 million for 2011 of realized gains on available-for-sale securities held in the firm’s Americas reinsurance
business, in which a majority stake was sold in April 2013.
Goldman Sachs 2013 Annual Report 201