Goldman Sachs 2013 Annual Report Download - page 204
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Notes to Consolidated Financial Statements
Total operating expenses in the table above include the
following expenses that have not been allocated to the
firm’s segments:
‰charitable contributions of $155 million for 2013,
$169 million for 2012 and $103 million for 2011; and
‰real estate-related exit costs of $19 million for 2013,
$17 million for 2012 and $14 million for 2011. Real
estate-related exit costs are included in “Depreciation and
amortization” and “Occupancy” in the consolidated
statements of earnings.
The tables below present the amounts of net interest income
or interest expense included in net revenues, and the
amounts of depreciation and amortization expense
included in pre-tax earnings.
Year Ended December
in millions 2013 2012 2011
Investment Banking $—$ (15) $ (6)
Institutional Client Services 3,250 3,723 4,360
Investing & Lending 25 26 635
Investment Management 117 146 203
Total net interest income $3,392 $3,880 $5,192
Year Ended December
in millions 2013 2012 2011
Investment Banking $ 143 $ 164 $ 174
Institutional Client Services 567 796 944
Investing & Lending 440 564 563
Investment Management 165 204 188
Total depreciation and amortization 1$1,322 $1,738 $1,869
1. Includes real estate-related exit costs of $7 million for 2013 and $10 million
for 2012 that have not been allocated to the firm’s segments.
Geographic Information
Due to the highly integrated nature of international
financial markets, the firm manages its businesses based on
the profitability of the enterprise as a whole. The
methodology for allocating profitability to geographic
regions is dependent on estimates and management
judgment because a significant portion of the firm’s
activities require cross-border coordination in order to
facilitate the needs of the firm’s clients.
Geographic results are generally allocated as follows:
‰Investment Banking: location of the client and investment
banking team.
‰Institutional Client Services: Fixed Income, Currency and
Commodities Client Execution, and Equities (excluding
Securities Services): location of the market-making desk;
Securities Services: location of the primary market for the
underlying security.
‰Investing & Lending: Investing: location of the
investment; Lending: location of the client.
‰Investment Management: location of the sales team.
202 Goldman Sachs 2013 Annual Report