Goldman Sachs 2009 Annual Report Download - page 154

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Segment Operating Results
Management believes that the following information provides a reasonable representation of each segment’s contribution to
consolidated pre-tax earnings and total assets:
As of or for the
Year Ended One Month Ended
December November November December
(inmillions) 2009 2008 2007 2008
Investment Banking Net revenues $ 4,797 $ 5,185 $ 7,555 $ 135
Operating expenses 3,527 3,143 4,985 169
Pre-tax earnings/(loss) $ 1,270 $ 2,042 $ 2,570 $ (34)
Segment assets $ 1,482 $ 1,948 $ 5,526 $ 1,491
Trading and Principal Investments Net revenues $ 34,373 $ 9,063 $ 31,226 $ (507)
Operating expenses 17,053 11,808 17,998 875
Pre-tax earnings/(loss) $ 17,320 $ (2,745) $ 13,228 $ (1,382)
Segment assets $662,754 $645,267 $ 744,647 $ 871,323
Asset Management and Securities Services Net revenues $ 6,003 $ 7,974 $ 7,206 $ 555
Operating expenses 4,660 4,939 5,363 329
Pre-tax earnings $ 1,343 $ 3,035 $ 1,843 $ 226
Segment assets $184,706 $237,332 $ 369,623 $ 239,411
Total Net revenues (1) (2) $ 45,173 $ 22,222 $ 45,987 $ 183
Operating expenses (3) 25,344 19,886 28,383 1,441
Pre-tax earnings/(loss) (4) $ 19,829 $ 2,336 $ 17,604 $ (1,258)
Total assets $848,942 $884,547 $1,119,796 $1,112,225
(1) Net revenues include net interest income as set forth in the table below:
Year Ended One Month Ended
December November November December
(inmillions) 2009 2008 2007 2008
Investment Banking $ – $ 6 $ – $ –
Trading and Principal Investments 5,494 968 1,512 457
Asset Management and Securities Services 1,913 3,302 2,475 228
Total net interest $7,407 $4,276 $3,987 $685
(2) Net revenues include non-interest revenues as set forth in the table below:
Year Ended One Month Ended
December November November December
(inmillions) 2009 2008 2007 2008
Investment banking fees $ 4,797 $ 5,179 $ 7,555 $ 135
Equities commissions 3,840 4,998 4,579 251
Asset management and other fees 4,090 4,672 4,731 327
Trading and principal investments revenues 25,039 3,097 25,135 (1,215)
Total non-interest revenues $37,766 $17,946 $42,000 $ (502)
Trading and principal investments revenues include $36million, $(61)million, $6million and $(2)million for the years ended December2009, November2008
and November 2007 and one month ended December 2008, respectively, of realized gains/(losses) on securities held within the  rm’s insurance subsidiaries
which are accounted for as available-for-sale.
(3) Operating expenses include net provisions for a number of litigation and regulatory proceedings of $104million, $(4)million, $37million and $68million for the years
ended December2009, November2008 and November 2007 and one month ended December 2008, respectively, that have not been allocated to the  rm’s segments.
Goldman Sachs 2009 Annual Report
152
Notes to Consolidated Financial Statements