Goldman Sachs 2009 Annual Report Download - page 155

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Geographic results are generally allocated as follows:
▪
Investment Banking: location of the client and investment
banking team.
▪
Fixed Income, Currency and Commodities, and Equities:
location of the trading desk.
▪
Principal Investments: location of the investment.
▪
Asset Management: location of the sales team.
▪
Securities Services: location of the primary market for the
underlying security.
The following table sets forth the total net revenues, pre-tax earnings and net earnings of the  rm by geographic region allocated
based on the methodology referred to above, as well as the percentage of total net revenues, pre-tax earnings and net earnings for
each geographic region:
Year Ended One Month Ended
December November November December
($ inmillions) 2009 2008 2007 2008
Net revenues
Americas (1) $25,313 56% $15,485 70% $23,412 51% $ 197 N.M.
EMEA (2) 11,595 26 5,910 26 13,538 29 (440) N.M.
Asia 8,265 18 827 4 9,037 20 426 N.M.
Total net revenues $45,173 100% $22,222 100% $45,987 100% $ 183 100%
Pre-tax earnings/(loss)
Americas (1) $10,690 54% $ 4,879 N.M. $ 7,673 43% $ (555) N.M.
EMEA (2) 5,411 27 169 N.M. 5,458 31 (806) N.M.
Asia 3,832 19 (2,716) N.M. 4,510 26 171 N.M.
Corporate (3) (104) N.M. 4 N.M. (37) N.M. (68) N.M.
Total pre-tax earnings/(loss) $19,829 100% $ 2,336 100% $17,604 100% $(1,258) 100%
Net earnings/(loss)
Americas (1) $ 6,639 49% $ 3,371 N.M. $ 4,981 43% $ (366) N.M.
EMEA (2) 4,129 31 694 N.M. 3,735 32 (498) N.M.
Asia 2,686 20 (1,746) N.M. 2,907 25 130 N.M.
Corporate (3) (69) N.M. 3 N.M. (24) N.M. (46) N.M.
Total net earnings/(loss) $13,385 100% $ 2,322 100% $11,599 100% $ (780) 100%
(1) Substantially all relates to the U.S.
(2) EMEA (Europe, Middle East and Africa).
(3) Consists of net provisions for a number of litigation and regulatory proceedings.
Geographic Information
Due to the highly integrated nature of international
nancial markets, the  rm manages its businesses based
on the pro tability of the enterprise as a whole. Since a
signi cant portion of the  rm’s activities require cross-border
coordination in order to facilitate the needs of the  rm’s
clients, the methodology for allocating the  rm’s pro tability
to geographic regions is dependent on estimates and
management judgment.
(4) Pre-tax earnings include total depreciation and amortization as set forth in the table below:
Year Ended One Month Ended
December November November December
(inmillions) 2009 2008 2007 2008
Investment Banking $ 159 $ 187 $ 137 $ 14
Trading and Principal Investments 1,510 1,161 845 101
Asset Management and Securities Services 274 277 185 28
Total depreciation and amortization $1,943 $1,625 $1,167 $143
Goldman Sachs 2009 Annual Report
153
Notes to Consolidated Financial Statements