Goldman Sachs 2009 Annual Report Download - page 56

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The following table sets forth the operating results of our Investment Banking segment:
Investment Banking Operating Results
Year Ended One Month Ended
December November November December
(inmillions) 2009 2008 2007 2008
Financial Advisory $1,893 $2,656 $4,222 $ 72
Equity underwriting 1,771 1,353 1,382 19
Debt underwriting 1,133 1,176 1,951 44
Total Underwriting 2,904 2,529 3,333 63
Total 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)
The following table sets forth our  nancial advisory and underwriting transaction volumes:
Goldman Sachs Global Investment Banking Volumes (1)
Year Ended One Month Ended
December November November December
(inbillions) 2009 2008 2007 2008
Announced mergers and acquisitions
(2) $651 $804 $1,260 $18
Completed mergers and acquisitions
(2) 682 829 1,490 15
Equity and equity-related offerings
(3) 78 56 66 2
Debt offerings
(4) 257 165 324 19
(1) Announced and completed mergers and acquisitions volumes are based on full credit to each of the advisors in a transaction. Equity and equity-related
offerings and debt offerings are based on full credit for single book managers and equal credit for joint book managers. Transaction volumes may not
be indicative of net revenues in a givenperiod. In addition, transaction volumes for priorperiods may vary from amounts previously reported due to the
subsequent withdrawal or a change in the value of a transaction.
(2) Source: Dealogic.
(3) Source: Thomson Reuters. Includes Rule 144A and public common stock offerings, convertible offerings and rights offerings.
(4) Source: Thomson Reuters. Includes non-convertible preferred stock, mortgage-backed securities, asset-backed securities and taxable municipal debt.
Includes publicly registered and Rule 144A issues. Excludes leveraged loans.
Goldman Sachs 2009 Annual Report
54
Management’s Discussion and AnalysisManagement’s Discussion and Analysis