Goldman Sachs 2012 Annual Report Download - page 199
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Notes to Consolidated Financial Statements
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 2012 2011 2010
Investment Banking $ (15) $ (6) $ —
Institutional Client Services 3,723 4,360 4,692
Investing & Lending 26 635 609
Investment Management 146 203 202
Total net interest income $3,880 $5,192 $5,503
Year Ended December
in millions 2012 2011 2010
Investment Banking $ 164 $ 174 $ 172
Institutional Client Services 796 944 1,109
Investing & Lending 564 563 422
Investment Management 204 188 200
Total depreciation and
amortization 1$1,738 $1,869 $1,904
1. Includes real estate-related exit costs of $10 million and $1 million for the
years ended December 2012 and December 2010, respectively, 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.
Goldman Sachs 2012 Annual Report 197