JP Morgan Chase 2013 Annual Report Download - page 106

Management’s discussion and analysis
112 JPMorgan Chase & Co./2013 Annual Report
INTERNATIONAL OPERATIONS
During the years ended December 31, 2013, 2012 and
2011, the Firm recorded $24.0 billion, $18.5 billion and
$24.5 billion, respectively, of managed revenue derived
from clients, customers and counterparties domiciled
outside of North America. Of those amounts, 65%, 57%
and 66%, respectively, were derived from Europe/Middle
East/Africa (“EMEA”); 26%, 30% and 25%, respectively,
from Asia/Pacific; and 9%, 13% and 9%, respectively, from
Latin America/Caribbean. For additional information
regarding international operations, see Note 32 on page
333 of this Annual Report.
International wholesale activities
The Firm is committed to meeting the needs of its clients as
part of a coordinated international business strategy.
Set forth below are certain key metrics related to the Firm’s wholesale international operations, including, for each of EMEA,
Asia/Pacific and Latin America/Caribbean, the number of countries in each such region in which they operate, front-office
headcount, number of significant clients, revenue and selected balance-sheet data.
As of or for the year ended
December 31, EMEA Asia/Pacific Latin America/Caribbean
(in millions, except headcount
and where otherwise noted) 2013 2012 2011 2013 2012 2011 2013 2012 2011
Revenue(a) $ 15,441 $ 10,398 $ 16,141 $ 6,138 $ 5,590 $ 5,971 $ 2,233 $ 2,327 $ 2,232
Countries of operation(b) 33 33 33 17 17 16 99 9
New offices —— 1 —2 2 —— 4
Total headcount(c) 15,560 15,485 16,185 21,699 20,509 20,212 1,495 1,435 1,380
Front-office headcount 6,285 5,805 5,937 4,353 4,166 4,263 655 591 524
Significant clients(d) 1,071 1,008 950 498 509 496 177 162 138
Deposits (average)(e) $ 192,064 $ 169,693 $ 168,882 $ 56,440 $ 57,329 $ 57,684 $ 5,546 $ 4,823 $ 5,318
Loans (period-end)(f) 45,571 40,760 36,637 26,560 30,287 31,119 29,214 30,322 25,141
Assets under management
(in billions) 305 258 278 132 114 105 47 45 34
Client assets (in billions) 367 317 329 180 160 139 117 110 89
Assets under custody (in billions) 7,348 6,502 5,430 1,607 1,577 1,426 231 252 279
Note: International wholesale operations is comprised of CIB, AM, CB and Treasury and CIO.
(a) Revenue is based predominantly on the domicile of the client, the location from which the client relationship is managed, or the location of the trading
desk.
(b) Countries of operation represents locations where the Firm has a physical presence with employees actively engaged in “client facing” activities.
(c) Total headcount includes all employees, including those in service centers, located in the region. Effective January 1, 2013, interns are excluded from the
firmwide and business segment headcount metrics. Prior periods were revised to conform with this presentation.
(d) Significant clients are defined as companies with over $1 million in revenue over a trailing 12-month period in the region (excludes private banking
clients).
(e) Deposits are based on the location from which the client relationship is managed.
(f) Loans outstanding are based predominantly on the domicile of the borrower and exclude loans held-for-sale and loans carried at fair value.