GOLDMAN SACHS GROUP INC | 2013 | FY | 3


                             
        For the Year Ended or as of December  
in millions         2013       2012       2011  

Investment Banking

 

Financial Advisory

    $    1,978       $    1,975       $    1,987  
   
   

Equity underwriting

    1,659       987       1,085  
   
   

Debt underwriting

    2,367       1,964       1,283  
   

Total Underwriting

    4,026       2,951       2,368  
   

Total net revenues

    6,004       4,926       4,355  
   
   

Operating expenses

    3,475       3,330       2,995  
   

Pre-tax earnings

    $    2,529       $    1,596       $    1,360  
   

Segment assets

    $    1,901       $    1,712       $    1,983  

 

Institutional Client Services

 

 

Fixed Income, Currency and Commodities
Client Execution

    $    8,651       $    9,914       $    9,018  
   
   

Equities client execution

    2,594       3,171       3,031  
   
   

Commissions and fees

    3,103       3,053       3,633  
   
   

Securities services

    1,373       1,986       1,598  
   

Total Equities

    7,070       8,210       8,262  
   

Total net revenues 1

    15,721       18,124       17,280  
   
   

Operating expenses

    11,782       12,480       12,837  
   

Pre-tax earnings

    $    3,939       $    5,644       $    4,443  
   

Segment assets

    $788,238       $825,496       $813,660  

 

Investing & Lending

 

Equity securities

    $    3,930       $    2,800       $       603  
   
   

Debt securities and loans

    1,947       1,850       96  
   
   

Other

    1,141       1,241       1,443  
   

Total net revenues

    7,018       5,891       2,142  
   
   

Operating expenses

    2,684       2,666       2,673  
   

Pre-tax earnings/(loss)

    $    4,334       $    3,225       $      (531
   

Segment assets

    $109,285       $  98,600       $  94,330  

 

Investment Management

 

Management and other fees

    $    4,386       $    4,105       $    4,188  
   
   

Incentive fees

    662       701       323  
   
   

Transaction revenues

    415       416       523  
   

Total net revenues

    5,463       5,222       5,034  
   
   

Operating expenses

    4,354       4,294       4,020  
   

Pre-tax earnings

    $    1,109       $       928       $    1,014  
   

Segment assets

    $  12,083       $  12,747       $  13,252  

 

Total

 

Net revenues

    $  34,206       $  34,163       $  28,811  
   
   

Operating expenses

    22,469       22,956       22,642  
   

Pre-tax earnings

    $  11,737       $  11,207       $    6,169  
   

Total assets

    $911,507       $938,555       $923,225  

 

1.

Includes $37 million for 2013, $121 million for 2012 and $115 million for 2011 of realized gains on available-for-sale securities held in the firm’s Americas reinsurance business, in which a majority stake was sold in April 2013.


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