| Six Months | Three Months | Year Ended Last | ||||||||||
| Ended | Ended | Friday in December | ||||||||||
| June 30, | March 31, | |||||||||||
| (dollars in millions) | 2006 | 2006 | 2006 | |||||||||
Global Markets & Investment Banking |
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Global Markets |
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FICC |
$ | 3,749 | $ | 2,058 | $ | 8,133 | ||||||
Equity Markets |
3,450 | 1,587 | 6,730 | |||||||||
Total Global Markets net revenues |
7,199 | 3,645 | 14,863 | |||||||||
Investment Banking (1) |
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Origination: |
||||||||||||
Debt |
829 | 428 | 1,735 | |||||||||
Equity |
552 | 237 | 1,220 | |||||||||
Strategic Advisory Services |
553 | 257 | 1,099 | |||||||||
Total Investment Banking net revenues |
1,934 | 922 | 4,054 | |||||||||
Total net revenues (a) |
9,133 | 4,567 | 18,917 | |||||||||
Pre-tax earnings / (loss) from continuing operations |
1,681 | 216 | 5,751 | |||||||||
Impact of one-time compensation expenses |
1,369 | 1,369 | 1,369 | |||||||||
Pre-tax earnings / (loss) from continuing
operations excluding one-time compensation expenses (b) |
3,050 | 1,585 | 7,120 | |||||||||
Pre-tax profit margin |
18.4 | % | 4.7 | % | 30.4 | % | ||||||
Pre-tax profit margin excluding one-time
compensation expenses (b)/(a) |
33.4 | % | 34.7 | % | 37.6 | % | ||||||
Global Wealth Management |
||||||||||||
Global Private Client |
||||||||||||
Fee-based revenues |
$ | 2,696 | $ | 1,313 | $ | 5,499 | ||||||
Transactional and origination revenues |
1,772 | 883 | 3,397 | |||||||||
Net interest profit and related hedges(2) |
1,037 | 516 | 2,103 | |||||||||
Other revenues |
131 | 54 | 301 | |||||||||
Total Global Private Client net revenues |
5,636 | 2,766 | 11,300 | |||||||||
Global Investment Management net revenues |
243 | 104 | 541 | |||||||||
Total net revenues (a) |
5,879 | 2,870 | 11,841 | |||||||||
Pre-tax earnings from continuing operations |
1,025 | 329 | 2,290 | |||||||||
Impact of one-time compensation expenses |
281 | 281 | 281 | |||||||||
- Pre-tax earnings from continuing operations
excluding one-time compensation expenses (b) |
1,306 | 610 | 2,571 | |||||||||
Pre-tax profit margin |
17.4 | % | 11.5 | % | 19.3 | % | ||||||
Pre-tax profit margin excluding one-time
compensation expenses (b)/(a) |
22.2 | % | 21.3 | % | 21.7 | % | ||||||
Merrill Lynch Investment Managers |
||||||||||||
Total net revenues (a) |
$ | 1,200 | $ | 570 | $ | 1,900 | ||||||
Pre-tax earnings from continuing operations |
353 | 113 | 637 | |||||||||
Impact of one-time compensation expenses |
109 | 109 | 109 | |||||||||
- Pre-tax earnings from continuing operations
excluding one-time compensation expenses (b) |
462 | 222 | 746 | |||||||||
Pre-tax profit margin |
29.4 | % | 19.8 | % | 33.5 | % | ||||||
Pre-tax profit margin excluding one-time
compensation expenses (b)/(a) |
38.5 | % | 38.9 | % | 39.3 | % | ||||||
Corporate |
||||||||||||
Total net revenues |
$ | (196 | ) | $ | (100 | ) | $ | 1,735 | ||||
Impact of BlackRock merger |
— | — | (1,969 | ) | ||||||||
Total net revenues excluding the BlackRock merger |
(196 | ) | (100 | ) | (234 | ) | ||||||
Pre-tax earnings / (loss) from continuing operations |
(182 | ) | (97 | ) | 1,591 | |||||||
Impact of BlackRock merger |
— | — | (1,767 | ) | ||||||||
Pre-tax earnings / (loss) from continuing
operations excluding the impact of the BlackRock
merger |
(182 | ) | (97 | ) | (176 | ) | ||||||
Total |
||||||||||||
Total net revenues (a) |
$ | 16,016 | $ | 7,907 | $ | 34,393 | ||||||
Impact of BlackRock merger |
— | — | (1,969 | ) | ||||||||
Total net revenues excluding the BlackRock merger |
16,016 | 7,907 | 32,424 | |||||||||
Pre-tax earnings / (loss) from continuing operations |
2,877 | 561 | 10,269 | |||||||||
Impact of BlackRock merger |
— | — | (1,767 | ) | ||||||||
Impact of one-time compensation expenses |
1,759 | 1,759 | 1,759 | |||||||||
Pre-tax
earnings / (loss) from continuing operations excluding BlackRock merger and one-time
compensation expenses (b) |
4,636 | 2,320 | 10,261 | |||||||||
Pre-tax profit margin |
18.0 | % | 7.1 | % | 29.9 | % | ||||||
Pre-tax profit margin excluding BlackRock merger
and one-time compensation expenses (b)/(a) |
28.9 | % | 29.3 | % | 31.6 | % | ||||||
| Note: | Certain prior period amounts have been reclassified to conform to the current period presentation. | |
| (1) | A portion of Origination revenue is recorded in Global Wealth Management. |