Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of (Loss) Earnings

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Consolidated Statements of (Loss) Earnings (USD $)
In Millions, unless otherwise specified
 12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Revenues      
Principal transactions $ 5,928 $ 7,074 $ 5,121
Commissions 5,698 5,760 6,008
Managed account and other fee-based revenues 5,203 4,516 4,317
Investment banking 5,179 5,313 5,558
Earnings from equity method investments 347 898 1,679
Intercompany service fee revenue from BAC 925 279 200
Other revenues 1,855 4,496 3,622
Other-than-temporary impairment losses on available-for-sale debt securities:      
Total other-than-temporary impairment losses on AFS debt securities (69) (174) (660)
Less: Portion of other-than-temporary impairment losses recognized in OCI on AFS debt securities 10 2 4
Subtotal 25,076 28,164 25,849
Interest and dividend revenues 8,003 9,303 15,476
Less interest expense 8,785 9,621 12,041
Net interest (expense) income (782) (318) 3,435
Revenues, net of interest expense 24,294 27,846 29,284
Non-interest expenses      
Compensation and benefits 15,773 15,069 13,333
Communications and technology 1,771 1,993 2,015
Occupancy and related depreciation 1,367 1,395 1,316
Brokerage, clearing, and exchange fees 1,121 1,022 1,087
Advertising and market development 500 444 396
Professional fees 1,029 986 769
Office supplies and postage 126 157 173
Provision for representations and warranties 2,731 (120) (235)
Intercompany service fee expense from BAC 2,320 538 573
Other 2,250 2,439 1,868
Total non-interest expenses 28,988 23,923 21,295
Pre-tax (loss) earnings (4,694) 3,923 7,989
Income tax (benefit) expense (2,946) 147 649
Net (loss) earnings (1,748) 3,776 7,340
Preferred stock dividends 0 134 153
Net (loss) earnings applicable to common stockholder $ (1,748) $ 3,642 $ 7,187