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, 2012
Dec. 31, 2011
Dec. 31, 2010
Revenues      
Principal transactions $ 2,306 $ 5,876 $ 7,092
Commissions 5,079 5,698 5,760
Managed account and other fee-based revenues 5,427 5,203 4,516
Investment banking 4,914 5,179 5,313
Earnings from equity method investments 285 347 898
Intercompany service fee revenue from Bank of America 986 944 329
Other revenues 1,929 1,808 4,473
Other-than-temporary impairment losses on available-for-sale debt securities:      
Total other-than-temporary impairment losses (6) (69) (174)
Less: Portion of other-than-temporary impairment losses recognized in other comprehensive income 0 10 2
Subtotal 20,920 24,996 28,209
Interest and dividend revenues 6,395 8,186 9,352
Less interest expense 7,098 8,785 9,610
Net interest expense (703) (599) (258)
Revenues, net of interest expense 20,217 24,397 27,951
Non-interest expenses      
Compensation and benefits 14,608 15,773 15,069
Communications and technology 1,588 1,771 1,993
Occupancy and related depreciation 1,204 1,367 1,395
Brokerage, clearing, and exchange fees 951 1,121 1,022
Advertising and market development 501 500 444
Professional fees 921 1,029 986
Office supplies and postage 104 126 157
Representations and warranties (754) 2,731 (120)
Intercompany service fee expense from Bank of America 1,798 2,320 538
Other 1,554 2,250 2,439
Total non-interest expenses 22,475 28,988 23,923
Pre-tax (loss) earnings (2,258) (4,591) 4,028
Income tax (benefit) expense (2,548) (2,944) 148
Net earnings (loss) 290 (1,647) 3,880
Preferred stock dividends 0 0 134
Net earnings (loss) applicable to common stockholder $ 290 $ (1,647) $ 3,746