Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Earnings (Loss)

v2.4.0.6
Condensed Consolidated Statements of Earnings (Loss) (USD $)
In Millions, unless otherwise specified
 3 Months Ended 9 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Sep. 30, 2012
Sep. 30, 2011
Revenues        
Principal transactions $ 193 $ 2,781 $ 1,989 $ 6,125
Commissions 1,209 1,441 3,804 4,478
Managed account and other fee-based revenues 1,349 1,354 4,035 3,976
Investment banking 1,262 1,016 3,519 4,162
(Loss) earnings from equity method investments 21 70 149 328
Intercompany service fee revenue from BAC 278 153 650 555
Other revenues 243 (1,052) 1,271 1,782
Other-than-temporary impairment losses on available-for-sale debt securities:        
Total other-than-temporary impairment losses on AFS debt securities 0 (12) (6) (59)
Less: Portion of other-than-temporary impairment losses recognized in OCI on AFS debt securities 0 7 0 10
Subtotal 4,555 5,758 15,411 21,357
Interest and dividend revenues 1,694 2,314 4,379 6,220
Less interest expense 1,732 2,202 5,495 6,945
Net interest (expense) income (38) 112 (1,116) (725)
Revenues, net of interest expense 4,517 5,870 14,295 20,632
Non-interest expenses        
Compensation and benefits 3,429 3,638 11,511 12,146
Communications and technology 351 432 1,180 1,338
Occupancy and related depreciation 300 385 901 1,056
Brokerage, clearing, and exchange fees 213 279 738 882
Advertising and market development 112 122 349 358
Professional fees 220 266 641 718
Office supplies and postage 22 31 78 95
Provision for representations and warranties 60 17 (769) 2,736
Intercompany service fee expense from BAC 356 561 1,288 1,793
Other 445 529 1,068 1,742
Total non-interest expenses 5,508 6,260 16,985 22,864
Pre-tax loss (991) (390) (2,690) (2,232)
Income tax provision (benefit) 191 (523) (735) (1,329)
Net (loss) earnings (1,182) 133 (1,955) (903)
Majority Shareholder [Member]
        
Revenues        
Investment banking   140   210
Other-than-temporary impairment losses on available-for-sale debt securities:        
Revenues, net of interest expense 324 288 821 822
Non-interest expenses        
Total non-interest expenses $ 471 $ 581 $ 1,553 $ 1,926