Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Earnings (Loss) (Unaudited)

 v2.3.0.11
Condensed Consolidated Statements of Earnings (Loss) (Unaudited) (USD $)
In Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Jun. 30, 2011
Jun. 30, 2010
Revenues        
Principal transactions $ 2,173 $ 2,090 $ 3,344 $ 6,138
Commissions 1,447 1,477 3,037 2,966
Managed account and other fee-based revenues 1,331 1,162 2,622 2,214
Investment banking 1,614 1,265 3,146 2,474
Earnings from equity method investments 120 96 258 377
Other revenues 1,109 1,177 3,236 2,280
Other-than-temporary impairment losses on available-for-sale debt securities:        
Total other-than-temporary impairment losses (10) (39) (46) (125)
Less: Portion of other-than-temporary impairment losses recognized in other comprehensive income 2 2 2 2
Subtotal 7,786 7,230 15,599 16,326
Interest and dividend revenues 1,506 1,984 3,906 4,740
Less interest expense 2,390 2,515 4,743 4,976
Net interest loss (884) (531) (837) (236)
Revenues, net of interest expense 6,902 6,699 14,762 16,090
Non-interest expenses        
Compensation and benefits 3,898 3,757 8,508 8,086
Communications and technology 478 487 906 972
Occupancy and related depreciation 335 357 671 702
Brokerage, clearing, and exchange fees 303 268 603 554
Advertising and market development 115 103 236 199
Professional fees 225 217 452 395
Office supplies and postage 32 36 64 80
Provision for representations and warranties 2,741 (103) 2,719 (179)
Other 1,238 722 2,445 1,203
Total non-interest expenses 9,365 5,844 16,604 12,012
Pre-tax (loss) earnings (2,463) 855 (1,842) 4,078
Income tax (benefit) expense (1,021) 42 (806) 1,172
Net (loss) earnings (1,442) 813 (1,036) 2,906
Preferred stock dividends   38   76
Net (loss) earnings applicable to common stockholder $ (1,442) $ 775 $ (1,036) $ 2,830