Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Earnings (Loss)

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Condensed Consolidated Statements of Earnings (Loss) (USD $)
In Millions, unless otherwise specified
 3 Months Ended 6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Jun. 30, 2013
Jun. 30, 2012
Revenues        
Principal transactions $ 1,904 $ 1,948 $ 4,048 $ 1,782
Commissions 1,410 1,240 2,789 2,595
Managed account and other fee-based revenues 1,467 1,399 2,862 2,686
Investment banking 1,431 1,053 2,847 2,257
(Loss) earnings from equity method investments 4 (29) (42) 128
Intercompany service fee revenue from Bank of America 294 205 534 372
Other revenues 108 256 (274) 1,035
Other-than-temporary impairment losses on available-for-sale debt securities:        
Total other-than-temporary impairment losses 0 (4) 0 (6)
Less: Portion of other-than-temporary impairment losses recognized in other comprehensive income 0 0 0 0
Subtotal 6,618 6,068 12,764 10,849
Interest and dividend revenues 1,200 901 2,914 2,792
Less interest expense 1,469 1,854 3,012 3,761
Net interest income (expense) (269) (953) (98) (969)
Revenues, net of interest expense 6,349 5,115 12,666 9,880
Non-interest expenses        
Compensation and benefits 3,518 3,568 8,047 8,082
Communications and technology 398 390 741 829
Occupancy and related depreciation 279 296 574 601
Brokerage, clearing, and exchange fees 289 243 593 525
Advertising and market development 137 129 254 237
Professional fees 206 226 431 421
Office supplies and postage 22 28 45 56
Provision for representations and warranties (4) (840) 11 (829)
Intercompany service fee expense from Bank of America 434 538 878 932
Other 318 319 676 625
Total non-interest expenses 5,597 4,897 12,250 11,479
Pre-tax loss 752 218 416 (1,599)
Income tax benefit (215) (770) (344) (981)
Net loss $ 967 $ 988 $ 760 $ (618)