v2.4.0.6
Condensed Consolidated Statements of Income (USD $)
In Millions, except Per Share data, unless otherwise specified
 3 Months Ended 9 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Sep. 30, 2012
Sep. 30, 2011
Net Revenues        
Asset management and administration fees $ 524 $ 466 $ 1,504 $ 1,470
Interest revenue 478 487 1,447 1,464
Interest expense (39) (44) (116) (134)
Net interest revenue 439 443 1,331 1,330
Trading revenue 204 248 666 694
Other 42 45 209 [1] 119 [1]
Provision for loan losses (10) (8) (14) (13)
Net impairment losses on securities (3) [2] (13) [2] (28) [2] (22) [2]
Total net revenues 1,196 1,181 3,668 3,578
Expenses Excluding Interest        
Compensation and benefits 442 423 1,353 1,290
Professional services 98 104 287 288
Occupancy and equipment 77 78 233 222
Advertising and market development 49 48 173 159
Communications 53 56 166 166
Depreciation and amortization 50 39 146 107
Class action litigation and regulatory reserve       7
Other 66 73 204 199
Total expenses excluding interest 835 821 2,562 2,438
Income before taxes on income 361 360 1,106 1,140
Taxes on income 114 140 389 439
Net Income 247 220 717 701
Preferred stock dividends 9   23  
Net Income Available to Common Stockholders $ 238 [3] $ 220 [3] $ 694 [3] $ 701 [3]
Weighted-Average Common Shares Outstanding - Diluted 1,275 [4] 1,229 [4] 1,274 [4] 1,216 [4]
Earnings Per Common Share - Basic $ 0.19 $ 0.18 $ 0.54 $ 0.58
Earnings Per Common Share - Diluted $ 0.19 $ 0.18 $ 0.54 $ 0.57
[1] Unallocated amount includes a pre-tax gain of $70 million relating to a confidential resolution of a vendor dispute in the second quarter of 2012.
[2] Net impairment losses on securities include total other-than-temporary impairment losses of $1 million and $2 million, net of $(2) million and $(11) million recognized in other comprehensive income, for the three months ended September 30, 2012 and 2011, respectively. Net impairment losses on securities include total other-than-temporary impairment losses of $15 million and $13 million, net of $(13) million and $(9) million recognized in other comprehensive income, for the nine months ended September 30, 2012 and 2011, respectively.
[3] Net income available to participating securities (unvested restricted shares) was not material for the third quarters or first nine months of 2012 or 2011.
[4] Antidilutive stock options and restricted stock awards excluded from the calculation of diluted EPS totaled 59 million and 50 million shares for the third quarters of 2012 and 2011, respectively, and 61 million and 48 million shares for the first nine months of 2012 and 2011, respectively.