v2.4.0.6
Discontinued Operations
 12 Months Ended
Dec. 31, 2012
Discontinued Operations  
Discontinued Operations

25.       Discontinued Operations.

 

See Note 1 for a discussion of the Company's discontinued operations.

 

The table below provides information regarding amounts included in discontinued operations:

 

   2012 2011 2010
        
   (dollars in millions)
Net revenues(1):      
 Retail Asset Management(2)$ 12$ 11$ 1,221
 Saxon(3)  79  28  197
 Quilter(4)  148  134  117
 Other(5)  80  61  141
  $ 319$ 234$ 1,676
        
Pre-tax gain (loss) on discontinued operations(1):      
 Revel(6)$ —$ (10)$ (1,208)
 Retail Asset Management(2)  12  14  994
 DFS(7)  —  —  775
 Saxon(3)  (187)  (194)  (34)
 Quilter(4)  97  21  27
 Other(5)  35  9  56
  $ (43)$ (160)$ 610

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(1)       Amounts included eliminations of intersegment activity.

(2)       Included a pre-tax gain of approximately $853 million in 2010 in connection with the sale of Retail Asset Management.

(3)       Revenues included a pre-tax gain of approximately $51 million in 2012, primarily resulting from the subsequent increase in fair value of Saxon, which had incurred impairment losses of $98 million in the quarter ended December 31, 2011. Pre-tax gain (loss) in 2012 included a provision of approximately $115 million related to a settlement with the Federal Reserve concerning the independent foreclosure review related to Saxon.

(4)       Included a pre-tax gain of approximately $108 million in 2012 in connection with the sale of Quilter.

(5)       Included in Other are related to the sale of CMB and the sale of a principal investment.

(6)       Included a loss of approximately $1.2 billion in 2010 in connection with the disposition of Revel.

(7)       Relates to the legal settlement with DFS in 2010.