Financial Highlights

$ and share amounts in millions, except per share amounts As of or for the Year Ended December
2012 2011 2010

Operating Results

Net revenues$34,163$28,811$39,161
Pre-tax earnings11,2076,16912,892
Net earnings7,4754,4428,354
Net earnings applicable to common shareholders7,2922,5107,713
Return on average common shareholders’ equity10.7%3.7%11.5%

Common Share Data

Diluted earnings per common share$14.13$4.51$13.18
Average diluted common shares outstanding516.1556.9585.3
Dividends declared per common share$1.77$1.40$1.40
Book value per common share144.67130.31128.72
Tangible book value per common share 1134.06119.72118.63
Ending stock price127.5690.43168.16

Financial Condition and Selected Ratios

Total assets$938,555$923,225$911,332
Unsecured long-term borrowings167,305173,545174,399
Total shareholders’ equity75,71670,37977,356
Leverage ratio 212.4×13.1×11.8×
Adjusted leverage ratio 29.1×8.6×7.6×
Tier 1 capital ratio 316.7%13.8%16.0%
Tier 1 common ratio 314.5%12.1%13.3%

Selected Data

Total staff32,40033,30035,700
Assets under supervision (in billions)$965$895$917