The MSR asset was $5.7 billion at December 31, 2012, up $629 million from September 30, 2012, due in part to the previously described MSR valuation adjustment related to MSR sales.
Global Wealth and Investment Management (GWIM)
|Three Months Ended||Year Ended|
|(Dollars in millions)||December 31 2012||December 312011||December 31 2012||December 312011|
|Total revenue, net of interest expense, FTE basis||$||4,194||$||3,943||$||16,517||$||16,495|
|Provision for credit losses||112||118||266||398|
|Return on average equity||12.43||%||6.22||%||12.53||%||9.90||%|
|Return on average economic capital 1||28.46||16.02||30.52||25.46|
|Average loans and leases||$||103,785||$||97,722||$||100,456||$||96,974|
|(Dollars in billions)||
At December 31, 2012
At December 31,2011
|Assets under management||$||698.1||$||635.6|
|Total client balances 2||2,166.7||2,030.5|
1 Return on average economic capital is a non-GAAP financial measure. For reconciliation to GAAP financial measures, refer to pages 25-28 of this press release.
2 Total client balances are defined as assets under management, assets in custody, client brokerage assets, client deposits and loans.Business Highlights
- Record net income of $578 million for the quarter and $2.2 billion for the year, up 29 percent from full-year 2011.
- Record asset management fees of $1.6 billion for the quarter and $6.1 billion for the year.
- Client activity was strong in 2012. For the full year, period-end deposit balances increased $25.6 billion, up 11 percent from the year-ago quarter to a record $266.2 billion; period-end loan balances grew $7.3 billion, or 7 percent, to a record $105.9 billion; and long-term AUM flows were $26.4 billion for the year. Fourth-quarter 2012 long-term AUM flows of $9.1 billion were the 14th consecutive quarter of positive flows.