Net revenues in Equities were $1.68 billion, 27% lower than the fourth quarter of 2012, due to the sale of the firm’s Americas reinsurance business (10) in 2013 and the sale of the firm’s hedge fund administration business in 2012. Net revenues in equities client execution (excluding net revenues from the firm’s Americas reinsurance business) were significantly higher compared with the same prior year period, including significantly higher net revenues in cash products, partially offset by lower net revenues in derivatives. Commissions and fees were slightly higher compared with the fourth quarter of 2012. Securities services net revenues were significantly lower compared with the fourth quarter of 2012, due to a gain of $494 million on the sale of the firm’s hedge fund administration business in 2012. During the quarter, Equities operated in an environment generally characterized by an increase in global equity prices, while volatility levels remained low.The net loss attributable to the impact of changes in the firm's own credit spreads on borrowings for which the fair value option was elected was $206 million ($163 million and $43 million related to Fixed Income, Currency and Commodities Client Execution and equities client execution, respectively) for the fourth quarter of 2013, compared with a net loss of $126 million ($79 million and $47 million related to Fixed Income, Currency and Commodities Client Execution and equities client execution, respectively) for the fourth quarter of 2012.
Goldman Sachs Reports Earnings Per Common Share Of $15.46 For 2013
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