Global Corporate Banking revenue increased to $1.6 billion in the fourth quarter, up $125 million from the year-ago quarter, and Global Commercial Banking revenue increased $117 million to $1.8 billion. Included in these results are Business Lending revenue of $1.8 billion, up $180 million from the year-ago quarter, and Treasury Services revenue of $1.5 billion, up $62 million from the year-ago period. Global Banking investment banking fees, excluding self-led deals, increased $101 million from the year-ago quarter.Noninterest expense increased $174 million, or 10 percent, from the year-ago quarter to $1.9 billion, primarily from higher incentive compensation associated with the strong performance in investment banking. Global Markets
|Three Months Ended||Year Ended|
|(Dollars in millions)||December 31 2013||December 312012||December 31 2013||December 312012|
|Total revenue, net of interest expense, FTE basis||$||3,624||$||3,020||$||16,058||$||14,284|
|Total revenue, net of interest expense, FTE basis, excluding DVA 1||3,824||3,296||16,566||16,732|
|Provision for credit losses||104||17||140||34|
|Net income, excluding DVA and U.K. tax 1||341||355||3,009||3,552|
|Return on average allocated capital, excluding DVA and U.K. tax 2, 3, 4||4.54||%||—||10.06||%||—|
|Return on average economic capital, excluding DVA and U.K. tax 2, 3, 4||—||9.98||%||—||25.76||%|
|Total average assets||$||603,110||$||645,808||$||632,804||$||606,249|
- Sales and trading revenue, excluding DVA F, rose 19 percent from the fourth quarter of 2012 to $3.0 billion.
- Equities sales and trading revenue, excluding DVA G, rose 27 percent from the fourth quarter of 2012, due to continued gains in market share and increased market volumes.
- Bank of America Merrill Lynch was named "No. 1 Global Research" firm for the third consecutive year by Institutional Investor.