Net revenues in Equities were $7.07 billion for 2013, 14% lower compared with 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 higher compared with 2012, including significantly higher net revenues in cash products, partially offset by significantly lower net revenues in derivatives. Commissions and fees were slightly higher compared with 2012. Securities services net revenues were significantly lower compared with 2012, primarily due to the sale of the firm’s hedge fund administration business in 2012. During 2013, Equities operated in an environment characterized by a significant increase in global equity prices, particularly in Japan and the U.S., and generally lower volatility levels.

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 $296 million ($220 million and $76 million related to Fixed Income, Currency and Commodities Client Execution and equities client execution, respectively) for 2013, compared with a net loss of $714 million ($433 million and $281 million related to Fixed Income, Currency and Commodities Client Execution and equities client execution, respectively) for 2012.

Fourth QuarterNet revenues in Institutional Client Services were $3.41 billion for the fourth quarter of 2013, 22% lower than the fourth quarter of 2012 and 19% higher than the third quarter of 2013.

Net revenues in Fixed Income, Currency and Commodities Client Execution were $1.72 billion, 15% lower than the fourth quarter of 2012, reflecting significantly lower net revenues in mortgages and, to a lesser extent, interest rate products, currencies and commodities. Net revenues in credit products, which include a gain on the sale of the firm’s European insurance business, were higher compared with the fourth quarter of 2012. During the fourth quarter of 2013, Fixed Income, Currency and Commodities Client Execution operated in an environment characterized by tighter credit spreads and improved market-making conditions in certain businesses, compared with the third quarter of 2013. However, economic uncertainty persisted and levels of activity generally remained low.

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