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Financial Highlights
| $ and share amounts in millions, except per share amounts | As of or for the Year Ended December | ||
| 2011 | 2010 | 2009 | |
Operating Results | |||
| Net revenues | $28,811 | $ 39,161 | $ 45,173 |
| Pre-tax earnings | 6,169 | 12,892 | 19,829 |
| Net earnings | 4,442 | 8,354 | 13,385 |
| Net earnings applicable to common shareholders | 2,510 | 7,713 | 12,192 |
| Return on average common shareholders’ equity | 3.7% | 11.5% | 22.5% |
Common Share Data | |||
| Diluted earnings per common share | $4.51 | $13.18 | $22.13 |
| Average diluted common shares outstanding | 556.9 | 585.3 | 550.9 |
| Dividends declared per common share | $1.40 | $1.40 | $1.05 |
| Book value per common share | 130.31 | 128.72 | 117.48 |
| Tangible book value per common share 1 | 119.72 | 118.63 | 108.42 |
| Ending Stock Price | 90.43 | 168.16 | 168.84 |
Financial Condition and Selected Ratios | |||
| Total assets | $923,225 | $911,332 | $848,942 |
| Unsecured long-term borrowings | 173,545 | 174,399 | 185,085 |
| Total shareholders’ equity | 70,379 | 77,356 | 70,714 |
| Leverage ratio 2 | 13.1× | 11.8× | 12.0× |
| Adjusted leverage ratio 2 | 8.6× | 7.6× | 7.8× |
| Tier 1 capital ratio 3 | 13.8% | 16.0% | 15.0% |
| Tier 1 common ratio 3 | 12.1% | 13.3% | 12.2% |
Selected Data | |||
| Total staff | 33,300 | 35,700 | 32,500 |
| Assets under management (in billions) | $828 | $840 | $871 |