balance sheet and disclosure scorecard trade date ... 251305.pdf · balance sheet and disclosure...
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Balance Sheet and Disclosure ScorecardTrade Date September 3, 2008
Confidential Presentation
September 5, 2008
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Executive Summary
– The Firm Daily Net Balance Sheet is $344.7bn, up $32.1bn from prior day.
• Global Rates net balance sheet increased $6.3bn driven by $4.1bn in increases due to the expiration of Repo105 benefit across all regions. The remaining $2.2bn was driven by the purchase of 3m and 6m US Treasury Bills on the Short Term US Treasury desk. Please note that this variance represents a 2 day change for Americas and 3 day change for Europe/Asia.
• HG Credit is up $2.2bn mainly from an increase of $2bn in short term commercial paper trading.
• Securitized Products ended down $(0.9bn) mainly due to updated month end FAS 140 Gross ups.
• Municipals ended up $0.8bn mainly due to an increase in short term floater trading.
• Volatility ended down $(1.6bn) predominantly due to a decrease in Europe related to updated trade date receivables and a decrease in net long inventory.
• Treasury ended up $27.0bn due to the reallocation from month end reverse repos to money funds and deposits.
• Prime Services was down $(1.7bn), mostly due to a decrease in Fails in Liquid Markets and a decrease in net margin debits in Equity financing.
– The Gross Balance Sheet is $709.8bn, up $104.4bn from prior day.
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Divisional Target Summary
$ billions Net Balance Sheet Gross Balance Sheet Cash Capital
Q1 2008 Q2 2008Draft Q3
2008 9/3/2008 Q1 2008 Q2 2008Draft Q3
2008 9/3/2008 Q1 2008 Q2 2008 8/29/2008
FID 248 213 200 209 367 281 262 274 101 95 83
Equities 49 39 35 34 60 50 43 41 13 12 11
CMPS 49 30 34 32 261 209 210 316 5 6 6
IMD 14 10 10 9 17 13 13 13 10 8 9
Principal 15 10 8 8 17 14 11 11 7 6 6
Non Core 23 27 25 52 65 73 68 55 14 16 24
Total Assets 397 328 312 345 786 639 605 710 150 143 138
Americas 259 215 202 234 526 436 421 500 68 87
Europe 90 77 77 78 193 149 137 155 31 32
Asia 48 36 32 32 67 55 48 55 23 24
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Scorecard - GlobalCONSOLIDATED Net Balance Sheet Tradable Long Inventory at Risk Gross Balance Sheet Cash CapitalUSD millions Today Daily Draft Final Final Today Daily Draft Final Final Today Daily Draft Final Final Draft Final Final
9/3/2008 Change Q3'08 Q2'08 Q1'08 9/3/2008 Change Q3'08 Q2'08 Q1'08 9/3/2008 Change Q3'08 Q2'08 Q1'08 8/29/2008 Q2'08 Q1'08
Global Rates 53,590 6,280 46,702 37,938 52,010 38,012 7,583 30,429 18,052 27,661 105,282 11,032 93,641 88,185 153,996 6,896 10,359 8,367High Grade Credit 9,619 2,208 7,403 8,600 11,335 8,525 2,273 6,252 7,294 9,834 11,971 2,185 9,779 10,884 14,620 2,811 2,057 2,096CDO 8,060 (45) 8,102 7,619 8,000 2,033 (24) 2,057 2,747 3,610 8,219 (52) 8,268 7,785 8,175 4,278 2,922 4,831Securitized Products 50,562 (905) 51,697 57,435 65,135 33,392 (1,232) 34,624 40,325 47,017 52,264 (1,853) 54,348 61,292 68,073 12,348 17,068 14,982Real Estate 50,719 (313) 51,060 58,242 64,968 39,522 (320) 39,842 47,521 54,576 51,123 (324) 51,475 59,852 65,680 33,723 34,728 42,067High Yield 11,240 95 11,144 15,047 14,598 10,494 16 10,479 12,968 14,223 12,118 90 12,026 16,219 16,205 7,204 9,363 10,646Municipal Bonds 6,868 810 6,057 6,047 9,485 2,943 810 2,132 2,754 3,586 7,215 786 6,429 6,459 10,231 296 1,214 873Energy Trading 6,783 (61) 6,844 5,562 3,716 588 (61) 650 110 145 7,075 (61) 7,136 5,847 4,002 1,878 1,116 1,004Foreign Exchange 3,894 92 3,801 4,171 6,348 1,190 111 1,079 1,490 2,541 3,899 96 3,801 4,487 6,351 1,146 1,391 2,357FID Corporate 2,035 (0) 1,999 2,973 2,244 (725) 292 (1,017) (1,083) 886 8,962 (0) 8,926 10,237 9,121 9,296 12,498 12,884FID Corp Loans 2,793 187 2,613 3,705 3,299 2,793 180 2,613 3,705 3,299 2,832 (112) 2,950 3,744 3,339 2,477 1,754IBD Loans 3,151 165 2,998 5,559 6,994 3,151 153 2,998 5,558 6,994 3,160 165 3,007 5,567 7,003 490 590 1,125
Total FID Core: 209,313 8,513 200,421 212,897 248,130 141,918 9,781 132,138 141,442 174,372 274,119 11,953 261,786 280,559 366,796 82,843 95,062 101,231Total FID Prime Services: 8,942 (911) 10,353 3,283 11,351 6,487 3,367 3,120 1,278 1,206 228,477 106,415 122,062 89,786 132,145 1,855 2,265 1,761
Total FID (Consolidated) 218,255 7,602 210,774 216,180 259,482 148,406 13,148 135,258 142,720 175,577 502,596 118,368 383,848 370,346 498,941 84,698 97,326 102,992
Execution Services / Liquid Market 5,540 (59) 5,593 7,356 9,261 3,990 (94) 4,085 5,117 6,990 7,738 9 7,723 11,481 14,881 923 1,239 1,175Convertible Products 1,236 (48) 1,282 2,153 2,743 1,184 (54) 1,237 2,112 2,611 1,729 (49) 1,775 2,817 3,337 479 308 421Volatility 20,968 (1,582) 21,998 23,150 29,219 9,339 (412) 9,751 11,289 17,105 24,381 (1,446) 25,276 27,770 33,159 5,369 5,813 7,812Equities Strategies 2,940 69 2,810 2,187 4,221 2,235 132 2,104 1,682 3,096 4,434 (377) 4,750 2,979 5,351 612 446 939Firm Relationship Loans 2,305 16 2,295 3,586 2,782 2,305 10 2,295 3,586 2,782 2,305 16 2,295 3,586 2,782 0Equity Corporate 551 4 547 431 542 114 0 114 130 96 828 0 828 1,361 847 3,788 3,935 2,634
Total Equities Core: 33,540 (1,599) 34,526 38,862 48,768 19,167 (418) 19,585 23,916 32,678 41,415 (1,845) 42,647 49,994 60,356 11,170 11,742 12,981Total Equities Prime Services: 23,435 (800) 24,146 26,226 37,203 10,487 118 10,369 12,273 14,806 87,319 615 87,782 119,354 128,395 3,938 3,415 3,423
Total Equities (Consolidated) 56,975 (2,400) 58,672 65,088 85,971 29,654 (300) 29,954 36,189 47,485 128,734 (1,231) 130,429 169,348 188,751 15,107 15,158 16,404
Global Principal Strategies 1,264 (7) 1,272 1,601 7,184 1,241 (7) 1,248 1,469 7,115 3,232 (7) 3,239 5,808 8,636 1,343 1,576 4,018Global Trading Strategies 4,384 3 4,381 4,644 5,454 4,262 5 4,257 4,318 5,333 4,669 (0) 4,669 4,963 5,946 2,740 2,997 2,196Global Opportunities Group 1,049 (28) 1,076 979 942 998 (30) 1,027 945 879 1,182 (34) 1,216 1,127 1,068 529 278 513Direct Principal Investments 1,579 161 1,418 2,332 1,084 1,578 161 1,417 2,307 1,054 1,579 161 1,418 2,332 1,084 1,412 1,430 394
Total Principal Investing 8,276 129 8,147 9,555 14,665 8,078 129 7,949 9,038 14,381 10,662 119 10,542 14,229 16,734 6,024 6,281 7,121Asset Management 3,716 (134) 3,850 4,073 6,369 1,566 (98) 1,664 1,978 4,159 6,730 (134) 6,864 7,101 9,449 3,924 3,569 3,881Private Equity 5,740 0 5,740 5,649 7,326 5,491 82 5,409 5,389 6,125 5,957 (0) 5,957 5,864 7,540 4,792 4,795 5,789
Total IMD 9,456 (134) 9,589 9,722 13,695 7,057 (16) 7,073 7,367 10,284 12,687 (134) 12,821 12,965 16,989 8,716 8,364 9,670Investment Banking Division 314 (2) 316 580 762 202 (2) 204 512 694 314 (2) 316 580 762Treasury 37,264 27,044 10,220 8,972 9,322 27,297 24,793 2,504 3,580 1,850 37,491 (13,525) 51,016 56,049 45,102Corporate Other Assets / Investments 14,153 (114) 14,267 17,674 12,778 684 (114) 798 4,278 2,046 17,332 851 16,481 15,914 18,756 23,758 15,511 14,036
Total Non-Core 51,731 26,928 24,803 27,227 22,862 28,183 24,677 3,506 8,370 4,590 55,137 (12,676) 67,812 72,543 64,620 23,758 15,511 14,036
Total All Other (Consolidated) 69,462 26,923 42,539 46,505 51,221 43,318 24,790 18,528 24,775 29,255 78,486 (12,690) 91,176 99,737 98,344 38,498 30,157 30,827
Grand Totals Consolidated 344,692 32,125 311,985 327,773 396,674 221,378 37,638 183,739 203,684 252,318 709,815 104,447 605,453 639,431 786,035 138,303 142,641 150,223
Liquid Markets Financing 4,647 (1,146) 6,293 898 6,983 4,453 3,388 1,065 650 312 192,834 103,390 89,444 58,356 92,264Credit Financing 2,741 229 2,512 903 1,270 2,000 (28) 2,028 522 676 31,100 2,963 28,137 25,711 31,425 1,644 1,985 1,326Clearing and Execution 32 (1) 32 0 27 2 (0) 2 0 27 32 (1) 32 0 59FID Structured Transactions 73 7 66 148 233 31 7 25 107 191 237 63 174 252 340 211 279 435FID Futures 1,450 (0) 1,450 1,333 2,838 0 (0) 0 0 0 4,275 (0) 4,275 5,467 8,057 0
Total FID Prime Services: 8,942 (911) 10,353 3,283 11,351 6,487 3,367 3,120 1,278 1,206 228,477 106,415 122,062 89,786 132,145 1,855 2,265 1,761Equity Financing 15,974 (412) 16,381 18,929 29,330 4,415 89 4,326 6,213 8,131 74,904 1,268 74,765 104,604 114,849 2,495 1,920 1,450Equity Synthetic 6,983 (60) 7,025 6,856 7,656 6,042 22 6,020 6,114 6,522 11,934 (325) 12,275 13,555 13,328 1,434 1,495 1,969Clearing and Execution 6 (11) 16 4 3 (2) (0) (2) 0 0 6 (11) 16 5 4 8 1 4Structured Transactions 471 (318) 723 438 214 32 7 25 (54) 153 474 (318) 726 1,190 214Equity Futures 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Total Equities Prime Services: 23,435 (800) 24,146 26,226 37,203 10,487 118 10,369 12,273 14,806 87,319 615 87,782 119,354 128,395 3,938 3,415 3,423
Total Prime Services 32,376 (1,712) 34,499 29,509 48,554 16,974 3,485 13,489 13,552 16,012 315,796 107,029 209,844 209,141 260,540 5,793 5,680 5,184
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Disclosures
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Mortgage Inventory DisclosuresMortgage and asset-backed securities
In millions Q1'2008 Q2'2008 Draft Q3'08 Variance from Q/E
Residential:Securities 18,179 14,986 9,649 (5,337)Whole loans 11,913 8,250 6,104 (2,145)Servicing and other 1,660 1,666 1,667 1
$31,752 $24,901 $17,420 ($7,481)Commercial:Whole loans 24,881 19,862 15,600 (4,262)Securities and other 11,229 9,528 8,500 (1,028)
$36,110 $29,390 $24,100 (5,290)
Other asset-backed securities 6,553 6,482 4,995 (1,487)$0
MBS Inventory $74,415 $60,774 $46,515 (14,259)
Real estate-related investments $12,900 $10,400 $8,800 ($1,600)
Total Mortgage Related Inventory $87,315 $71,174 $55,315 ($15,859)
U.S. subprime residential mortgages
In millions Q1'2008 Q2'2008 Draft Q3'08 Variance from Q/E
U.S. residential subprime mortgagesWhole loans 1,295 1,048 636 (412)Securities 2,692 1,671 931 (741)Other 30 21 20 (1)Total $4,017 $2,740 $1,587 ($1,154)
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Acquisition Finance and High Yield Disclosures
Acquisition finance facilities
In millions Q1'2008 Q2'2008 Draft Q3'08 Variance from Q/E
High grade:Contingent 7,221 1,672 574 (1,098)Unfunded 798 1,116 1,847 731 Funded 2,945 3,653 672 (2,981)
$10,964 $6,441 $3,094 ($3,348)
High yield:Contingent 3,654 425 311 (114)Unfunded 2,212 2,126 1,809 (317)Funded 11,897 9,003 4,949 (4,054)
$17,763 $11,554 $7,069 ($4,485)
High yield instruments
In millions Q1'2008 Q2'2008 Draft Q3'08 Variance from Q/E
High yield instruments $30,898 $23,856 $21,300 ($2,556)
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Level 3 Assets Disclosure
Note 4 Fair Value of Financial Instruments - Level 3 Assets
Assets at Fair Value
In millionsQ1'2008 Q2'2008 Draft Q3'08 Variance from
Q/EMortgage and asset-backed securities 23,811 20,597 19,866 (731)Corporate debt and other 4,250 5,590 5,177 (413)Corporate equities 9,376 10,158 9,353 (805)Derivatives 2,768 1,566 1,631 65
$40,205 $37,911 $36,028 ($1,883)
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Regional Balance Sheets
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Scorecard - AmericasAMERICAS Net Balance Sheet Tradable Long Inventory at Risk Gross Balance Sheet
Today Daily Variance Draft Final Final Today Daily Draft Final Final TodayDaily
Variance Draft Final Final
3-Sep-08 Incr/(Decr) Q3'08 Q2'08 Q1'08 3-Sep-08 Change Q3'08 Q2'08 Q1'08 3-Sep-08 Incr/(Decr) Q3'08 Q2'08 Q1'08
Global Rates 27,170 4,933 22,776 22,315 30,200 19,981 4,743 15,238 8,298 11,365 61,509 11,431 50,617 49,496 85,410High Grade Credit 8,315 2,342 5,973 7,288 9,569 7,572 2,365 5,207 6,360 8,698 10,142 2,276 7,866 9,101 12,250CDO 3,635 4 3,631 2,820 7,395 471 4 466 845 2,704 3,784 (2) 3,786 2,975 7,559Securitized Products 38,665 (901) 39,566 44,487 48,727 23,326 (976) 24,303 28,768 34,927 40,319 (1,849) 42,168 48,253 51,560Real Estate 28,991 89 28,903 32,699 37,587 22,446 110 22,337 26,253 31,707 29,395 78 29,317 34,309 38,294High Yield 7,394 (56) 7,450 10,646 8,583 6,949 (56) 7,005 8,641 8,263 8,126 (36) 8,162 11,558 9,770Municipal Bonds 6,868 810 6,057 6,047 9,485 2,943 810 2,132 2,837 3,596 7,215 786 6,429 6,459 10,231Energy Trading 5,828 (23) 5,851 4,663 3,628 526 (23) 549 38 81 6,120 (23) 6,143 4,947 3,913Foreign Exchange 2,386 (18) 2,404 3,387 4,814 472 (7) 478 742 959 2,386 (18) 2,404 3,388 4,814FID Corporate 1,929 0 1,861 2,834 2,089 (746) 292 (1,038) (1,109) (257) 7,993 0 7,925 9,235 8,103FID Corp Loans 1,638 12 1,632 1,690 1,702 1,638 6 1,632 1,690 1,702 1,677 12 1,671 1,729 1,743IBD Loans 1,682 4 1,690 2,538 4,182 1,682 (9) 1,690 2,538 4,181 1,690 4 1,699 2,547 4,190
Total FID Core: 134,501 7,196 127,796 141,413 167,961 87,259 7,258 80,001 85,818 107,926 180,357 12,659 168,188 183,997 237,836Total FID Prime Services: 8,583 (1,173) 10,257 3,057 11,168 6,472 3,364 3,108 1,200 (6,943) 178,791 79,697 99,094 69,922 100,337
Total FID Americas 143,085 6,022 138,053 144,470 179,129 93,730 10,622 83,108 87,017 100,983 359,148 92,355 267,283 253,919 338,174Execution Services / Liquid Market 4,307 (13) 4,321 5,461 6,916 3,188 (23) 3,211 3,885 5,571 6,282 66 6,217 9,133 10,167Convertible Products 899 (41) 940 1,425 1,770 898 (41) 939 1,423 1,769 1,388 (36) 1,424 2,024 2,265Volatility 4,076 (127) 4,202 5,118 4,649 1,109 (132) 1,241 1,463 1,748 5,849 (51) 5,900 6,949 6,432Equities Strategies 1,666 89 1,577 442 1,276 1,422 89 1,332 421 1,216 2,728 158 2,570 702 1,594Firm Relationship Loans 2,046 15 2,037 2,201 2,012 2,046 9 2,037 2,201 2,012 2,046 15 2,037 2,201 2,012Equity Corporate 86 1 85 85 55 80 1 79 78 39 362 1 362 303 343
Total Equities Core: 13,080 (76) 13,163 14,731 16,678 8,743 (98) 8,840 9,472 12,355 18,656 153 18,509 21,312 22,814Total Equities Prime Services: 13,957 (304) 14,261 15,549 21,874 6,238 (22) 6,261 7,160 10,025 51,037 (78) 51,275 67,869 78,867
Total Equities Americas 27,037 (381) 27,424 30,279 38,552 14,981 (120) 15,101 16,632 22,379 69,692 75 69,784 89,182 101,681Global Principal Strategies 1,154 (7) 1,162 1,449 5,117 1,131 (7) 1,138 1,418 5,089 3,122 (7) 3,129 5,653 6,245Global Trading Strategies 3,405 (23) 3,429 3,422 3,932 3,305 (23) 3,329 3,119 3,878 3,601 (23) 3,624 3,676 4,312Global Opportunities Group 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Direct Principal Investments 1,152 (0) 1,152 2,060 769 1,152 (0) 1,152 2,035 744 1,152 (0) 1,152 2,060 769
Total Principal Investing 5,711 (31) 5,742 6,931 9,817 5,588 (31) 5,619 6,572 9,711 7,875 (30) 7,906 11,389 11,326Asset Management 2,521 24 2,497 2,718 4,620 752 24 729 948 2,686 5,535 24 5,511 5,746 7,700Private Equity 3,848 0 3,848 3,908 4,514 3,600 0 3,600 3,737 4,384 4,066 0 4,066 4,123 4,729
Total IMD 6,369 24 6,346 6,627 9,134 4,352 24 4,328 4,685 7,070 9,601 24 9,577 9,869 12,429Investment Banking Division 168 (0) 168 481 506 101 (0) 101 414 438 168 (0) 168 481 506Treasury 37,263 27,044 10,220 8,972 9,321 27,297 24,793 2,504 3,579 (3,905) 37,490 (13,525) 51,015 56,049 45,101Corporate Other Assets / Investments 14,153 (114) 14,267 17,674 12,778 684 (114) 798 4,278 (2,376) 16,285 886 15,399 14,984 17,073
Total Non-Core 51,584 26,929 24,655 27,128 22,605 28,081 24,679 3,403 8,271 (5,843) 53,943 (12,640) 66,583 71,514 62,680
Total All Other Americas 63,665 26,922 36,743 40,685 41,557 38,021 24,671 13,350 19,528 10,938 71,420 (12,646) 84,066 92,772 86,434
Grand Totals Americas 233,786 32,564 202,219 215,434 259,237 146,732 35,173 111,559 123,177 134,300 500,260 79,784 421,133 435,872 526,289
Liquid Markets Financing 4,567 (1,184) 6,251 759 6,923 4,453 3,388 1,065 600 (7,019) 150,920 78,420 72,501 43,845 65,922Credit Financing 2,483 8 2,475 861 1,220 2,000 (28) 2,028 531 (36) 23,349 1,218 22,131 20,402 26,064Clearing and Execution 32 (1) 32 0 27 2 (0) 2 0 25 32 (1) 32 0 28FID Structured Transactions 51 3 48 104 159 16 3 12 68 86 215 59 156 208 266FID Futures 1,450 (0) 1,450 1,333 2,838 0 (0) 0 0 0 4,275 (0) 4,275 5,467 8,057
Total FID Prime Services: 8,583 (1,173) 10,257 3,057 11,168 6,472 3,364 3,108 1,200 (6,943) 178,791 79,697 99,094 69,922 100,337Equity Financing 10,100 (102) 10,202 12,034 18,959 3,120 181 2,939 4,268 7,495 43,977 397 43,740 59,986 71,597Equity Synthetic 3,407 (205) 3,612 3,133 2,792 3,105 (206) 3,311 2,931 2,444 6,607 (477) 7,085 7,499 7,148Clearing and Execution 0 (0) 0 0 0 (2) (0) (2) 0 (1) 0 (0) 0 0 0Structured Transactions 449 3 446 382 122 15 3 13 (40) 86 452 3 449 384 122Equity Futures 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Total Equities Prime Services: 13,957 (304) 14,261 15,549 21,874 6,238 (22) 6,261 7,160 10,025 51,037 (78) 51,275 67,869 78,867Total Prime Services Americas 22,540 (1,478) 14,261 18,606 33,042 12,710 13,598 (888) 8,359 3,082 229,828 79,619 150,369 137,791 179,204
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Scorecard - EuropeEUROPE Net Balance Sheet Tradable Long Inventory at Risk Gross Balance Sheet
Today Daily Variance Draft Final Final Today Daily Draft Final Final Today Daily Draft Final Final3-Sep-08 Incr/(Decr) Q3'08 Q2'08 Q1'08 3-Sep-08 Change Q3'08 Q2'08 Q1'08 3-Sep-08 Incr/(Decr) Q3'08 Q2'08 Q1'08
Global Rates 21,551 1,069 19,335 11,534 14,173 13,793 2,562 11,231 5,777 8,933 34,573 (529) 33,954 28,356 54,061High Grade Credit 622 (52) 668 490 891 327 (9) 336 130 263 1,070 14 1,049 880 1,416CDO 2,733 (28) 2,758 2,620 1,585 1,095 (10) 1,105 708 158 2,738 (28) 2,763 2,626 1,591Securitized Products 10,480 (1) 10,715 11,113 11,514 8,664 (256) 8,920 9,721 9,997 10,528 (1) 10,764 11,203 11,619Real Estate 13,503 (405) 13,936 16,327 17,324 9,284 (433) 9,717 12,132 12,802 13,503 (405) 13,936 16,328 17,330High Yield 1,332 (51) 1,381 1,779 2,995 1,220 (38) 1,259 1,769 2,983 1,424 (77) 1,499 1,966 3,324Energy Trading 656 (23) 678 634 88 37 (23) 60 33 68 656 (23) 678 634 89Foreign Exchange 991 100 890 170 309 264 107 157 154 297 995 104 890 461 311FID Corporate 5 (0) 5 5 5 5 (0) 5 3 (5) 867 (0) 868 868 868FID Corp Loans 1,155 175 980 2,015 1,596 1,155 175 980 2,015 1,596 1,155 (124) 1,279 2,015 1,596IBD Loans 1,469 161 1,308 3,021 2,812 1,469 161 1,308 3,021 2,812 1,469 161 1,308 3,021 2,812
Total FID Core: 54,496 945 52,654 49,707 53,293 37,313 2,234 35,079 35,463 39,905 68,978 (906) 68,987 68,357 95,019Total FID Prime Services: 359 262 96 226 183 16 3 12 79 (362) 38,641 18,687 19,955 16,294 30,604
Total FID Europe 54,855 1,207 52,750 49,933 53,476 37,329 2,237 35,092 35,541 39,543 107,620 17,780 88,942 84,651 125,622Execution Services 759 (7) 760 1,245 1,312 474 (3) 477 640 351 925 (14) 933 1,582 3,674Convertible Products 199 7 190 431 580 153 (1) 153 410 490 203 1 199 491 659Volatility 12,518 (1,165) 13,132 12,743 17,358 5,214 10 5,204 6,027 10,920 14,131 (1,109) 14,688 15,492 19,406Equities Strategies 150 (13) 163 542 543 150 (12) 162 304 117 159 (7) 166 582 575Firm Relationship Loans 259 1 257 1,385 769 259 1 257 1,385 769 259 1 257 1,385 769Equity Corporate 20 (0) 20 33 23 20 (0) 20 33 23 20 (0) 20 733 23
Total Equities Core: 13,905 (1,177) 14,523 16,378 20,586 6,269 (4) 6,273 8,798 12,670 15,695 (1,128) 16,264 20,264 25,107Total Equities Prime Services: 6,300 (446) 6,658 7,132 10,099 2,854 132 2,722 3,150 4,319 27,089 122 26,946 39,583 34,376
Total Equities Europe 20,205 (1,623) 21,180 23,510 30,685 9,122 127 8,995 11,948 16,989 42,784 (1,006) 43,210 59,847 59,484Global Principal Strategies 109 (0) 109 94 1,052 109 (0) 109 48 1,052 109 (0) 109 97 1,319Global Trading Strategies 249 (16) 265 339 349 249 (14) 263 338 349 308 (20) 327 403 429Global Opportunities Group 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Direct Principal Investments 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Total Principal Investing 359 (16) 374 432 1,401 359 (14) 372 386 1,401 417 (20) 437 501 1,748Asset Management 1,195 (37) 1,232 1,212 1,680 814 (1) 815 888 1,399 1,195 (37) 1,232 1,212 1,681Private Equity 1,687 0 1,687 1,565 2,314 1,687 82 1,605 1,475 2,314 1,687 (0) 1,687 1,565 2,314
Total IMD 2,882 (37) 2,919 2,777 3,994 2,501 81 2,420 2,363 3,713 2,882 (37) 2,919 2,777 3,995Total Non-Core 121 (2) 123 62 189 77 (2) 78 62 189 1,168 (36) 1,204 991 1,873
Total All Other Europe 3,362 (55) 3,416 3,271 5,585 2,936 65 2,871 2,811 5,303 4,467 (93) 4,560 4,269 7,616
Grand Totals Europe 78,422 (471) 77,347 76,714 89,745 49,387 2,430 46,957 50,300 61,835 154,871 16,681 136,712 148,767 192,722Liquid Markets Financing 79 38 41 140 60 0 0 0 50 (310) 30,869 16,939 13,930 10,941 25,138Credit Financing 258 221 37 42 50 0 0 0 (10) (119) 7,751 1,745 6,006 5,309 5,361Clearing and Execution 0 0 0 0 0 0 0 0 0 0 0 0 0 0 31FID Structured Transactions 22 3 18 44 74 16 3 12 38 68 22 3 18 44 74FID Futures 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Total FID Prime Services: 359 262 96 226 183 16 3 12 79 (362) 38,641 18,687 19,955 16,294 30,604Equity Financing 4,570 (250) 4,816 5,450 7,758 1,186 (90) 1,277 1,679 2,110 24,719 314 24,468 35,503 31,477Equity Synthetic 1,702 134 1,549 1,623 2,246 1,651 218 1,433 1,484 2,134 2,342 139 2,185 3,269 2,805Clearing and Execution 6 (11) 16 4 3 0 (0) 0 0 (11) 6 (11) 16 5 3Structured Transactions 22 (320) 277 56 92 17 4 12 (14) 86 22 (320) 277 806 92Equity Futures 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Total Equities Prime Services: 6,300 (446) 6,658 7,132 10,099 2,854 132 2,722 3,150 4,319 27,089 122 26,946 39,583 34,376
Total Prime Services Europe 6,659 (184) 6,754 7,358 10,282 2,869 135 2,734 3,229 3,957 65,730 18,809 46,901 55,877 64,980
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Scorecard - AsiaASIA Net Balance Sheet Tradable Long Inventory at Risk Gross Balance Sheet
Today Daily Variance Draft Final Final Today Daily Draft Final Final Today Daily Draft Final Final3-Sep-08 Incr/(Decr) Q3'08 Q2'08 Q1'08 3-Sep-08 Change Q3'08 Q2'08 Q1'08 3-Sep-08 Incr/(Decr) Q3'08 Q2'08 Q1'08
Global Rates 4,868 278 4,590 4,089 7,638 4,239 279 3,960 3,977 7,578 9,200 129 9,071 10,334 14,525High Grade Credit 681 (81) 763 822 875 627 (82) 709 805 844 759 (105) 864 902 954CDO 1,692 (21) 1,713 2,179 2,019 467 (18) 485 1,194 219 1,697 (21) 1,718 2,184 2,025Securitized Products 1,417 (3) 1,416 1,836 1,894 1,402 1 1,401 1,836 1,894 1,417 (3) 1,416 1,836 1,894Real Estate 8,225 3 8,222 9,216 10,056 7,791 3 7,788 9,135 9,783 8,225 3 8,222 9,216 10,056High Yield 2,515 202 2,313 2,623 3,020 2,325 111 2,215 2,558 2,976 2,567 202 2,365 2,695 3,111Energy Trading 299 (15) 314 265 0 25 (15) 40 40 (2) 299 (15) 314 265 0Foreign Exchange 517 11 507 613 1,225 454 11 443 594 1,192 517 11 507 638 1,225FID Corporate 101 (0) 133 134 150 16 (0) 16 22 (21) 101 (0) 133 135 150FID Corp Loans 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0IBD Loans 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Total FID Core: 20,316 373 19,971 21,777 26,877 17,346 288 17,058 20,161 24,462 24,783 201 24,611 28,205 33,941Total FID Prime Services: (0) (0) 0 (0) (0) (0) (0) 0 (0) (10) 11,044 8,032 3,013 3,570 1,204
Total FID Asia 20,316 373 19,971 21,777 26,877 17,346 288 17,058 20,161 24,452 35,828 8,232 27,624 31,775 35,145Execution Services / Liquid Market 474 (39) 512 651 1,033 329 (68) 397 591 749 531 (42) 573 766 1,039Convertible Products 138 (14) 152 297 393 133 (12) 145 279 379 138 (14) 152 302 412Volatility 4,374 (290) 4,664 5,288 7,212 3,016 (290) 3,305 3,800 4,280 4,401 (286) 4,688 5,328 7,321Equities Strategies 1,124 (7) 1,071 1,204 2,402 664 54 610 957 1,731 1,548 (527) 2,015 1,695 3,182Firm Relationship Loans 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Equity Corporate 446 4 442 313 464 15 0 15 19 235 446 0 446 326 481
Total Equities Core: 6,555 (346) 6,841 7,753 11,504 4,156 (316) 4,472 5,646 7,374 7,064 (869) 7,873 8,417 12,435Total Equities Prime Services: 3,177 (50) 3,227 3,545 5,230 1,394 9 1,386 1,964 2,433 9,194 570 9,562 11,902 15,151
Total Equities Asia 9,733 (396) 10,068 11,298 16,734 5,551 (307) 5,858 7,610 9,807 16,257 (300) 17,435 20,320 27,586
Global Principal Strategies 1 0 1 58 1,015 1 0 1 2 998 1 0 1 58 1,072Global Trading Strategies 730 42 688 883 1,174 707 42 665 860 1,172 760 42 717 883 1,205Global Opportunities Group 1,049 (28) 1,076 979 942 998 (30) 1,027 945 921 1,182 (34) 1,216 1,127 1,068Direct Principal Investments 427 161 266 272 315 426 161 265 272 313 427 161 266 272 315
Total Principal Investing 2,206 175 2,030 2,192 3,446 2,131 174 1,958 2,080 3,405 2,369 169 2,200 2,340 3,660Asset Management 0 (120) 120 142 69 0 (120) 120 142 69 0 (120) 120 142 69Private Equity 204 0 204 176 498 204 0 204 176 (416) 204 0 204 176 498
Total IMD 204 (120) 325 319 566 204 (120) 325 319 (348) 204 (120) 325 319 566Total Non-Core 25 0 25 38 67 25 0 25 38 67 25 0 25 38 67
Total All Other Asia 2,435 55 2,380 2,549 4,080 2,361 54 2,307 2,436 3,125 2,599 49 2,550 2,697 4,293
Grand Totals Asia 32,484 33 32,419 35,625 47,691 25,258 35 25,223 30,207 37,384 54,684 7,982 47,608 54,792 67,025
Liquid Markets Financing (0) (0) 0 (0) 0 (0) (0) 0 (0) (10) 11,044 8,032 3,013 3,570 1,204Credit Financing 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Clearing and Execution 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0FID Structured Transactions 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0FID Futures 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Total FID Prime Services: (0) (0) 0 (0) 0 (0) (0) 0 (0) (10) 11,044 8,032 3,013 3,570 1,204Equity Financing 1,303 (60) 1,364 1,445 2,613 108 (2) 109 265 477 6,209 556 6,556 9,115 11,776Equity Synthetic 1,874 10 1,863 2,100 2,617 1,287 10 1,276 1,699 1,956 2,985 14 3,006 2,787 3,375Clearing and Execution 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Structured Transactions 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Equity Futures 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Total Equities Prime Services: 3,177 (50) 3,227 3,545 5,230 1,394 9 1,386 1,964 2,433 9,194 570 9,562 11,902 15,151Total Prime Services Asia 3,177 (50) 3,227 3,545 5,230 1,394 9 1,386 1,964 2,423 20,238 8,601 12,574 15,473 16,355
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Net Long Inventory Summary by GAAP Asset Class
9/3/2008
Mortgages & ABS (includes REHS & REHU)
Government & Agencies
Corporate Debt & Other (Phyiscal commodities)
Corporate Equities
Commercial Paper & Other Money Market
Instruments
Derivatives & Other Contractual
Agreements
Blank Adjustments / Unallocated (1)
Net Inventory Long
Global Rates 190 33,848 3,392 403 0 13,892 0 51,725High Grade Credit 0 1,011 3,808 696 3,009 1,004 0 9,529CDO 831 9 2,375 112 0 4,408 0 7,735Securitized Products 29,551 9,960 3,345 340 0 5,674 (336) 48,532Real Estate 41,034 2 7,658 1,554 0 292 (31) 50,509High Yield 193 11 11,049 (517) 0 417 (158) 10,995Municipals 15 3,988 63 1 30 2,738 0 6,835Commodities 0 0 586 0 3 3,940 0 4,528Foreign Exchange 0 655 98 429 0 2,493 9 3,684FID Corporate 91 0 (824) 8 0 7 0 (718)FID Corp Loans 0 1 2,790 2 0 0 0 2,793IBD Loans 0 0 3,106 0 0 45 0 3,151 Total FID Core: 71,905 49,485 37,445 3,028 3,042 34,909 (515) 199,299 Total FID Prime Services: 227 4,514 2,797 49 0 11 0 7,598
Total FID 72,132 53,999 40,241 3,077 3,042 34,920 (515) 206,897Execution Services / Liquid Market 8 0 38 3,968 0 849 0 4,864Convertible Products 1 0 820 364 0 2 0 1,187Volatility 0 14 1,153 8,437 0 8,662 0 18,266Equities Strategies 1 11 545 1,699 0 343 0 2,600Firm Relationship Loans 0 1 2,304 0 0 0 0 2,305Equity Corporate 0 0 23 91 0 0 0 114 Total Equities Core: 11 26 4,883 14,559 0 9,856 0 29,335 Total Equities Prime Services: 340 19 83 10,408 0 499 30 11,378
Total Equities 350 45 4,966 24,967 0 10,355 30 40,713Global Principal Strategies 0 0 181 1,059 0 0 0 1,241Global Trading Strategies 369 10 739 3,140 0 51 0 4,309Global Opportunities Group 10 9 429 549 0 1 0 999Direct Principal Investments 0 0 215 1,363 0 0 0 1,578 Total Principal Investing 379 19 1,565 6,111 0 52 0 8,126Asset Management 55 0 128 1,240 165 0 98 1,685Private Equity 528 0 670 4,155 0 (72) 0 5,281 Total IMD 582 0 798 5,396 165 (72) 98 6,966 Total Non-Core 0 0 88 159 27,297 1,440 0 28,984
Total All Other 962 19 2,451 11,666 27,461 1,420 98 44,077
Grand Totals 73,444 54,063 47,658 39,710 30,503 46,696 (387) 291,687
Liquid Markets Financing 2 4,476 1 15 0 1 0 4,495Credit Financing 225 38 2,796 2 0 0 0 3,062Clearing and Execution 0 0 0 0 0 2 0 2FID Structured Transactions 0 0 0 31 0 0 0 31FID Futures 0 0 0 0 0 8 0 8 Total FID Prime Services: 227 4,514 2,797 49 0 11 0 7,598Equity Financing 0 0 42 4,343 0 54 29 4,469Equity Synthetic 0 18 41 6,033 0 386 1 6,479Clearing and Execution 0 0 0 0 0 0 0 0Structured Transactions 340 1 (0) 31 0 58 0 430Equity Futures 0 0 0 0 0 0 0 0 Total Equities Prime Services: 340 19 83 10,408 0 499 30 11,378Total Prime Services 567 4,533 2,880 10,457 0 510 30 18,976
1) Blanks occur when an adjustment is entered into GFS without sufficient product or asset category detail to create a GAAP asset class. Includes position and account level adjustments and Loan IQ adju
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Daily Balance Sheet TrendGross and Net Balance Sheet Trend
0
200
400
600
800
1,000
1,200
11/3
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8
Consolidated Gross BS
Consolidated Net BSFID Gross and Net Balance Sheet Trend
0
100
200
300
400
500
600
11/3
0/20
07
12/3
0/20
07
1/30
/200
8
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3/30
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4/30
/200
8
5/30
/200
8
6/30
/200
8
7/30
/200
8
8/30
/200
8
Gross FID
Net FID
Equities Gross and Net Balance Sheet Trend
0
10
20
30
40
50
60
70
11/3
0/20
07
12/3
0/20
07
1/30
/200
8
2/29
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3/30
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4/30
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5/30
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6/30
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7/30
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8/30
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8
Gross Equities
Net EquitiesPrime Services Gross and Net Balance Sheet Trend
0
100
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500
600
11/3
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4/30
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Gross CMPS
Net CMPS
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