Financial Highlights

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$ and share amounts in millions, except per share amounts and assets under supervision	Year Ended or as of December
	2014	2013	2012
Operating Results
Net revenues	$34,528	$34,206	$34,163
Pre-tax earnings	12,357	11,737	11,207
Net earnings	8,477	8,040	7,475
Net earnings applicable to common shareholders	8,077	7,726	7,292
Return on average common shareholders’ equity	11.2%	11.0%	10.7%
Common Share Data
Diluted earnings per common share	$17.07	$15.46	$14.13
Average diluted common shares outstanding	473.2	499.6	516.1
Dividends declared per common share	$2.25	$2.05	$1.77
Book value per common share	163.01	152.48	144.67
Tangible book value per common share 1	153.79	143.11	134.06
Ending stock price	193.83	177.26	127.56
Financial Condition and Leverage Ratio
Total assets	$856,240	$911,507	$938,555
Unsecured long-term borrowings	167,571	160,965	167,305
Total shareholders’ equity	82,797	78,467	75,716
Leverage ratio 2	10.3×	11.6×	12.4×
Selected Data
Total staff	34,000	32,900	32,400
Assets under supervision (in billions)	$1,178	$1,042	$965

Operating Results