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 earnings12,35711,73711,207
Net earnings8,4778,0407,475
Net earnings applicable to common shareholders8,0777,7267,292
Return on average common shareholders’ equity11.2%11.0%10.7%

Common Share Data

Diluted earnings per common share$17.07$15.46$14.13
Average diluted common shares outstanding473.2499.6516.1
Dividends declared per common share$2.25$2.05$1.77
Book value per common share163.01152.48144.67
Tangible book value per common share 1153.79143.11134.06
Ending stock price193.83177.26127.56

Financial Condition and Leverage Ratio

Total assets$856,240$911,507$938,555
Unsecured long-term borrowings167,571160,965167,305
Total shareholders’ equity82,79778,46775,716
Leverage ratio 210.3×11.6×12.4×

Selected Data

Total staff34,00032,90032,400
Assets under supervision (in billions)$1,178$1,042$965