Contents
Investment Thesis 4
Risk Exposures 14
Risk Management as a Competitive Advantage 22
Outlook & Business Line Review 24
FICC Business 25
Equities Business 30
Principal Investments / Private Equity 35
Investment Banking 41
Asset Management 46
Prime Brokerage & Securities Lending 51
Funding & Capital Structure 54
Impact of Bank Holding Company 69
Management Overview 71
Appendix A-1 74