The activities of our Investment Banking division are divided into two categories: Financial Advisory and Corporate Finance. Financial Advisory includes advisory assignments with respect to mergers and acquisitions, divestitures, corporate defense activities, restructurings and spin-offs. Corporate Finance includes public offerings and private placements of equity and debt securities.

Our capital market activities are divided into Trading and Investments.

Trading and Principal Investments
Our Trading and Investments business facilitates customer transactions and takes proprietary positions in and trading of, fixed income and equity products, commodities, and other derivatives.

The activities of our Trading and Investments segment are divided into three categories: Fixed Income, Commodities, Equities and Principal Investments.

Fixed Income and Commodities (FIC)

FIC structures and trades in products, and commodities, and a wide variety of derivative transactions, and engages in proprietary trading and arbitrage activities.

Equities
Equities trades equities and equity-related products, structures and enters into equity derivative transactions, and engages in proprietary trading. As an agent we facilitate customer transactions, often by committing capital, to provide liquidity to clients with large blocks of stock or options.

Principal Investments
Principal Investments primarily represent net revenues from our other investment activities. We make principal investments directly and through the funds we raise and manage.

The activities of our Wealth and Asset Management Services division are divided into three categories: Asset Management, Investment Management and Cash Management
The core of our Wealth and Asset Management services is to help reduce risk while preserving our clients’ wealth over time. This is achieved through our investment discipline and handwork of our specialized investment managers.

Asset Management
Asset Management generates management fees by providing investment advisory services to a diverse client base of institutions and individuals. Assets under management include Real Estate, Fixed Income securities, Equities, and other alternative investment funds.

Investment Management
Investment Management includes prime brokerage, financing services and securities lending, and our matched book businesses, all of which generate revenues primarily in the form of spreads or fees.