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      "text": "1. AUM yield = long-term and cash management fees / average AUM\n2. 2014 and 2019 fees and AUC adjusted for exited businesses. 2014 fees also exclude the impact of a significant client exit and was revised to present depository receipt fees on a net basis in accordance with the retrospective adoption of the revenue recognition guidance in the first quarter of 2018. Total adjustments to fees were $368 million and $0.1 million in 2014 and 2019, respectively. Total adjustments to AUC were $1.1 trillion and $0.2 trillion in 2014 and 2019, respectively\n3. Commission rate = commission revenue / trading volume\n4. Yield = foreign exchange (\"FX\") revenue / trading volume. FX data is for major currencies (EUR, GBP, AUD, NZD, CHF, JPY, CAD, USD). FX revenues are reported as part of the Fixed Income Markets business\n5. Net revenue rate reflects the Credit Card business only and excludes rewards liability adjustments. Credit Card net revenue rate was 10.6% and 11.1% for the years ended December 31, 2019 and 2014, respectively. Effective in the first quarter of 2020, the Merchant Services business was realigned from CCB to CIB as part of the Firm's Wholesale Payments business. The revenue and expenses of the Merchant Services business will be reported across CCB, CIB and CB based primarily on client relationship\n6. Dealogic as of January 2, 2020. Based on top 100 fee-paying deals",
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      "text": "Notes on slide 12 – ...but our scale, completeness and global franchises allow us to address broad-based margin pressure across the industry caused by these secular headwinds",
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