Financial report context:
jpmorgan chase & co . / 2004 annual report 29 firms were aligned to provide consistency across the business segments . in addition , expenses related to certain corporate functions , technology and operations ceased to be allocated to the business segments and are retained in corporate . these retained expenses include parent company costs that would not be incurred if the segments were stand-alone businesses ; adjustments to align certain corporate staff , technology and operations allocations with market prices ; and other one-time items not aligned with the business segments . capital allocation each business segment is allocated capital by taking into consideration stand- alone peer comparisons , economic risk measures and regulatory capital requirements . the amount of capital assigned to each business is referred to as equity . effective with the third quarter of 2004 , new methodologies were implemented to calculate the amount of capital allocated to each segment . as part of the new methodology , goodwill , as well as the associated capital , is allocated solely to corporate . although u.s . gaap requires the allocation of goodwill to the business segments for impairment testing ( see note 15 on page 109 of this annual report ) , the firm has elected not to include goodwill or the related capital in each of the business segments for management reporting purposes . see the capital management section on page 50 of this annual report for a discussion of the equity framework . credit reimbursement tss reimburses the ib for credit portfolio exposures the ib manages on behalf of clients the segments share . at the time of the merger , the reimbursement methodology was revised to be based on pre-tax earnings , net of the cost of capital related to those exposures . prior to the merger , the credit reimburse- ment was based on pre-tax earnings , plus the allocated capital associated with the shared clients . tax-equivalent adjustments segment results reflect revenues on a tax-equivalent basis for segment reporting purposes . refer to page 25 of this annual report for additional details . description of business segment reporting methodology results of the business segments are intended to reflect each segment as if it were essentially a stand-alone business . the management reporting process that derives these results allocates income and expense using market-based methodologies . at the time of the merger , several of the allocation method- ologies were revised , as noted below . the changes became effective july 1 , 2004 . as prior periods have not been revised to reflect these new methodologies , they are not comparable to the presentation of periods begin- ning with the third quarter of 2004 . further , the firm intends to continue to assess the assumptions , methodologies and reporting reclassifications used for segment reporting , and it is anticipated that further refinements may be implemented in future periods . revenue sharing when business segments join efforts to sell products and services to the firm 2019s clients , the participating business segments agree to share revenues from those transactions . these revenue sharing agreements were revised on the merger date to provide consistency across the lines of businesses . funds transfer pricing funds transfer pricing ( 201cftp 201d ) is used to allocate interest income and interest expense to each line of business and also serves to transfer interest rate risk to corporate . while business segments may periodically retain interest rate exposures related to customer pricing or other business-specific risks , the bal- ance of the firm 2019s overall interest rate risk exposure is included and managed in corporate . in the third quarter of 2004 , ftp was revised to conform the policies of the combined firms . expense allocation where business segments use services provided by support units within the firm , the costs of those support units are allocated to the business segments . those expenses are allocated based on their actual cost , or the lower of actual cost or market cost , as well as upon usage of the services provided . effective with the third quarter of 2004 , the cost allocation methodologies of the heritage segment results 2013 operating basis ( a ) ( b ) ( table continued from previous page ) year ended december 31 , operating earnings return on common equity 2013 goodwill ( c ) .

Financial table:
year ended december 31 , ( in millions except ratios ): investment bank; year ended december 31 , 2004: $ 2948; year ended december 31 , 2003: $ 2805; year ended december 31 , change: 5% ( 5 % ); 2004: 17% ( 17 % ); 2003: 15% ( 15 % )
year ended december 31 , ( in millions except ratios ): retail financial services; year ended december 31 , 2004: 2199; year ended december 31 , 2003: 1547; year ended december 31 , change: 42; 2004: 24; 2003: 37
year ended december 31 , ( in millions except ratios ): card services; year ended december 31 , 2004: 1274; year ended december 31 , 2003: 683; year ended december 31 , change: 87; 2004: 17; 2003: 20
year ended december 31 , ( in millions except ratios ): commercial banking; year ended december 31 , 2004: 608; year ended december 31 , 2003: 307; year ended december 31 , change: 98; 2004: 29; 2003: 29
year ended december 31 , ( in millions except ratios ): treasury & securities services; year ended december 31 , 2004: 440; year ended december 31 , 2003: 422; year ended december 31 , change: 4; 2004: 17; 2003: 15
year ended december 31 , ( in millions except ratios ): asset & wealth management; year ended december 31 , 2004: 681; year ended december 31 , 2003: 287; year ended december 31 , change: 137; 2004: 17; 2003: 5
year ended december 31 , ( in millions except ratios ): corporate; year ended december 31 , 2004: 61; year ended december 31 , 2003: 668; year ended december 31 , change: -91 ( 91 ); 2004: nm; 2003: nm
year ended december 31 , ( in millions except ratios ): total; year ended december 31 , 2004: $ 8211; year ended december 31 , 2003: $ 6719; year ended december 31 , change: 22% ( 22 % ); 2004: 16% ( 16 % ); 2003: 19% ( 19 % )

Additional report context:
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Question: in 2004 , did retail financial services have a greater roe than card services?
Answer: yes