AUM by Investment Objective We offer a broad product mix under our equity, multi-asset/balanced, fixed income and cash management investment objectives and solutions, including alternative investment products, to meet a variety of investment goals.
Our fees for providing investment management services are generally based on a percentage of the market value of AUM in the accounts that we advise, the investment objectives of the accounts and the types of services that we provide for the accounts.
As of September 30, 2018, AUM by investment objective on a worldwide basis was as follows:
## Table 0 ##
Broadly speaking, the change in the net assets of our products depends primarily upon two factors: (1) the increase or decrease in the market value of the securities held in the portfolio of investments; and (2) the level of sales as compared to the level of redemptions.
We are subject to the risk of asset volatility resulting from changes in the global capital markets.
In addition, changing market conditions and the evolving needs of our clients may cause a shift in our asset mix, potentially resulting in an increase or decrease in our revenues and income depending upon the nature of our AUM and the level of management fees we earn based on our AUM.
Despite such market risks, we believe that we have a competitive advantage as a result of the economic and geographic diversity of our products available to our clients.
Summary of Services 1.
Investment Management Services We are committed to providing active investment management and strategic advice for our clients.
Our subsidiaries offer our equity, fixed income and alternative strategies through various investment vehicles, including registered open-end and closed-end funds, unregistered funds and separate accounts.
We provide our investment management services pursuant to agreements in effect with each of our investment products and the products for which we provide sub-advisory services.
Investment management fees are generally determined pursuant to such contractual arrangements, as a percentage of the market value of AUM.
Our investment management services include services to managed accounts for which we have full investment discretion, and to advisory accounts for which we have no investment discretion.
Advisory accounts for which we have no investment discretion may or may not include the authority to trade for the account.
Our services include fundamental investment research and valuation analyses, including original economic, political, industry and company research, and analyses of suppliers, customers and competitors.
Our company research utilizes such sources as company public records and other publicly available information, management interviews, company prepared information, and company visits and inspections.
Research services provided by brokerage firms are also used to support our findings.
Our management fee on an account varies with the types of services that we provide for the account, among other things.
Our subsidiaries that provide discretionary investment management services for our products and sub-advised products either perform or obtain investment research and determine which securities the products will purchase, hold or sell under the supervision and oversight of the funds’ boards of directors or trustees, as applicable.
In addition, these subsidiaries may take all appropriate steps to implement such decisions, including arranging for the selection of broker-dealers and the execution and settlement of trades in accordance with applicable criteria set forth in the management agreements, internal policies, and applicable law and practice.
Our subsidiaries that provide non-discretionary investment management services perform investment research for our clients and make recommendations as to which securities the clients purchase, hold or sell, and may or may not perform trading activities for the products.
CITIZENS FINANCIAL GROUP, INC.  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
## Table 1 ##
As of and for the Year Ended December 31, 2012
## Table 2 ##
Management accounting practices utilized by the Company as the basis for presentation for segment results include the following: FTP adjustments The Company utilizes an FTP system to eliminate the effect of interest rate risk from the segments’ net interest income because such risk is centrally managed within the Treasury function.
The FTP system credits (or charges) the segments with the economic value of the funds created (or used) by the segments.
The FTP system provides a funds credit for sources of funds and a funds charge for the use of funds by each segment.
The sum of the interest income/expense and FTP charges/credits for each segment is its designated net interest income.
The variance between the Company’s cumulative FTP charges and cumulative FTP credits is offset in Other.
Provision for credit losses allocations Provision for credit losses is allocated to each business segment based on actual net charge-offs that have been recognized by the business segment.
The difference between the consolidated provision for credit losses and the business segments’ net charge- offs is reflected in Other.
Income tax allocations Income taxes are assessed to each line of business at a standard tax rate with the residual tax expense or benefit to arrive at the consolidated effective tax rate included in Othe
THE GOLDMAN SACHS GROUP, INC.  AND SUBSIDIARIES Management’s Discussion and Analysis During periods in which we have significantly more positive net revenue days than net revenue loss days, we expect to have fewer VaR exceptions because, under normal conditions, our business model generally produces positive net revenues.
In periods in which our franchise revenues are adversely affected, we generally have more loss days, resulting in more VaR exceptions.
The daily net revenues for positions included in VaR used to determine VaR exceptions reflect the impact of any intraday activity, including bid/offer net revenues, which are more likely than not to be positive by their nature.
Sensitivity Measures Certain portfolios and individual positions are not included in VaR because VaR is not the most appropriate risk measure.
Other sensitivity measures we use to analyze market risk are described below.10% Sensitivity Measures.
The table below presents market risk by asset category for positions accounted for at fair value, that are not included in VaR.
## Table 3 ##
In the table above: ‰ The market risk of these positions is determined by estimating the potential reduction in net revenues of a 10% decline in the value of these positions.
‰ Equity positions relate to private and restricted public equity securities, including interests in funds that invest in corporate equities and real estate and interests in hedge funds.
‰ Debt positions include interests in funds that invest in corporate mezzanine and senior debt instruments, loans backed by commercial and residential real estate, corporate bank loans and other corporate debt, including acquired portfolios of distressed loans.
‰ Funded equity and debt positions are included in our consolidated statements of financial condition in financial instruments owned.
See Note 6 to the consolidated financial statements for further information about cash instruments.
‰ These measures do not reflect the diversification effect across asset categories or across other market risk measures.
Credit Spread Sensitivity on Derivatives and Financial Liabilities.
VaR excludes the impact of changes in counterparty and our own credit spreads on derivatives, as well as changes in our own credit spreads (debt valuation adjustment) on financial liabilities for which the fair value option was elected.
The estimated sensitivity to a one basis point increase in credit spreads (counterparty and our own) on derivatives was a gain of $3 million (including hedges) as of both December 2018 and December 2017.
In addition, the estimated sensitivity to a one basis point increase in our own credit spreads on financial liabilities for which the fair value option was elected was a gain of $41 million as of December 2018 and $35 million as of December 2017.
However, the actual net impact of a change in our own credit spreads is also affected by the liquidity, duration and convexity (as the sensitivity is not linear to changes in yields) of those financial liabilities for which the fair value option was elected, as well as the relative performance of any hedges undertaken.
Interest Rate Sensitivity.
Loans receivable were $80.59 billion as of December 2018 and $65.93 billion as of December 2017, substantially all of which had floating interest rates.
The estimated sensitivity to a 100 basis point increase in interest rates on such loans was $607 million as of December 2018 and $527 million as of December 2017, of additional interest income over a twelve-month period, which does not take into account the potential impact of an increase in costs to fund such loans.
See Note 9 to the consolidated financial statements for further information about loans receivable.
Other Market Risk Considerations As of both December 2018 and December 2017, we had commitments and held loans for which we have obtained credit loss protection from Sumitomo Mitsui Financial Group, Inc.  See Note 18 to the consolidated financial statements for further information about such lending commitments.
In addition, we make investments in securities that are accounted for as available-for-sale and included in financial instruments owned in the consolidated statements of financial condition.
See Note 6 to the consolidated financial statements for further information.
We also make investments accounted for under the equity method and we also make direct investments in real estate, both of which are included in other assets.
Direct investments in real estate are accounted for at cost less accumulated depreciation.
See Note 13 to the consolidated financial statements for further information about other assets.
securities and other sovereign government obligations.
These agreements primarily settle within three business days, and of the total amount at December 31, 2013, $42.9 billion settled within three business days.
(4) The Company also has a contingent obligation to provide financing to a clearinghouse through which it clears certain transactions.
The financing is required only upon the default of a clearinghouse member.
The financing takes the form of a reverse repurchase facility, with a maximum amount of approximately $1.1 billion.
For further description of these commitments, see Note 13 to the consolidated financial statements in Item 8 and “Quantitative and Qualitative Disclosures about Market Risk—Risk Management—Credit Risk” in Item 7A.
In the normal course of business, the Company enters into various contractual obligations that may require future cash payments.
Contractual obligations include long-term borrowings, other secured financings, contractual interest payments, contractual payments on time deposits, operating leases and purchase obligations.
The Company’s future cash payments associated with certain of its obligations at December 31, 2013 are summarized below:

Tables referenced above, in order (Table 0 first):
<table><tr><td>Investment Objective</td><td>Value in Billions</td><td>Percentage of Total AUM</td></tr><tr><td>Equity</td><td></td><td></td></tr><tr><td>Growth potential, income potential, value or various combinations thereof</td><td>$309.6</td><td>43%</td></tr><tr><td>Multi-Asset/Balanced</td><td></td><td></td></tr><tr><td>Asset allocation, balanced, flexible, alternative and income-mixed funds</td><td>138.9</td><td>20%</td></tr><tr><td>Fixed Income</td><td></td><td></td></tr><tr><td>Global/international, U.S. tax-free and U.S. taxable</td><td>259.3</td><td>36%</td></tr><tr><td>Cash Management</td><td></td><td></td></tr><tr><td>Short-term liquid assets</td><td>9.3</td><td>1%</td></tr><tr><td>Total</td><td>$717.1</td><td>100%</td></tr></table>
<table><tr><td></td><td colspan="4">As of and for the Year Ended December 31, 2013</td></tr><tr><td>(in millions)</td><td>Consumer Banking</td><td>Commercial Banking</td><td>Other</td><td>Consolidated</td></tr><tr><td>Net interest income (expense)</td><td>$2,176</td><td>$1,031</td><td>-$149</td><td>$3,058</td></tr><tr><td>Noninterest income</td><td>1,025</td><td>389</td><td>218</td><td>1,632</td></tr><tr><td>Total revenue</td><td>3,201</td><td>1,420</td><td>69</td><td>4,690</td></tr><tr><td>Noninterest expense</td><td>2,522</td><td>635</td><td>4,522</td><td>7,679</td></tr><tr><td>Profit (loss) before provision for credit losses</td><td>679</td><td>785</td><td>-4,453</td><td>-2,989</td></tr><tr><td>Provision for credit losses</td><td>308</td><td>-7</td><td>178</td><td>479</td></tr><tr><td>Income (loss) before income tax expense (benefit)</td><td>371</td><td>792</td><td>-4,631</td><td>-3,468</td></tr><tr><td>Income tax expense (benefit)</td><td>129</td><td>278</td><td>-449</td><td>-42</td></tr><tr><td>Net income (loss)</td><td>$242</td><td>$514</td><td>-$4,182</td><td>-$3,426</td></tr><tr><td>Total Average Assets</td><td>$46,465</td><td>$35,229</td><td>$39,172</td><td>$120,866</td></tr></table>
<table><tr><td></td><td colspan="4">As of and for the Year Ended December 31, 2012</td></tr><tr><td>(in millions)</td><td>Consumer Banking</td><td>Commercial Banking</td><td>Other</td><td>Consolidated</td></tr><tr><td>Net interest income (expense)</td><td>$2,197</td><td>$1,036</td><td>-$6</td><td>$3,227</td></tr><tr><td>Noninterest income</td><td>1,187</td><td>349</td><td>131</td><td>1,667</td></tr><tr><td>Total revenue</td><td>3,384</td><td>1,385</td><td>125</td><td>4,894</td></tr><tr><td>Noninterest expense</td><td>2,691</td><td>625</td><td>141</td><td>3,457</td></tr><tr><td>Profit (loss) before provision for credit losses</td><td>693</td><td>760</td><td>-16</td><td>1,437</td></tr><tr><td>Provision for credit losses</td><td>408</td><td>63</td><td>-58</td><td>413</td></tr><tr><td>Income before income tax expense</td><td>285</td><td>697</td><td>42</td><td>1,024</td></tr><tr><td>Income tax expense</td><td>100</td><td>244</td><td>37</td><td>381</td></tr><tr><td>Net income</td><td>$185</td><td>$453</td><td>$5</td><td>$643</td></tr><tr><td>Total Average Assets</td><td>$47,824</td><td>$33,474</td><td>$46,368</td><td>$127,666</td></tr></table>
<table><tr><td></td><td>As of December</td></tr><tr><td><i>$ in millions</i></td><td>2018</td><td>2017</td></tr><tr><td>Equity</td><td>$1,923</td><td>$2,096</td></tr><tr><td>Debt</td><td>1,890</td><td>1,606</td></tr><tr><td>Total</td><td>$3,813</td><td>$3,702</td></tr></table>

Question: Which Net interest income (expense) has the second largest number in 2012?
Answer: Consolidated