Management’s discussion and analysis 158 JPMorgan Chase & Co. /2012 Annual Report The following table summarizes the ratings profile by derivative counterparty of the Firm’s derivative receivables, including credit derivatives, net of other liquid securities collateral, for the dates indicated.
Ratings profile of derivative receivables
## Table 0 ##
As noted above, the Firm uses collateral agreements to mitigate counterparty credit risk.
The percentage of the Firm’s derivatives transactions subject to collateral agreements – excluding foreign exchange spot trades, which are not typically covered by collateral agreements due to their short maturity – was 88% as of December 31, 2012, unchanged compared with December 31, 2011.  Credit derivatives Credit derivatives are financial instruments whose value is derived from the credit risk associated with the debt of a third party issuer (the reference entity) and which allow one party (the protection purchaser) to transfer that risk to another party (the protection seller) when the reference entity suffers a credit event.
If no credit event has occurred, the protection seller makes no payments to the protection purchaser.
For a more detailed description of credit derivatives, see Credit derivatives in Note 6 on pages 218–227 of this Annual Report.
The Firm uses credit derivatives for two primary purposes: first, in its capacity as a market-maker; and second, as an end-user, to manage the Firm’s own credit risk associated with various exposures.
Included in end-user activities are credit derivatives used to mitigate the credit risk associated with traditional lending activities (loans and unfunded commitments) and derivatives counterparty exposure in the Firm’s wholesale businesses (“Credit Portfolio Management” activities).
Information on Credit Portfolio Management activities is provided in the table below.
In addition, the Firm uses credit derivatives as an end-user to manage other exposures, including credit risk arising from certain AFS securities and from certain securities held in the Firm’s market making businesses.
These credit derivatives, as well as the synthetic credit portfolio, are not included in Credit Portfolio Management activities; for further information on these credit derivatives as well as credit derivatives used in the Firm’s capacity as a market maker in credit derivatives, see Credit derivatives in Note 6 on pages 226–227 of this Annual Report.
Management’s discussion and analysis 112 JPMorgan Chase & Co. /2013 Annual Report INTERNATIONAL OPERATIONS During the years ended December 31, 2013, 2012 and 2011, the Firm recorded $24.0 billion, $18.5 billion and $24.5 billion, respectively, of managed revenue derived from clients, customers and counterparties domiciled outside of North America.
Of those amounts, 65%, 57% and 66%, respectively, were derived from Europe/Middle East/Africa (“EMEA”); 26%, 30% and 25%, respectively, from Asia/Pacific; and 9%, 13% and 9%, respectively, from Latin America/Caribbean.
For additional information regarding international operations, see Note 32 on page 333 of this Annual Report.
International wholesale activities The Firm is committed to meeting the needs of its clients as part of a coordinated international business strategy.
Set forth below are certain key metrics related to the Firm’s wholesale international operations, including, for each of EMEA, Asia/Pacific and Latin America/Caribbean, the number of countries in each such region in which they operate, front-office headcount, number of significant clients, revenue and selected balance-sheet data.
## Table 1 ##
Note: International wholesale operations is comprised of CIB, AM, CB and Treasury and CIO.
(a) Revenue is based predominantly on the domicile of the client, the location from which the client relationship is managed, or the location of the trading desk.
(b) Countries of operation represents locations where the Firm has a physical presence with employees actively engaged in “client facing” activities.
(c) Total headcount includes all employees, including those in service centers, located in the region.
Effective January 1, 2013, interns are excluded from the firmwide and business segment headcount metrics.
Prior periods were revised to conform with this presentation.
(d) Significant clients are defined as companies with over $1 million in revenue over a trailing 12-month period in the region (excludes private banking clients).
(e) Deposits are based on the location from which the client relationship is managed.
(f) Loans outstanding are based predominantly on the domicile of the borrower and exclude loans held-for-sale and loans carried at fair value.
Note 11 – Noninterest expense The following table presents the components of noninterest expense.
## Table 2 ##
(a) Included firmwide legal expense of $11.1 billion, $5.0 billion and $4.9 billion for the years ended December 31, 2013, 2012 and 2011, respectively.
(b) Included FDIC-related expense of $1.5 billion, $1.7 billion and $1.5 billion for the years ended December 31, 2013, 2012 and 2011, respectively.
Note 12 – Securities Securities are classified as AFS, held-to-maturity (“HTM”) or trading.
Securities classified as trading assets are discussed in Note 3 on pages 195–215 of this Annual Report.
Predominantly all of the Firm’s AFS and HTM investment securities (the “investment securities portfolio”) is held by CIO in connection with its asset-liability management objectives.
At December 31, 2013, the average credit rating of the debt securities comprising the investment securities portfolio was AA+ (based upon external ratings where available, and where not available, based primarily upon internal ratings which correspond to ratings as defined by S&P and Moody’s).
AFS securities are carried at fair value on the Consolidated Balance Sheets.
Unrealized gains and losses, after any applicable hedge accounting adjustments, are reported as net increases or decreases to accumulated other comprehensive income/(loss).
The specific identification method is used to determine realized gains and losses on AFS securities, which are included in securities gains/(losses) on the Consolidated Statements of Income.
HTM debt securities, which management has the intent and ability to hold until maturity, are carried at amortized cost on the Consolidated Balance Sheets.
For both AFS and HTM debt securities, purchase discounts or premiums are amortized into interest income.
Other-than-temporary impairment AFS debt and equity securities and HTM debt securities in unrealized loss positions are analyzed as part of the Firm’s ongoing assessment of other-than-temporary impairment (“OTTI”).
For most types of debt securities, the Firm considers a decline in fair value to be other-than-temporary when the Firm does not expect to recover the entire amortized cost basis of the security.
For beneficial interests in securitizations that are rated below “AA” at their acquisition, or that can be contractually prepaid or otherwise settled in such a way that the Firm would not recover substantially all of its recorded investment, the Firm considers an OTTI to have occurred when there is an adverse change in expected cash flows.
For AFS equity securities, the Firm considers a decline in fair value to be other-than-temporary if it is probable that the Firm will not recover its amortized cost basis.
Potential OTTI is considered using a variety of factors, including the length of time and extent to which the market value has been less than cost; adverse conditions specifically related to the industry, geographic area or financial condition of the issuer or underlying collateral of a security; payment structure of the security; changes to the rating of the security by a rating agency; the volatility of the fair value changes; and the Firm’s intent and ability to hold the security until recovery.
For AFS debt securities, the Firm recognizes OTTI losses in earnings if the Firm has the intent to sell the debt security, or if it is more likely than not that the Firm will be required to sell the debt security before recovery of its amortized cost basis.
In these circumstances the impairment loss is equal to the full difference between the amortized cost basis and the fair value of the securities.
For debt securities in an unrealized loss position, including AFS securities the Firm has the intent and ability to hold, the expected cash flows to be received from the securities are evaluated to determine if a credit loss exists.
In the event of a credit loss, only the amount of impairment associated with the credit loss is recognized in income.
Amounts relating to factors other than credit losses are recorded in OCI.
The Firm’s cash flow evaluations take into account the factors noted above and expectations of relevant market and economic data as of the end of the reporting period.
For securities issued in a securitization, the Firm estimates cash flows considering underlying loan-level data and structural features of the securitization, such as subordination, excess spread, overcollateralization or other forms of credit enhancement, and compares the losses projected for the underlying collateral (“pool losses”) against the level of credit enhancement in the securitization structure to determine whether these features are sufficient to absorb the pool losses, or whether a credit loss exists.
The Firm also performs other analyses to support its cash flow projections, such as first-loss analyses or stress scenarios.
For equity securities, OTTI losses are recognized in earnings if the Firm intends to sell the security.
In other cases the Firm considers the relevant factors noted above, as well as the Firm’s intent and ability to retain its investment for a period of time sufficient to allow for any anticipated recovery in market value, and whether evidence exists to support a realizable value equal to or greater than the carrying value.
Any impairment loss on an equity security is equal to the full difference between the amortized cost basis and the fair value of the security.

Tables referenced above, in order (Table 0 first):
<table><tr><td>Rating equivalent</td><td>2012</td><td>2011</td></tr><tr><td>December 31,(in millions, except ratios)</td><td>Exposure net of all collateral</td><td>% of exposure net of all collateral</td><td>Exposure net of all collateral</td><td>% of exposure net of all collateral</td></tr><tr><td>AAA/Aaa to AA-/Aa3</td><td>$20,040</td><td>33%</td><td>$25,100</td><td>35%</td></tr><tr><td>A+/A1 to A-/A3</td><td>12,169</td><td>20</td><td>22,942</td><td>32</td></tr><tr><td>BBB+/Baa1 to BBB-/Baa3</td><td>18,197</td><td>29</td><td>9,595</td><td>14</td></tr><tr><td>BB+/Ba1 to B-/B3</td><td>9,636</td><td>16</td><td>10,545</td><td>15</td></tr><tr><td>CCC+/Caa1 and below</td><td>1,283</td><td>2</td><td>2,488</td><td>4</td></tr><tr><td>Total</td><td>$61,325</td><td>100%</td><td>$70,670</td><td>100%</td></tr></table>
<table><tr><td>As of or for the year ended December 31,</td><td colspan="3">EMEA</td><td colspan="3">Asia/Pacific</td><td colspan="3">Latin America/Caribbean</td></tr><tr><td>(in millions, except headcount and where otherwise noted)</td><td>2013</td><td>2012</td><td>2011</td><td>2013</td><td>2012</td><td>2011</td><td>2013</td><td>2012</td><td>2011</td></tr><tr><td>Revenue<sup>(a)</sup></td><td>$15,441</td><td>$10,398</td><td>$16,141</td><td>$6,138</td><td>$5,590</td><td>$5,971</td><td>$2,233</td><td>$2,327</td><td>$2,232</td></tr><tr><td>Countries of operation<sup>(b)</sup></td><td>33</td><td>33</td><td>33</td><td>17</td><td>17</td><td>16</td><td>9</td><td>9</td><td>9</td></tr><tr><td>New offices</td><td>—</td><td>—</td><td>1</td><td>—</td><td>2</td><td>2</td><td>—</td><td>—</td><td>4</td></tr><tr><td>Total headcount<sup>(c)</sup></td><td>15,560</td><td>15,485</td><td>16,185</td><td>21,699</td><td>20,509</td><td>20,212</td><td>1,495</td><td>1,435</td><td>1,380</td></tr><tr><td>Front-office headcount</td><td>6,285</td><td>5,805</td><td>5,937</td><td>4,353</td><td>4,166</td><td>4,263</td><td>655</td><td>591</td><td>524</td></tr><tr><td>Significant clients<sup>(d)</sup></td><td>1,071</td><td>1,008</td><td>950</td><td>498</td><td>509</td><td>496</td><td>177</td><td>162</td><td>138</td></tr><tr><td>Deposits (average)<sup>(e)</sup></td><td>$192,064</td><td>$169,693</td><td>$168,882</td><td>$56,440</td><td>$57,329</td><td>$57,684</td><td>$5,546</td><td>$4,823</td><td>$5,318</td></tr><tr><td>Loans (period-end)<sup>(f)</sup></td><td>45,571</td><td>40,760</td><td>36,637</td><td>26,560</td><td>30,287</td><td>31,119</td><td>29,214</td><td>30,322</td><td>25,141</td></tr><tr><td>Assets under management(in billions)</td><td>305</td><td>258</td><td>278</td><td>132</td><td>114</td><td>105</td><td>47</td><td>45</td><td>34</td></tr><tr><td>Client assets (in billions)</td><td>367</td><td>317</td><td>329</td><td>180</td><td>160</td><td>139</td><td>117</td><td>110</td><td>89</td></tr><tr><td>Assets under custody (in billions)</td><td>7,348</td><td>6,502</td><td>5,430</td><td>1,607</td><td>1,577</td><td>1,426</td><td>231</td><td>252</td><td>279</td></tr></table>
<table><tr><td>Year ended December 31,(in millions)</td><td>2013</td><td>2012</td><td>2011</td></tr><tr><td>Compensation expense</td><td>$30,810</td><td>$30,585</td><td>$29,037</td></tr><tr><td>Noncompensation expense:</td><td></td><td></td><td></td></tr><tr><td>Occupancy expense</td><td>3,693</td><td>3,925</td><td>3,895</td></tr><tr><td>Technology, communications and equipment expense</td><td>5,425</td><td>5,224</td><td>4,947</td></tr><tr><td>Professional and outside services</td><td>7,641</td><td>7,429</td><td>7,482</td></tr><tr><td>Marketing</td><td>2,500</td><td>2,577</td><td>3,143</td></tr><tr><td>Other expense<sup>(a)(b)</sup></td><td>19,761</td><td>14,032</td><td>13,559</td></tr><tr><td>Amortization of intangibles</td><td>637</td><td>957</td><td>848</td></tr><tr><td>Total noncompensation expense</td><td>39,657</td><td>34,144</td><td>33,874</td></tr><tr><td>Total noninterest expense</td><td>$70,467</td><td>$64,729</td><td>$62,911</td></tr></table>

Question: What is the sum of Total headcount of EMEA in 2012 and Amortization of intangibles in 2013? (in million)
Answer: 16122
Reasoning program: add(15485,637)