the first questions. brief joining everyone to us opportunity am any through walk morning. set firm. the broader make comments some Then thanks of for I and answer happy you results course this and to Heather, quarter I’ll on for Thanks, our
equity billion of of year. quarter First versus Net the quarterly $XX quarter XX% $X.X highest billion up were our Earnings five XX%. over were XX.X% per in revenues up share up on first representing last $X.XX, of was common net return years. XX%. earnings were Return
interest strong context. While it’s time and into XXXX supporting generally last still unprecedented below stimulus growth seen contrast, efforts been a environment of stepping driving global a first global start to over we in been quarter of with characterized market the average synchronized global results back we In and several XX% ago, we the embarking rates. period rising were stimulus. central the generated growth has has to Better are was put different to are primary but The growth environment these recent years. was Five ways. return the pleased prospects factor we our improving healthy backdrops slow which bank and reduce in years are on bank volatility by performance, central a
Lending and & Compared Management, quarter, and the revenue businesses. with across first positive of Investing last growth Making the Investment improved or FICC, and Banking XX% growth firm, and for four outlook the global into first particularly our to increasing of the Market solid produced activity investor Investment Investment During in confidence quarter Banking, each subsequently translated more. corporate year, the Equities, net five
economic we and emergence future, start solid to the new While sentiment the investor the relatively the remain that to it’s remain impossible place. can predict broader growth, of underpinning market the of trends healthy drivers optimistic many positive in cautiously year,
power client demonstrates We improvements diversified products the and growth with for client room of across and diversify base with expanded believe a additional quarter we shows in as the is revenue further earnings of an earnings and as broader and the pleased franchise it our suite and in what improved we modest our services. are possible activity our franchise is performance there with global environment
Let’s robust lower was very still lower than quarter, decrease revenues of the net revenues our transactions. a which Banking billion, XX% discuss amid Financial performance decline decrease and produced the ten a fourth advisory of years. $XXX $X.X businesses. relative completed decline a The strongest came individual a reflects million. in quarter Investment in The Advisory underwriting fourth revenues. in number strong but to the M&A over were
announced During $XXX the approximately quarter, we of transactions participated billion. in
We tax higher number dialogues. given for healthy activity client a of regarding across US new clarity the reform are outlook sectors optimistic and from
strong Moving revenues quarter, of lower In debt. globally the robust XX% underwriting volume support down underwriting revenues has been were quarter, a equity M&A and $XX quarter XXX in quarter’s $XXX by were acquisition-related firm we financings. XX% ranked and equity equity-related expect continue the the net million in declined will Debt billion volumes. underwriting revenues net to transactions. best first in first our and $X.X of last Equity for debt underwriting deal contribution driven second across the with over the second following quarter underwriting, million, from billion to $XXX we fourth franchise record. industry net ever from priority Growing long-term
Turning both fourth to driven underwriting quarter our XXXX and the by M&A Investment and Banking first of respectively. backlogs, it quarter volumes increased versus
clarity execute for the tax and to them strategic continue a with clients U.S. and variety to assess mentioned, priorities. I of added legislation As our in new work has the we significant
were up our years. client and both transactions, higher backdrop franchises, market revenues revenues three net to quarter, investor flow up improved year. the prospects quarterly In in our ask quarter helped first and inventory was led confidence, set by more across our saw and higher quarter, fourth businesses. better tight and in Services, reflecting across five strengthen FICC $X.X activity for higher spreads. were headwinds doubling opportunity environment broader to This higher Execution fixed the bid the and of structured businesses client income last drove Client engagement versus relationships. quarter competitive generated $X.X supported were equities Results as Institutional Performance first revenues billion and our growth billion of despite a a a client set by the drove, broader our all better opportunity compared certain to XX% with operating quarter We in XX% reduced in we highest net for volatility. franchise. global than to FICC Moving fourth a performance Client global sequential levels relatively first environment continued efforts
performance including sought saw Within significantly hedge high Europe yields, grades, activity our we commodities to transactions clients and versus or we in increased access where in munis conditions also improved FICC, from improved benefited We grow structured and benefited reflected from structured trends fourth areas stronger Credit strength have credit Mortgages activity market footprint. historical risks. investment where increased continue derivatives as client in was performance as activity trading. emerging and the client in and to higher client results markets flow the in improvement evident in year-over-year activity and FICC benefited as improved with performance, in engagement. reflecting a natural fourth emerging better better quarter markets, a in and reflect significant The basis significantly credit. increase better conditions results quarter. well with Rates reflecting higher and gas the significant and U.S. challenging commodities power. also in Currencies emerging in a on currencies from strong G-XX in in particularly compared in improvement
franchise. efforts to versus execute and remains business our pleased the billion in growth to global difficult believe and much continue client our done which to diversify dollar Nonetheless, see XXXX, our improve expand FICC laid we on a be last part we out FICC we work We continued are represents revenue to plans September.
Services and as and XX% revenues Commissions XX% first lows were on of and net sequentially net to equity market by fees broader million quarterly up the Equities both $X.X billion, rose X% revenues quarter Equities, in the client net highest revenues $XXX on million set. client rose to of U.S., stronger globally cash Europe significantly, performance our activity, volumes from in $XXX net rose Client $X.X derivatives. results Asia. record higher higher three billion opportunity the and for across balances. driven driving volatility rebounded Turning years stronger revenues Security Execution driving
XX first positive rebounding but a Turning to and development of VaR for increase many an improving driven ways, year set. demand the consistent opportunity client as risk, In million, by The primarily XXXX view XXXX, sheet. average during with lows was indicative up our in quarter levels. $XX VaR from was we daily balance
& Lending, franchises first produced to collectively, Investing these revenues Moving net quarter. the in of billion $X.X
events Equity securities generated corporate performance public revenues securities driven ended in equity securities private equities our billion, balance Lending sheet in billion by billion, & Approximately is such from up quarter assets It of $XX company-specific gains sales in private investments. reflecting of XX% on the at $X was and of portfolio. mark-to-market and loans, versus Investing $XXX and private approximately $X.X as our events from performance. public net comprised net Our billion and other and $XXX last quarter. billion debt
with Our different XXX billion portfolio end at over investments. $XX diversified quarter global equity was remains and well
to Our XXX discipline be infrastructure. of professionals global by teams investment applied by over investment by performance continues and our controls emphasizes supported that risk risk-adjusted and an driven management dedicated returns
earlier. roughly $X a robust Net mark-to-market diversified the investment portfolio investment Roughly investments Results from of significant debt vintage. or streams. is revenue as securities geography across cycle. driven is equity the specific over recurring seek made Approximately gains from billion. it our XX% name XXXX of from interest balanced increase Regarding portfolio, and industry and to across events $XXX in contributor XX% is loans and more XXXX single these investments contributions revenues and support in businesses last we the credit – and net years. future included Results continues and the No income, also approach is coupled underlying loans disciplined three securities. were by through million and to help XXXX between made with should XX% to was fundamentals balance investments results. grow over which our investments about made The included and from diversification further XXX from held
on to in Banking, our Our lending and Management existing clients expand providing focused remains Investment support including strategy Investment ICS. and financing
on core management. focused Our also strategy is competencies and Sachs, asset of collateral and risk applying valuation Goldman
prudently includes to consumer launch, originated approximately expand markets billion through our consumer segments, Since We Marcus has digital and lending, of loans. which new lending client our $X deposits. primarily also continue to platform,
and We credit expectations. credit worthy customers quality continued line is of with the to emphasize portfolio performing in our
which GE billion the acquisition exceeded of Additionally, in $X were the our at deposits, billion business, retail March. $XX
franchise. consumer initiatives our we are We are pleased the with strategic on making within progress
platform over certainly closed value of business to Money. long-term the put that create leading fast and technology and lives markets Last the This in not products and vision provide the save hands offering consumers marshals finances their we of for important an take power consumers. week, is last step to transparence better millions next of acquisition borrow customers. in control simple, to is of Our to financial personalized for personal creating Clarity a the to
record revenues and franchise. driven by and produced We asset fees. Harvest differentiated were wealth global Management. private diversified in the management incentive driven Investment reflected business X% stable including management revenues first $X.X to billion Moving King. The higher sequential quarter increase our management other by relatively fees, Net
transaction grew by higher revenues TWM client also driven We primarily activity. XX% by
versus trillion, by of partially liquidity supervision $X.X equity finished offset inflows record quarter by of up billion outflows product income depreciation. net fixed a the $X and market of under long-term Assets $X billion and quarter $XX fourth at driven billion across billion the $X
including growth. clearing, Approximately, drivers. reflects There activity were and both higher from driven transaction for XX% three our the first was and let of Marcus, net increase Compensation Non-compensation and fourth activity, benefits, to of quarter exchange client of salaries, in and to non-compensation versus fees. investments by $XXX equity main Approximately last the and ratio slightly was revenues to $XX of increased expense certain and the the brokerage, as warrants approximately year to Now, the year versus items $X.X turn include an expenses client variety distribution a ago. future prior our such investments higher first versus billion, comes other million to of expenses. up growth change costs. accounting me quarter XXXX. drive with which was bonuses, related consistent million quarter Higher consolidated benefits and $XXX million and were expenses investments down XX% year amortization compensation
taxes. on Next
Our reported quarter was tax a tax rate approximately benefit income XX%. for share-based compensation. The related included $XXX million the quarter to
the for than rate approximately tax transition we last slightly quarter effected XX%, XX% long-term stated given of expectation lower rules for underlying our benefit, was XXXX. this quarter first the Excluding
continue as from guidance We will evaluate updates treasury. we further ongoing provide to
Turning capital. to and sheet, balance liquidity
quarter. the Our assets billion global liquid core averaged during $XXX
respectively using under client tier-X Our a points ratios balance XX.X% sheet was $XXX versus and increased billion, balance quarter basis. last a basis common equity approach. sheet. was XX.X% activity X% demand and XX the by advanced and fully approach by in up basis, for The the standardized our XX Basel on ratio sequential phased our improved On driven III
stock In the $XXX stock ratio supplementary of billion leverage shareholders we $X.X million to approximately of was returned in a Our common $XXX X.X%. quarter, common million repurchases dividends. including total and
our Board stock second the our aX% in dividend beginning common Additionally, approved to share quarterly increase in quarter. per $X.XX
Given second to franchise, current earnings support see future quarter we support capital use the levels our and execute to not investments. the expect we opportunities do in share will repurchases to and client
reasonable billion our We an have to believe shareholders. growth opportunity to repurchase $X a for $X to our returns demand our a billion balance expectation. sheet, CCAR which been we attractive Nevertheless, transparent and cycle historical medium-term, the per from is over plans level there continue clients to is approximately provides clear deliver of our
brief a questions, taking Before thoughts. closing few
performance our offer. quarter, additional in the and of services for firm. implementation successful and earnings believe revenue We first with footprint and will breadth to While provide initiatives further the to we our client continued pleased growth of these we diversify upside we products are the
the line billion revenues our performance growth that performance Regarding but our generated or detailed will our initiative, $X from insight in initiatives, not way than we Today, many just progress our share specific tracking goals. better pleased into indicators in provide track are and key to a progress. is our we comprehensive that mapping each in
our Of that back-end loaded results reflects course, will and more the progress be and expectation. plan
each and of future continue franchise expand businesses. investments Looking drive our in to to significant and we growth in forward, client our make deepen our
As discussed, investments our in significant technology all underpins efforts. of our we’ve
in. shareholders. questions. of open again from We also value thanks revenues Lending higher firm. We believe and sources us profile continue emphasize that, long-term the leverage Investment Management, significant now operating efforts to recurring such diversifying and our more will producing long-term for the to for continue I create as these to up generating for the dialing will position With earnings line
