and you happy morning. joining course cover thanks am to of I then first through results each to and half will walk questions. answer Heather for us our of and second quarter and businesses our Thanks, this everyone I any
$X.XX. were $X.X common earnings revenues on share Earnings was XX.X% and equity $X.X return billion. billion. per Return net were was on Net quarter tangible XX.X%. were common Second equity
firm-wide of per was of first had pre-tax made equity XX.X%. support operating were $XX.XX. billion return on we results, XX% earnings We XX.X% revenues positive achieved net up year-to-date half half billion XXXX, billion, earnings future to first at our and by revenues while the leverage of in net to equity ROTE growth. $X.X years. $XX.X We earnings revenues return and or half and common Turning of drove performance on versus diluted meaningful first tangible XX%. investments our share grew Year-to-date of XX%, was common those Stronger roughly first results same time businesses half X the best across $X.X
versus as first client firms grew growth Institutional rebound FICC, first pace broad-based capabilities. strengthened where in resulted we business increased market-making from services Our revenue the all a momentum half XXXX. double-digit to the client four and of franchise our segments at grow reflecting our of half XX%, our across XX% continue a
of engagement quarter, asset positive supporting emerged rising Europe, and QE with in variety U.S. our corporate activity, with second classes. solid backdrop trends and and macro saw markets on investor client the a we During of visibility rates better across across businesses trends
and to constructive and clients our backdrop as Despite quarter, a continue U.S. weaker economic higher the clients and U.S. prices the responded spreads. advice our market-making our investment services. currencies, EM persistence remains high-yield risks, to stronger seek This divergence dollar, oil grade a geopolitical and between of
can and that the market optimistic While we new future, remain the positive to of place. drivers trends it’s year, the the of economic many solid broader underpinning growth, to the in sentiment impossible start cautiously healthy predict remain emergence investor
robust to higher than XX% million, advisory first growth second revenues revenues in relative stable of driven individual and by $XXX strong Financial M&A $X advisory the produced Banking first Investment up for review XX% quarter. were the continued underwriting. Let’s business reflecting billion, performance quarter net quarter and performance volumes. completed in the higher
quarter, media pipeline. billion decade. a Announced highest Americas across activity in quarterly of XXX and sectors, strengthened our $XXX transactions our including all resources across During strong notably the broad deal natural Client and count participated totaling deals, announced Europe. a the healthcare Year-to-date, volumes we globally. increased in over remained base across engagement healthy tech telecom,
For in we volumes. year-to-date, the first M&A announced ranked
Results equity XX% billion versus to underwriting. $X.X years offerings quarter. level X% our debt and Moving industry. to our highest outpaced as the as Equity on revenues strength volume in the first growth lower in underwriting underwriting, net $XXX of offset the in highest third were net X revenues up were second the record increased quarter million
year-to-date, globally quarter. equity For number more and of A underwriting, second over supported during related volume $XX one healthy with of the in ranked billion than transactions. volumes mix our equity we equity underwriting the across XXX deal activity
deals Xiaomi’s notable period increased the underwriting industry all drove our Debt technology quarter. follow-on $X.X convertible ago volumes despite last in across IPO performance, down billion in IPO double-digits XXXX. which decline over and such grew net were overall XX% versus Strength an by year revenues X% as since from Our volumes including largest robust regions volumes. $XXX Asia, and was the million,
Debt client the contributions globally loans significant number from ranked high performance business. top and in included and half yield. underwriting institutional record this Year-to-date, reflecting multiyear a quarter strong leveraged our activity. engagement X investment performance one acquisition-related was we in in First
backdrop, are a significantly all accessible valuations, in activity. supporting of tax backlog a sectors certain quarter supportive Investment from the versus M&A record reach economic Our the level to and virtuous and equity cycle M&A financing increased driven resilient by U.S. first Clarity generally Banking reforms, underwriting.
net revenues $X.X XX% quarter first were last versus down year. XX% Moving the the in to Client up Institutional Services, quarter, but quarter, to second billion the compared second
Execution net a quarter, first the down than overall XX% revenues Client versus client FICC remained backdrop quarter were engagement in of quarter, quarter, While XX% the remained and $X.X market-making declined from higher our billion performance for the solid franchises. second healthy XXXX. constructive first second the
more reflected The the relationships. operating year. improvement last both quarter higher environment and our we second our of than broaden client efforts your and was constructive headwinds Our faced client and inventory activity to deepen
significantly had first across particularly drove client this better sequential many our reflecting in were FICC, government bond Within our we the macro first offset versus gas. declined major notable lower outlooks the Nevertheless, Commodities currencies more quarter healthy performance versus significantly performance quarter, than and where in in emerging This in performance as Credit XXXX, first as solid inventory economic lower spreads, markets quarter in offset the decreased flows of sequentially. is sequentially Europe businesses. businesses, versus markets. performance solid challenges. Europe in G-XX. in natural versus weaker offset credit. the amid lower Rates the however partially Mortgages, revenues performance of were by was also Commodities U.S. as clients relatively was declined activity. which by bank modestly increased included structured significantly quarter partially quarter central wider performance flat in diverging second responded stronger lower to particularly
our Equities, net net declined. the $X.X $XXX highest strong Execution from down were years. the which first in was revenues to volatility market quarter quarter, Client as Equities the second for first revenues quarterly performance equity of X Turning and million billion, declined quarter volumes XX% versus
the by quarter the in opportunity significantly second and declined business derivatives volatility reduced driven limited more set. Our
net Over derivatives X% Client Equities with volumes roughly of fees contributing the and half Execution cash a of Commissions each past $XXX modestly across lower X years, franchise and million we revenues. market regions. on have revenues balanced had declined
quarter-on-quarter. every to in volume pursue in Security region. We market quarter revenues $XXX low consolidation, net share continue we where opportunities share market million of this essentially gained for flat particularly touch were execution, Services
our & to driven collectively, public revenues by private net XX% securities. Lending, Approximately, as billion the our performance. company-specific of billion portfolio private sales and Equity second $X.X on net $X.X gains reflecting were revenues generated events net and equities quarter. such revenues events mark-to-market of activities Moving Investing from in produced these from securities corporate of in
the During $X.X equities and estate. provider, real I&L year-to-date corporate generated Hearthside included food manufacturer, On from markets XX% net a from revenues, basis, Ipreo. XX% sales businesses of and billion notable our Food data investments quarter, capital roughly contract
remains equity different with public and over diversified private global well Our portfolio investments. X,XXX
continues were the the the closely only to geography and in expertise achieved of X.X in extensive net returns. years, remaining businesses. XX% we Results by last across performance to made million their loans diversified earlier. of interest grow over million. driven risk-adjusted that applying We By emphasizes investment Net investments across portfolio equivalent included or XX% working annual companies $XXX by and remains operational to discipline equity XXXX pace. balanced debt billion the the income and $X.X industry, X% be securities portfolio Our XXXX portfolio an to with vintage, XXXX The revenues from $XXX and investment this in vintage. between
provision Results recurring more increased broad we as lends for grow of to to base. million. streams continues $XXX income included more loan client our interest net losses Our revenue and also
billion assets securities in debt Our and in billion I&L assets loans, approximately included other and investments. equity $XX $XXX
Let and app, savings acquired Money. have me update our a financial recently moment the personal loans, Today, products give Clarity spend we an three on Marcus. markets, you U.S. and consumer personal management in
We the UK will launch market deposit our fourth product later entering this year.
we XX. originated $X.X on consumer of billion $X since sheet have June launch loans and of over our loans held billion balance We of as
more as our customers. expand retail to than our businesses, billion funding. our diversify grew to deposits Across addition, continue million serves and now $XX In over we Marcus X.X
consumer in We lending and We a in returns. pricing to ability prudent process We which continued our pay. to lend our business a define to be credit cuts demonstrated ensure attractive creditworthy to multiple the conservative underwriting only using we sandbox adjusted in operate. hard narrow of to risk customers with risk underwriting employ
use to vetted management our have risk by addition been which In scoring FICO, carefully proprietary central process. we models
sheet, markets over remained and we relative fee the recent credit cycle. the in improves. over the our will of The has responsibility majority seriously even the portfolio experience loans systematically. time a size portfolio FICO of small credit and to the migration our While however firm’s remains overall vast approach naturally band or same portfolio risk management And season the balance
portfolio. XXX low XX, and testing in represents of our XXX loans with than XXX in less scores As as deliberate FICO reflects measured to X% range of migration refreshed of double-digit June the percent a which the below originations. the This
build and average a added to Importantly, long-term and annual opportunity the to approximately on our loss the consumer exceed expectations score about to excited value X% our continues XXX franchise. basis. accretive remain significant We remain FICO X% of an portfolio
opportunities We to and predicated wealth consumer address ability continued to evaluate of on management, shareholders. competencies attractive core the Goldman apply criteria and to to our deliver product needs others launch cards returns credit including our new with Sachs
triggered and Net businesses. fees revenues of incentive and management Investment of second from X% record declined quarter harvesting realizations and funds. by of were by stable client net and including other both higher produced incentive XX% billion, Transaction fee driven $X.X Management, sequentially PWM lower fees PWM $XXX vintage we to by primarily in revenues strong contributions $X.X secondary Moving management solid up including billion asset revenues the million one significantly activity. our driven our
under spread long-term net $X billion the of quarter driven of classes, trillion, Assets $X.X up market billion by inflows, the supervision a at record our liquidity by first product $XX quarter of offset billion billion versus $X $XX finished inflows, across asset net depreciation.
continued growth other year expense investments and our our We year infrastructure investments investing to and to technology. an to points of growth XX% of last year-to-date versus first and versus down performance consolidated clients from retain revenue benefits. salaries, monitor million quarter increase and and items including first bonuses, Now XX%, of prior revenues future. Roughly ago. Compensation we for a the support while half including firm Non-compensation base basis our from $X.X attract strong in approximately last year, for versus to markets the build up our the expense overall includes to and and equity expenses the and our year-to-date up technology with X% to such expense ratio talent let compensation net as were to emphasis best $XXX reflecting our on on growth expenses, year billion, turn profitability. and benefits emphasis drive half spending manage the me reduced amortization paying was the and to to awards XXX through good grow scale
activity client remainder reflected and Another million to litigation standard. fees. and to exchange related approximately higher $XX million $XXX The related the million from roughly clearing new accounting comes brokerage, in includes $XX
consistent ahead, with look non-compensation for year half. expenses As we materially to the the second of half first currently be we expect the
to through platform there to migration To pleased our we XXXX ratios On rate measures efficiency monitor taxes, half reported As a natural these non-compensation is overhead first a and first such tax are XX%. year-to-date expenses as the compensation cost of disciplined continue holistically or see half measures was build from scale businesses, our we approximately over XXXX. to approach, improve in in we ensure time. versus
This full tax treasury our factors, mix vary year earnings of from based be rate including to expect and of guidance legislation. XXXX rate a is We number and our tax implementation overall on approximately can and of XX%. the on level updated
updates once have final treasury. We we on from future will tax provide rate our guidance
sheet billion needs. sheet core during assets Turning our our and expect $XXX global as to liquidity capital, to which redeploy to decline client balance meet the liquid we quarter, averaged balance we
was flat last versus quarter. sheet billion roughly balance Our $XXX
Our XX.X% advanced Basel was under the and common standardized ratio approach equity XX.X% X Tier the using X approach.
in common XX points and respectively ratios sequential by driven increases primarily basis a on basis Our by equity. XX basis improved points
paid versus the a invest of X% quarter. to Last out the April $X.X plan The buybacks of million to $X.XX $X.X of share common and in quarter $X quarter. Federal franchise. for capital to our will within the repurchase share. increase level our per reform billion our On of we of client in in share $X we and stock cycle, our billion position this post-tax dividends. reflects was range remains Reserve leverage laid plan dividends, and not growth points did return, repurchase CCAR supplementary billion first Our repurchases the XXXX including the X.X%, expectations plan we resume capital this capital which basis XX billion it The included return desire announced $XXX object up month, ratio our
buffer, we extrapolate is imply points Reserve’s requirements, against a is several years much firm’s Federal results reading which recent stress caution process, capital the that of important On tendency percentage have estimate we would point. CCAR while to buffer SCB to a formalization into stress a to the roughly stress it’s concept. natural X recognize to a for the managed this capital data The proposal too capital capital single stressed
and ratio be Over our and X will letter to adapt how once CETX change know other do averaged X the submitted years, this requirement new X comment final requirements Federal the and capital calculated. past trough rule a yet to many We know accordingly. we comply roughly points. We precisely peak changes not the Reserve like percentage we will
XXXX, in execution with revenue a first our billion few on initiatives. the we our questions Before are thoughts, taking closing growth $X pleased our performance of half including
continue So, of in we these Across not businesses. of are the limit ahead initiatives our ambition. running each plan our are each initiatives, progress make and our X of of to revenue
For hiring XX our and efforts example, more the enhancing coverage. expanding To-date, completed we transactions backlog the have for are new in notable than clients. to and and investment we these from continue bankers targeted grow banking, client
from lending and financing institutional our to our investment center service Clients expanding are assets. long-term to driving making growing deploy depositors, fixed offering also we clients continuing mandates continue business. corporate and capital advisory In clients enhancing management, banking a we share have over volume points including In our client our shares success where generated XXX our and of to prudently performance do. across by and client versus lending low basis ICS, finally, globally directly progress our We inflows of expansion, we seen gather joint be our borrowers ventures. to initiatives, we year-to-date with variety continue expanded clients third-parties, feedback on Marcus and touch the supported to market of of In solid base And from improved. customer equities, in XXXX. PWM everything have our market we indications growing positive with are remain and clients, fee-based investment and lending
from when deliver in of that, the for revenue we to up further will by firm’s breadth XX% us growth and growth open In and from client We we client again these earnings the the year-to-date our successfully global ability are in our footprint investing By our a of strength earnings to diversify long-term and attractive position our profile. we roughly will ability continue enhance drive sustainable conclusion, to franchise of to are make plans we to initiatives, offer. services and investments expand implementing benefit expect about drive think durability products we value, thanks With our long-term returns for line in now dialing returns increased and to the for encouraged and confidence giving shareholders. questions. and
