through on the clients where that our can new tenure and with you, take work Division shareholders, you, and to a serve also enjoyed really role. role structure and in of I’ve leadership now I’ll will firm’s course, I’m And incredibly our the Thank spending excited I’d year-to-date of I in questions. the as further share we answer my our to each opportunity results, be happy community look and during walk the to And automation. forward cover of then third I market Stephen. quarter our to new all any want businesses. in our analysts time leadership to my CFO. you with investor Securities innovation
and were were equity tangible Return per Third $X.X revenues quarter was on was $X.XX. common net XX.X%. return Earnings Net $X.X common billion. were billion. earnings on XX.X%, equity share
was net the equity delivered We was year. first or earnings operating tangible pre-tax XX% and and of billion; $X.X grew XX%. revenues of results. by record on versus nine earnings firm-wide was Turning years; to growing points, billion, net revenues positive in earnings year-to-date equity a year-to-date and respectively, eight common for of months. billion, $X.X diluted We share $XX.XX highest XX.X%, return had on the $XX.X basis by last return Year-to-date, XX.X%, leverage, XXX up XXX we by and common per
and continue our year-to-date demonstrates or a the Our an to XX% accounting for year-to-date revenue our double-digit across and of relationships $X.X at solid expand growth four business by a Services of our XX% grew as all billion, we in client our FICC in existing revenue the where Equities pace. revenues work XX% increase segments reflects franchise. firm rebound to deepen Institutional grew progress Client That improvement. We XX%
to businesses, positive economic saw we trends healthy including confidence; particularly levels quieter of growth, and in volatility several activity trade policy equity client open and third in saw U.S.; the seasonal amid activity quarter, macro our emerging seek we market During the market in clients strong continued, September services. decline valuations; financing continued markets; Despite while the rising client stable improvement market-making certain in credit CEO our global spreads. uncertainty, as
client healthy sentiment. predict optimistic economic growth given the remain active impossible it’s dialogues, investor and we While to cautiously future, resilient
second individual to performance for quarter, review down XX% revenues year revenues solid Let’s million, XX% X% $X quarter. second volumes. equity rebound were relative a Financial produced versus the versus the ago, third M&A quarter, in but driven Investment up a up of billion, $XXX Advisory business by Banking underwriting. reflecting net the
XX billion participated across we more quarter, than the totalling transactions over in announced $XXX deals. During
across volumes care, broad strategic activity continued TMT, natural of resources base including a well a Healthy to dialogues ago. year. outpace transactions. announced as from has engagement this increasing the as Americas Europe XX% improved health and continue across sectors, versus on the Our year notably industry, Client and sponsor-related
announced on $X For advising XXX ranked over billion in first $XXX M&A, competitor. over of volumes across the transactions, the number lead year-to-date, we trillion with a two
Moving Underwriting. to
Asia. in lower were a down million IPO quarter versus volumes but $X.X quarter Third accelerated, net net year sequentially Equity year versus strong volumes by of doubled activity $XXX but as seasonally underwriting more on XX% ago. follow-on supported up lower than amid decreased a revenues the XX% activity revenues second versus ago XX% billion,
volume For billion one deal and the over underwriting with year-to-date, we ranked in across XXX equity globally number $XX transactions. equity-related of
$XXX revenues from in ranked number also We were lower amid million, net global down Debt one XX% last volumes. IPOs. industry quarter underwriting
However, investment our client performance was finance our our record, year-to-date multiyear strong in engagement and reflecting business. a acquisition
versus backlog and second quarter, decreased Our Investment but M&A at a underwriting. robust by record levels completions Banking driven remains
a Clarity all as M&A valuations, solid sponsor a remains equity backdrop, supportive are significant still healthy backlog Our market economic private strategic U.S. year up across well significantly for corporate’s interest desire ago. as from activity. from supporting reform, tax sectors
down last low Client but Client roughly Execution revenues XX% quarter by primarily FICC client Services; third $X.X levels and sequentially net volatility XX% driven billion, revenues net $X.X a than sequentially of XX% and lower year to Institutional were were Moving billion, versus down flat year. ago, activity.
execute deepen to relationships. to our continue client efforts our we and on Importantly, broaden
execution, analysis entire in in investments content, formats. significant experience. making capabilities cover to are also efforts and and modern data client provide platforms We digital our the These
side, strong we generate growth. execution the On to continue
FX electronic both our in users XX% to over In better and are electronic the We clients. next to process with and continue are corporate FX credit, of the fourth we now launching offering. have over Marquee quarter year-over-year. have serve our volumes the X,XXX up Our also on generation bond success single-dealer platform corporate in institutions active
up significant GS us one million, Within to that platforms. largest corporate bonds, by Our credit in flow. now U.S. number to bond ranks allowing algorithm currently portion our a of algorithm the electronically electronic trades mandate, gain efficiency U.S. investment-grade volumes two XX,XXX $X investment-grade on the execution covers executing investment-grade serving
headwinds higher also declined government volatility gas opportunity Turning activity year-over-year third by GXX and Europe. significantly set. low FICC Credit Offsetting amid performance challenged activity products, increased the markets, a ago, more rates in performance a power. and these declined driven in emerging of to sluggish amid smaller a across lack improvements, natural business the particularly and activity performance. inflation lower by Currencies year in year across products in ago increased and and individual both Commodities versus versus better and quarter. helped the
versus and volumes declined mortgages CMBS. Lastly, on last performance lower primarily year, in
revenues and fees continue $XXX we Nonetheless, expand $XXX year, of offset $X.X strength and was average as gains flat were derivatives XX% better invest market up down strength revenues Performance million revenues quarter roughly were in Turning share flat business. Securities third versus sequentially execution market X% a performance, and down $XXX a Commissions year million U.S. Equities balances X% higher electronic sequentially sequentially businesses, versus regions. cash flat were versus versus billion, lower million last average ago to year-over-year ago. our but volatility. sequentially but services trading. in the revenues client rose all volumes with XX% and higher to ago. up and to year in to our net of on footprint and Equities, meaningful continue were net net on-exchange program for we low-touch higher the reflecting X% client see equity partially of supported from our roughly growth year by in by a volumes
investments, estate. by & Investing investments corporate reflecting performance. a net performance collectively, XX% securities net generated from XX% billion reflected of to improved private real in third of quarter. securities gains public from businesses $X.X in Asia. billion equities of lower driven activities Lending, net year-to-date $X.X from on and net On corporate $X.X our I&L roughly Moving basis, Mark-to-market these revenues, Equity revenues revenues the produced generated billion, primarily
equity remains consists X,XXX diversified and industry across portfolio Our and investment across and global of private and balanced vintage. different geography investments public over
made the were or $XXX We XXXX The portfolio to in XXXX in to to XX% debt from the investments included investments to made future in XX% approximately net long-term XXXX generally pace. years. reinvest drive performance, split, with last four interest with XX% billion and continue with XX% loans securities from made closer which income, is remaining between to a revenues Net Results of equivalent are the $X.X of million and harvesting. earlier, million. annual $XXX
continues base. income primarily included our losses of this interest to growth. quarter recurring loan net streams related a provision $XXX revenue lend and grow Results as client Our loan to for also we more increase broad to more million,
loans, other Our I&L in included billion billion assets investments. $XX and securities approximately equity debt $XXX assets in and
of hold balance addition, $XX we on the consolidated another In real investments billion sheet. estate
Let customers We business. products single-product than me management savings our Since personal consumer app, across also through markets more nearly were launch have accounts. fourth our entering Markets than we late has raised today UK retail deposit platform to Clarity serves a online give Friday, you $X multiproduct financial a Money. on a to XX,XXX two million our evolved UK and update of more from last our billion pleased launch deposits month, through market. business and and lending last the quick
end to and loans business, our billion our continue sheet of deposits retail we $X at on U.S. loans of as quarter held our quarter our personal addition, diversify we funding. sources at over In $XX expand billion to end. markets In balance grew
We and remain aware continue quality in the monitor credit to very of we closely credit cycle. where are
pace to and pay continue the will governed overall be loan Our to by our environment. consumers’ growth of assessment ability macro of
we business We for the volume chasing long are building run, targets. not and are this
continue carefully. will grow to We deliberately and
asset down year. fees Investment to fees other businesses. billion, X% and up billion $X.X up incentive Management, quarter, X% higher versus versus X% on driven last in by of significantly down lower by up were growth up net ago Next, in management sequentially, turning third a revenues Net fees. and we a incentive Transaction and fees second our but Management ago. sequentially revenues year posted and were continued $XXX were year revenues the wealth private XX% driven X% million, and and other $X.X management versus X% quarter versus the
quarter second the Results particular major inflows with equities finished trillion, $XX quarter in record included in strength $XX quarter. of inflows the billion with supervision up the long-term across under net all a billion Assets $X.XX at versus in solutions. quantitative categories,
saw and products addition, In of liquidity $XX into of billion $X inflows appreciation. billion we net market
years, inflows Over net total cumulative five of $XXX the trailing attracted billion. long-term we approximately organic
turn let’s Now expenses. to
and monitor to across performance and building from our and expenses We investment the including client items activity and grow best last billion of investments benefits year platforms months million growth and continued be base emphasis awards compensation-to-net emphasize equity on consolidated growth, Non-compensation and to carefully. a for related our the paying for attract fees. of Roughly to XX% brokerage, strong year-to-date or technology; to support the year, $XXX manage salaries, investments We clients nine billion, versus ratio approximately $X.X the XX%, were firm such continue and up technology, million to for clearing while higher reduced talent and exchange include approximately spending first expense our We year-to-date ago. $X.X from and markets, expenses our profitability. year benefits. basis retain of to and reflecting our versus as bonuses, increase down Compensation XX% to revenues year our from amortization future. expense prior last points year-to-date and other XXX the revenue $XXX infrastructure
We also and $XXX of increase year-to-date expense. was our increase XX%. million to tax accounting saw $XXX related the taxes, roughly in On expense million rate standard litigation new a
on be from overall first mix a is to consistent earnings and of and Legislation. of months. guidance materially XXXX rate the nine implementation can Treasury number our This vary rate our expect Tax of and full including on year level We tax with updated factors, the based
years for Treasury final expected once provide updates As our guidance have we quarter. we tax will said this rate future from on previously, we
capital, billion averaged our liquidity and $XXX sheet, during second quarter. assets unchanged quarter, balance core the liquid global roughly to from Turning
this sheet We continue meet to we to balance expect client to as needs. decline our redeploy
the Our second balance sheet was $XXX billion, versus roughly flat quarter.
common was ratio the XX.X% equity one under Basel approach. XX.X% approach the Advanced Our and III Tier Standardized using
improved, on a basis common The of by respectively, basis an increase sequential improvement shareholders’ reduced Our points, driven and ratios XX reductions. points was ratio credit basis RWAs. by on Overall, further XX and equity primarily basis. improved advanced the RWA market XX in points
billion past On tax leverage effect. CCAR reform we supplementary authorization And share the repurchase three over the return, X%, quarter with stock basis XXXX in cycle. before basis up built dividends ratio in line for million and XX we $XXX $X Our the CETX points capital the quarter. paid common back $X.XX ratio ratio our in bought have with line second versus now in quarters, billion our by our Standardized XXX took back points, was
clients capital serve strong both a growth. to have We and for invest position
thoughts. few Before closing a taking questions,
the pleased first future self-funded with XXXX, organic growth. in months include which are our for our nine investments performance We of
the Our here. solid businesses, in increase continue demonstrates double-digit to work from and our client capabilities revenue hard further we grow year-to-date each to of
committed display as are remain also of ROTE up which our revenues was as XX.X%. operating driving We earnings to leverage grow, on positive clearly XX%, year-to-date pretax driving
our addition, to that, competitive questions. shareholders. the dialing and With for up returns deliver you attractive strong open for in, execution again us positions thank now enable long-term continued and In line for we’ll
