Thanks, David.
and in on the the earnings billion quarter in of earnings the net $XX.X year billion Let of reported full presentation. year. X and fourth the overview an $X.X quarter, $X.X in The of quarter for me full for results our Page begin share the firm revenues $XX.XX We $XX.X $X.XX had resulting billion, financial of net with year. in resulting the full billion per for of
a I to results, the begin few our to want Before discussion adjustments financials. I detailed of cover our
results now with net provision. to present before competitive set, more consistent our we our transparency revenues increase our and First, make credit
statement, been has This income comparison. added no but reclassified a current have presentation. periods will a to give bottom line line results, credit the clear on conform the provision our prior and to have impact basis to We for
and the no result on does has consultants This This staff professional line reported but reported now line, compensation headcount had reduced transferred by year. and bottom benefits to expenses million being in approximately change between $XXX related fees. expenses in X,XXX. for Second, previously the items impact in also temporary the also are full
to X addition of in In presentation I changes out statements, our the would the financial the items. call following
million. provisions net for quarter of matters included regulatory First, litigation results our and fourth $XXX
regulatory the and litigation for matters elevated provisions in our total XXXX expense year. million. for Our $XXX obviously amounted operating This line to
true-up XX%. benefit including This information, XXXX normalizing million reflects our equates in prior The XXX approximately This operating equity tax from to by an return legislation. This true-up was materially the XX% common $X.X rate discrete percentage the includes our of in a estimate the These XXXX's projected taxes improvement $XXX impact tax year. basis X the benefit and that XX% subsequent It decrease important million performance from Treasury. XX% benefit to or items, points equity-based despite XXXX. updated of in our expenses. rate approximately on of for our higher of of tax a in compensation, to rate billion pretax after includes increase from related Second, The also points for normalized was X our rate impact litigation equity-based issued the for year-over-year. to account guidance tax the XX%. rate earnings for compensation increased $XXX approximately is highlight of
me results let the Now to overall. turn
mentioned, David be environment As to turned the mixed. in XXXX out
The quarter performance higher witnessed to across first credit increased evolving levels continued virtually clients volatility, of our global markets investing on and client forward. and drive concentrated equity demonstrated and in classes. our X The all engagement despite uncertainty. this asset strength business we negative backdrop, geopolitical Against fourth market serving quarters
from and diversified is performance our client Our revenue demonstrates overall our value XXXX strength business in in businesses This of of the the balanced our contribution model reflected franchise. the across sources of XX% XXXX Further, of the the ago. on years recurring XX% fee-based generated were Page presentation. on as by net more revenues X just pie versus shown X or chart
revenues Turning Advisory difficult $X announced pickup market quarter We reflecting Page significant X% and producing $X.X offset in transactions We third helped Investment globally. the quarter, completions a quarter, our in underwriting and in up Banking volumes global XX% revenues a outstanding up transactions. of for XXX the M&A growth in third near-record issuance were In during XXXX, full the the backdrop of X billion, both advised fourth the that and approximately business revenues to slowed to #X year. segments. the individual trillion on the had fourth quarter billion, nearly deal an produced results. the decline performance in year, completed volume. relative as closed completed $X.X ranked versus M&A net M&A representing as
nearly We which our below $X.X also $XXX $X reflecting from participated included transactions in billion announced over transactions value, totaling in deal trillion, in billion progress broadening client coverage.
issuer volatility, Moving on prices spreads to quarter and million. $XXX declining to Underwriting. equity revenues Market wider credit were as net sequentially fourth sentiment XX% down the weighed in
year, Underwriting. up increases Banking both full on from net $X.X billion, the and were in For XXXX revenues X% Financial Advisory Investment
our and #X in globally. #X reflecting multiyear commitment XXXX, position addition debt underwriting leading underwriting grade, For build high held franchise. position, equity our the in advisory to We to we were yield in in our investment #X
performance our and continues investment well remains very Our ongoing on focus and to Investment capabilities. reflects talent client positioned building grow. continued and long-term franchise relationships overall our Banking in The strong
an quarter. meaningfully higher We decline versus XXXX a with of This revenue the robust backlog comes are we than despite Investment where finished XXXX, ending production increase Banking XXXX. notwithstanding last
and the to Client billion X% Institutional That's the despite a revenues were to backdrop, higher particularly on Turning X. volatility last market Services Page up of in quarter FICC. year. fourth Net in quarter, fourth compared $X.X difficult
businesses, as execution extent, $XX.X compared with position while particularly rates. and, in of having particular in revenues, commodities. distressed up challenging reflected consistent $XXX to notably X/X healthier better businesses XXXX driven one of certain environment conditions, remaining rates performance. material roughly market would credit Lower Credit and were call last year, share FICC exacerbated for fourth full generated challenges. net in The widened. execution decline. net versus year's ICS in wallet For out and down levels Results spreads deteriorating were by lesser liquidity were revenues volumes, there improved in the other the the XXXX, billion of a the in note impacted by also to XX% of quarter, year-over-year results a effect. accounted client further lower to amid credit FICC that as million in no XX% high-yield our was the decrease a I relatively
business environment, challenging quarter While due in overall XXXX. to the fourth was the improved the market
For the $X.X full growth. revenues year, were FICC XX% net billion, year-over-year representing
Importantly, we FICC strategic continue seek initiatives. to performance improvement in through our
per First, institutional since our points client by base coalition. we our wallet basis successfully with XX increased share XXXX
relationships provided our and benefit and rankings client to share. this minimal drive Nevertheless, a top However, footprint higher so backdrop. the continue our deepen and to given product market line far broaden we market
Second, our better to relationships Banking Investment corporate we clients. best-in-class remained serve focused on leveraging
beginning important turn on to efforts client yield exchange. results yield to as a results, is but and to we Our better are our foreign are relying This in looking not market are commodities expand footprint.
continued Lastly, on further platforms and better will our expenses processes electronification. in capital. allow and focused to and of streamline serve investments enhancements clients engineering we remained us and The
enable a and pace, to Our in deliver revenues last our we business faster corporate solutions see, clients. our year. more new platforms innovate us our and businesses up To than demonstrate to FICC XX% the differentiated were client-centric institutional at scale electronic momentum
balances. Commissions to in client uptick where Security share. X% fees activity, reflecting services up a to revenues were up following one. story the continue XX% were Equities the is and XXXX, particularly touch fourth higher, in customer better Moving were execution relates of year-over-year. in Equities, net quarter, Net fourth we decreased quarter it X. increased client the a market to significantly up In net as lower performance to low challenged revenues $X.X gain significant cash. attributable better Page average versus billion, volatility, revenues slightly, with
XX% billion, year-over-year. net For XXXX, produced revenues of Equities up $X.X
ongoing industry and continued increase benefit During to from efforts to we the client consolidation connectivity. year,
of growth volumes equity share over XXX increased Our included points multiyear basis trend. a positive and across all XXXX global by market reflecting regions, versus
consolidation theme ago. providers We the scale as into that MiFID are to II XX XXXX of optimistic months can only went continue live
securities Moving private Page gains real the in which $X generated on sales. billion X. reflecting & of Equity primarily from on equity Lending strong investments. revenues revenues from were net X/X the net of in Investing equity Approximately to reflected generated estate, continued quarter, results
of For Lending generated net revenues the full year, Investing billion. equity & $X.X
and remains and different Our and of on consists over the public global seen geography private slide. portfolio equity vintage investments across diversified as X,XXX investment
a to of the performance, in also continue We including are $X.X investments long-term private portfolio X at estate. with $XX public billion, reinvest the equity investments in years. The portfolio Revenues and in last of generated the $XX CIE future billion, equity. sheet all XX% billion of drive from quarter in $XX.X made our I&L equity real billion of the to substantially ended balance
securities Moving on fourth on $XXX debt Page quarter, largely loans and to $XXX Investing & In XX. revenues net were net debt interest income of the million, from driven roughly by Lending million.
year, For accounting would of that of billion. income revenues, interest debt & net begin interest out net point growth, before I Lending of for we the approximately $X.X Investing annualized rate income net future including run generated billion full with $X.X billion. $X.X an XXXX
as Page the Investing at Our $XX shown & includes the securities. XX, Lending in quarter $XX lower billion, loans and billion billion left balance $XXX debt which ended in debt of sheet, on
to of loan as of lending portfolio conservative our adjacent XX% approximately remain is secured year-end. and continues franchise with Our
reflecting we loan growth. losses loan took $XXX quarter, million, This of provision for
XX. which were and and fees were fees Page produced million. revenues on net $X.X revenues $X.X million; Management other $XXX billion; quarter, of incentive the Management transaction fourth were flat in business sequentially. $XXX Investment The billion were to Turning
incentive up by Management XX% net other management For $X in Investment and largely the fees. and revenues year record fees a XXXX, growth were year-over-year, driven billion, full
trillion. Assets at under supervision $X.XX finished XXXX
offset For resulting products. inflows assets of net net depreciation under billion liquidity supervision billion and fixed in market the primarily into increased full $XX $XX in from billion by inflows income net assets $XX Those $XX equity. and year, billion primarily long-term of were equity of
positioned in we acquisitions offering X years, our business people The net attracted cumulative as trailing to approximately product billion. total enhance the remains of bolt-on our we long-term well and continue for to invest $XXX growth serve make to inflows better organic clients. Over
Now let me expenses. for turn to Page XX
and businesses, our a we lose continued not we expense me. for in invest on As focus discipline. priority John David, will to It remains our
operating firm-wide the Before going undertaking details, are through a businesses reviews, the to part a Relatedly, of we higher that a we of base. and expense level accountability are on reiterate efficiency. review I'll full as front-to-back with our holding of focus
For business. XX%. billion, $XX.X of expenses we ratio in investments growth approximately revenue stable Nonetheless, were funded efficiency XX% maintained as a our XXXX, operating up
This of On our points basis, take were million Compensation Goldman compensation XXX through expenses. X% which, rate as components fund. Gives, net million XX.X%, the declined the of basis in approximately year-over-year. our was you ratio a like-for-like Let XXX quarter billion, compensation donor half amounting a $X.X up to and included and benefits me of as litigation growth charitable revenues. versus well of $XXX to XXXX, revenues expenses operating of other into points a expense XXXX. as for down expense Fourth Sachs our ratio operating translated advised earlier, mentioned $XXX I donation basis
increase changes for to related activity approximately rose For relating remaining the to million expenses the of reflected XX%, activity in provisions year, proceedings, higher to related exchange from accounting and and of increase clearing investments million $XXX fees. the to the higher in of This revenue other and included drive regulatory But increase to an full $XXX all standard. and growth $XXX expenses of roughly growth. substantially investments and brokerage, recognition of due half million client operating litigation
taxes. Moving on to
compensation. to guidance between of impact our be of XXXX equity-based we tax As excluding rules to current and tax for mentioned on XXXX rate rate XX% and XX%. was interpretations our our XX%, expect date, the Based legislative earlier, the
XX Turning Capital. on to Page
basis to advanced ratio standardized and Our quarter. under Common lower due calculation. default assets the points, credit points third points respectively, default XX.X% versus firm's XX up using of ratio and the into probability XX.X% the XX the inclusion advanced The of Tier the of in X was Equity to risk reflected related approach XX experience determination approach, basis basis the weighted improvement
Our finished at supplementing X.X%. leverage ratio
repurchased XX.X of million shares For basic for a X year, shares record our stock of a reduction to $X.X million the billion, year, full reaching share the common low. count contributing worth we new in
out of $X.X over of shareholders billion XXXX. the the In capital we course to billion approximately common paid we dividends year. returned total, in $X.X addition, In of
to Turning sheet Page and balance on liquidity XX.
global assets billion core liquid Our $XXX fourth averaged quarter. the during
balance X% was Our last quarter. versus $XXX down sheet billion,
to deposits. funding our funding Raising deposits We the through continue subsidiaries. increased our billion, to In shift mix from increase have in diversification, our in over capacity bank continues costs the $XX unsecured raised lower long-term nearly we to financing business deposits billion incremental to including consumer $X benefit debt firm U.K. and business, consumer
the carrying majority Bank business, increasing GS component firm's USA in of addition example, to rates, the vast conducts out FX of an business. For lending our
expanding XXXX addressable the To broaden new growing improve technology, remain capabilities the Before market our in in serving to further client made continue engaging global volatility. taking XXXX by we in We well franchise in to disruptive committed and invest XXXX talent building We despite on and and through beyond. questions, achieve entered to thoughts. positioned our a and few market client this, activities. recent our progress our franchise, closing and
learnings initial by is our team Lastly, the management front-to-back reviews. the motivated from
indicates work but franchise. also change, need our early reinforces the and the for breadth certain Our strength of
long-term the the thanks and attractive The to for grow we'll dialing in, push deliver our returns us you line now up in for again our coming to for enable shareholders. with will more and continued We With businesses questions. open months. that, will share evolve
