Thanks David.
Let's numbers. run the through
Page on the begin of me Let presentation. X
environment the Against second clients our this quarter priorities. strategic we turned our out mentioned, executing to be mixed. to continue in the serve backdrop, David and on As focus on
through the numbers in run detail. Let's
$XXX Moving on quarter of first to net revenues X% million produce down and robust of X, year Investment Page a versus X% Financial Banking down versus year. were revenues $X.X Advisory the versus ago quarter. X% last billion,
sectors dialogues dormant approximately During financials, our in number billion number remain the and table contributing which participated rankings announced seeing billion momentum are including deal a been across year-to-date. of TMT, M&A league rather one closed $XXX and for we we transactions Client had to volume, $XXX healthcare quarter, of of healthy notably on and years.
revenues the versus a quarter million in quarter which held flat $XXX to roughly experienced last shutdown versus Moving and government improves Year-to-date, Pinterest one underwriting of net quarter. bringing We quarter to globally underwriting, Avantor, year. roles of supported ranked strong significantly during the equity number we Uber, the and over first this billion and the underwriting held $XX including markets equity transactions by across volume deal leadership Slack. public many XXX companies notable
a net Underwriting, Debt to from ago. down XX% were year million, $XXX Turning revenues
this from investment did finance included to not quarter leveraged second significant same year extent The repeat which quarter. of last the contributions a number grade activity, and
in high-yield strengths. related our franchise and year-to-date the the reflecting the Our market Nonetheless, deal table with with across materially with were our loan further league this activity quarter rank lower in industry, lower financings, our particularly which two rising flows volumes trends to sponsors. financial consistent competitive number well-positioned in spot remains reflected acquisition
a slightly given several And pipeline as and in quickly, strategic will the our while our the in in underwriting. portion backlog healthy equity can and active completion first of continued are change Our underwritings. both large Nonetheless, to the we monetized financing clients markets dialogue investment executing advisory of backlog banking quarters remain of markets. debt our decreased quarter of end optimistic need coming transactions increased client we through access levels the that sequentially versus
Client the activity Institutional net in strength solid to business both client billion in versus ago. FICC, quarter Services equities. lower quarter X% reflecting in versus as XX% Page our diversified billion were in mix low by opportunity down X, more set second revenues second in second last despite a client operating experienced down offset revenues were at Moving client year challenging $X.X year-over-year notable activity generally the net FICC the $X.X in proved Europe. execution on the year, Overall, and strength environment quarter, presented the
volumes activity Uncertainty currencies and rates trade client subdued including low engagement. cuts client Relative and the emerging the last Fed tariff to constrained we and of contributing Specifically, was during concerns businesses amid client as more macro sentiment volatility economic was anticipated data sentiment. drove in saw markets sentiment magnitude and by rate and more shifting quarter lower factor. than the a around our year, and timing also
finance the positive. and particularly lessened quarter, increased in a products, contributions volatility activity but was more and mortgage year inventory performance. micro XXXX cost solutions credit loans In in in automate threats backdrop businesses, both saw formats. down at heavily more direction historic of our resulting major credit a and experienced lower implied relative from structured to versus capital revenues In on and tariff I late electronically, activity workflows, issuance low previously, base contrast mentioned better environment In Results exposure investors the pairs and to investment efficient at more credit, as as and oil, monitor rates credit activity, grew realized activity were deliver The As by we levels businesses. debt I mortgages. saw results had and more quarter. in lows our the FX in power cautious very industrial notwithstanding a we client origination selection. muted leveraged Separately, came ago, stood structured serve investing particularly better year and among throughout our following our gas client solid are earlier. our saw have said apparent, a widening became Commodities our amidst discerning as in clients levels lower increase We year-over-year ago, spread activity closing while of and and grade performance currencies, the remain end the alongside improved in we our clients.
of in versus reflects share X. were and Net Equities a to success the sequentially on were stronger believe to second the $XXX strength up second billion, our cash year $X consolidation equities were market from dedication quarter X% versus up serving low Page to quarter services commissions execution by ago. suite quarter million, continuing both and increased revenues prime We and were the in and XX% and touch of relative fees XX% by both across Turning full year cash, up derivatives a for XX% hi and ago. clients first of aided client revenues and Results a a in channels. Net global XXXX. net our up revenues derivatives X% versus million aided $XXX performance sequentially EMEA. of touch
by continue improved. market Sequential We as touch also X% and net execution. rebound million and revenues trends client improvement to low of a average seasonal in rose grow sequentially was Security $XXX sentiment share driven services year-over-year. in XX% balances
by robust generated net driven portfolio contributing revenues on of and of the Collectively Investing specific $X.X to revenues the IPOs like billion $X.X Page and Lending of the revaluations. Moving performance quarter. I&L in billion, company activities corporates securities produced in second events X. net Equity in our
Second gains equities. reflecting XX% versus a primarily higher public ago, from up were year quarter results net
As on slide, net approximately corporate you XX% investments. of can the our revenues our from were estate XX% see and from real were
corporate a public went $XXX of results of the that million during of These the portfolio, gain included came IPO nearly approximately from the the Tradeweb. Within from investments performance half quarter.
time Tradeweb in for which method given at our was influence since Our under of investment equity we've the XXXX owned significant investment. the accounted the
of over investment. did As we a recognize P&L consequence, the not on revaluation Tradeweb time our
grew this the investments addition including of and attention we our Uber, your which trade would that web, size draw HeadHunter, In IPO holdings. several notional to other Avantor, to public notable quarter,
billion together, represent $X.X four investment approximately portfolio. public investments Taken of our XX% these
and Turning $XXX Securities were mark-to-market from Debt revenues income modest million, Page million to $XXX gains. net X, and Loans net included of interest
portfolio portfolio up note billion, loan we $X loan XX% driven was is our total Our total of growth secured. by billion sequentially, and loan $XX corporate
was down X%versus credit $XXX million, Our provision last quarter.
billion basis leading charged-off Private included the fees low and net driven in versus which produced by at Management, ratio quarter, global billion second X% wide approximately management remains of On were Investment and firm up asset we X Our management $X.X $X.X franchise. to XX Page of business points. revenues Wealth turning diversified other Net our revenues year. under last X% second timing supervision. we a fees Incentive and quarter to of contrast, first in and growth incentive year, outsize alternative variety versus of were last driven the realizations continued By up our million generated across reflecting the last fees quarter lower funds. relative of assets significantly the the in performance $XXX year by investment
lower transaction PWM activity. from We also revenues saw client trading
quarter up billion first at net Assets billion $XX long-term of under the billion of $XX the market liquidity trillion, and supervision a billion of record versus appreciation. by $XX inflows, $XX inflows driven finished $X.X quarter,
to on me expenses turn Page let XX. Now
expense and last Our the total increased technology for litigation operating $X.X of by versus consolidated were expenses of lower flat quarter lower and second year, and compensation billion expense, reflecting investments. offset benefits
year-over-year. $XX year-to-date, were X% billion, the total down For expenses
up by XX.X%, driven compensation year and revenues ago, lower ongoing offset by lower basis investments, was points efficiency ratio year-to-date partially XXX a expense. Our versus
Markus, our topic the businesses that of investment digital supporting expected be in substantial spoken past, the we on build investment spend, launch Apple roughly we million a On approximately from are billion has for Card more basis build spending total very Investment which the cost $XXX in organic we've of investments Year-to-date, drag second and will XXXX. of banking meaningful resulting reserve pretax embedded see in quarter making performance of Card in The of our later XX XXXX our cumulative continue XXXX was in platforms. new the transaction platform points cumulatively summer. new this the the through and also of depth growth and from the Apple to these the $X.X inception each A been initial following firm. loss cycle approximately will the when our ROE. into businesses pretax will is impact as
this over firm's to drag scale an businesses but the not coming reverse, years, ROE. contributor only accretive the these As become should
Next on taxes.
quarter. for rate the the XX% tax XX% the in reported quarter tax discrete Our for first benefits was including and year-to-date
to full XX%. approximately year to our our estimate XXXX to tax continue consistent expect with of We XX% medium-term rate be
is performance. philosophy ratio, reflection past, the ratio of our year-to-date and it driven ratio the a expectation for year our the margins On in steadfast and Also marginal for to of These will scale should firm. measure compensation relevant estimate less the was accrual below and XX%. at platform as and expenses scale become as as always proportion to be which on as that Reduction operating compensation grow for we we our compensation more efficiency the just total platform a noted a a will XX% firm, remains principles of the is higher in obtain best businesses for the businesses, full our cost the more compensation XXXX have contributor. as carry decline reliant
XX. capital to Turning on Page
tier XX.X% increased ratio advanced higher common versus ratio first Our basis by the approach. using under and the equity XX.X% each X driven earnings. XX the standardized is The approach retained was by points quarter
X.X dividends. the was quarter, billion stock $XXX million flat repurchases common sequentially. a SLR shareholders in and including returned In billion total we of of % to Our stock $X.X $X.XX
Our at XXX low share million count record shares. ended basic another of quarter the
value ago. Our versus up was $XXX, XX% a per share book year
up Federal than of of up Reserve David we capital did last to share to billion, cycle. $X CCAR higher As that including XXXX mentioned, capital return, are of to billion not $X.X our total XX% pleased the object plan repurchases
to increased returning flexibility earnings a the continue the capital opportunities to our enjoy over option accretive We context by environment of afforded portion shareholders position. are strategy, of our year. coming in strong the the significant with by consistent we While our for market business investment our long-held in and the assess capital of encouraged return we
the of let's reviewing our moment Reserve's completion on capital. philosophy stress annual Federal successful our spend test, Following a
to First our at unchanged. business access to attractive after view to the shareholders. first capital to it invest remains in on returns We these for opportunities we endeavor our long-term will allocation return have investments, look we extent
to dividends with having Second higher dividend respect a to term. buybacks, aspire we versus long
As it's dynamic share firm's us be and generate we an of flexibility business more the revenue. continue to of capital the more and said of to That recurring on allocations confidence important and component in sources reflective environment further ability allow return they opportunities. it's the our as total with predictable value repurchases shareholder to of based
on calculations stress differ test the its of which results. and would XX.X% Third in to rule capital ratio of X.X% regarding based neighborhood our we the compares the management buffer, form, our total stress XX.X%. in excluding of to which an on proposed CETX quarter final approximately This the based requirement XXXX may materially SCB XXXX XX%, imply a standardized buffers favorably estimate second
amount of capital we While the not on floor and we CCAR are at appropriate capacity a the well manage we firm capital view ceiling note pleased levels. the will the $X.X that position as to authorization a billion to return, should
Page Turning balance for and liquidity. to XX sheet
balance $XXX billion, quarter. last versus billion $XX Our was sheet up
to the billion including year. side since deposits last which deposits $XXX doubled more liability consumer On we increased than $XX have of over billion,
their bank funding. migrating quarter, the and lower-cost into During advantage take of further we businesses entities more saw to progress diversified our
demand. billion quarter, support which to Our global during averaged core note may assets decline we client opportunities as continue to have we liquid the $XXX
questions, brief closing a thoughts. taking Before few
should economic was despite growth environment, backdrop solid operating supportive quarter second as mixed remain of believe performance said, our business. the we David our the overall While
we efficiently can are thank on new in. three, our things diversifying returns into three we more all our for existing and objectives. executing If well, core business. for that long-term are shareholders. we businesses business serving adjacent in Two, questions. that, growing open will with dialing and these for do. As excellence clients confident now strong, our One, operating we you I the go and diligently we With up again we deliver our line forward, do
