Thank you, David.
mixed this franchise market in to on quarter noted against priorities. was a continue at As our we the execute David strategic our the start, solid backup performance as
numbers billion, year. last versus revenues strong second Let’s Advisory net XX% in a revenues detail. on versus Starting produced X, X.X down Banking move of X% and Financial quarter quarter. the Investment XX% the year-ago versus of down down through $XXX Page were million
trillion a consistent during is with X the and decline a said, of rankings. performance leadership largest roughly quarter of a the an of position. Number over deals transactions and the revenues. as That X we demonstrate closed quarter trillion is announced driver across over volume Our on important completed to league by category the industry in XX more transactions Year-to-date, and table than which to continue on just contributing advised this XX% of value, $X M&A strong measured we M&A $XXX our million participated transactions deal for in as M&A number $X.X
forward, interest active Looking healthcare. healthy, remains across including ingredients noted, dialogues open activity see markets M&A David are sectors, for resources solid. to financing as Client we natural continued and and continue the are
equity significant equity XX% Number across than $XXX million were $XX billion net second transactions. more underwriting deal meaningfully underwriting, in nearly IPOs declined supported quarter, to Moving revenues and ranked number versus of of X versus a we year. down Year-to-date, of last included by which underwriting a strong globally volume XXX
term, long certain believe for shareholders. create companies the will for we invest has growing, and customers continue been While less value in investors disruptive reception innovative, over the recent to favorable, businesses that and market
point league Investment is high-yield we $XXX increased reflecting by out in-line in a improvements versus and our Turning Nonetheless, in the to second quarter debt underwriting, net evidenced remains as the revenues year-to-date. X decline important from both a decline to a related of down financing. year our advisory quarter's and financed the performance, franchise X% in table Number backdrop it saw million, industry-wide leverage transactions backlog well-positioned with that M&A Against Banking ago ranking our financings. were
our will and capital optimistic by Given expanding remain active our healthy markets. dialogues, corporate of nature that be supported clients in client to our continue our of we executing strategic footprint, and relationships, levels the well-functioning liquid transactions
solid FICC model Services of client businesses revenues electronic X% equities X, up and client business business David quarter, FICC and Client third last our activity Four net client revenues versus the improved by mix. of $X.X development by the were Institutional across reflective were our versus mix and prior growth diversified the businesses in the noted terms made as higher revenues and mixed posted environment. operating driven a X% net our of higher in our FICC execution year-over-year, centric of of reflecting strength billion continued the year the quarter, $X.X five diversification and in platforms. at billion progress businesses, net our to clients year, our start, up third at of on Moving in across Page driven
franchise business our in Our on and the in higher In U.S. in hedging power, volatility. net activity rates the generated significant bonds. Europe revenues September pension, higher from client and insurance oil, clients clients diversified in and increased was amid and as saw flows natural supported both where rally solid price activity we well produced corporate, the gas as during commodities, and government
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currencies, geopolitical net and Europe. more emerging offset Argentina volatility in difficult particular markets by in a as performance America in in strong Latin declined in Lastly driven revenues backdrop
trades. to investing were efficiently price, structured making automate and business, systematic platforms we to to efficient expand our our previously, utilizing discussed workflows, risk formats. credit capabilities In serve in electronically manage deliver considerable our our are we progress we’ve solutions execute clients and As
number to quarter, financial sizable U.S. a For we clients of our trades investment-grade broad intermediation providing insurance capabilities. example, this access credit risk executed key in and
infrastructure platform. basis. Additionally, electronic experience, pricing, same Marquee provide more execution for efforts client improve broader These a while client the us capabilities base by we cost-efficient ultimately recently leveraging on time, a the at enhanced execution access commodities to and our our of serve
quarter, sequentially from revenues. client million equities X. by Net ago year of Page were Equities billion, net up robust Security quarter second commissions Net $XXX million, X% offset ago and year down were $X.X of but year higher client the revenues a million as a from ago. to lower fees flat up X% for a X% were X% a versus versus derivative stronger year-over-year. cash Turning up revenues revenues revenues third execution services on activity. aided versus net were $XXX results $XXX
new Over continue benefit average course XXXX, the a of rebound and we to balances. prime from in balances
billion in in activities in net revenues of Moving our third quarter. collectively, lending Page the X, to I&L investing on $X.X produced
securities Given of in relative very debt market a public and movements, particularly investments, it equities performance loans. to in divergence was certain the clear
versus net reduction $XXX Our driven portfolio. our on public down million, of revenues market equity investments investment significantly a year, in value generated by in part last
we As following of we traded with discussed IPOs. number on our equity hold last investments call, customary publicly a lockups
Our currently $XXX three price the significant our investment These portfolio. drivers large Tradeweb. were Avantor, in and particular, the of million the portfolio public Uber, of quarter public saw includes investments positions, in primary loss and pressure mark-to-market in during
net performance, represent Taken these together, $X.X positive approximately continued well, year, given equity diversity portfolio revenues of sales The and or showed last investment burdened the performance investment and billion our of with company. mark continue capital million results certain by investments our our driven our $XXX revaluations, underlying versus the $XX was also including Against by perform an million was private strength of portfolio. performance negative approximately but to associated XX% of in corporate private public our as Private strong also such portfolio lower investment investments. position that additional raises. to events were [We] and
Turning included and and interest mark-to-market million billion net $XXX net loans modest revenues were from debt gains. X, to securities $X Page and income of
portfolio increase the we the loan note that $X.X remains $XXX across approximately and we in approximately past, up by growth of secured. portfolio have billion the with loan was billion, total our Our as XX% loan total sequentially portfolio, driven
Our losses million, driven impairments. million up was by quarter, idiosyncratic versus provision for $XXX loan $XX last
our Marcus Importantly, quarter-over-quarter. provisions were to flat relatively related portfolio
basis XX points approximately basis points charge-off relatively low. net XX to ratio and remains decreased firm-wide by Our
levels, in continue third appropriately driven revenues of our reflecting Net in we diversified other up management, year, management quarter, and management sized. asset While this were of credit which X% private supervision. last $X.X overall to credit turning $X.X our On revenues wealth to continued costs included fees billion, low normalize global exposure business by cycle’s record from assets remains the franchise. under billion X, versus and Page growth investment produced leading
also We versus client trading transaction modestly our lower a saw and PWM lower significantly fees incentive from revenues year ago. activity
finished appreciation. quarter, Assets versus and at billion of of inflows trillion, $XX the inflows, billion income; and of billion included $XX a Investment by billion Capital; billion billion $XXX up under S&P's $XX driven alternative organic market record inflows. net supervision long-term the the by quarter net The $X.X second $XX primarily and inflows of from liquidity Services from United from Advisory investments billion $XX organic acquisitions business fixed net and of $XX
I operating a operating reduction XX%. noted compensation turn previously, me reflected last was decline remains Also, revenues expect we the just to let and as versus of metric flat were in below lower marginal expenses in grow the ratio more to we pay costs. estimate reliant philosophy with a on the firm. best we quarter expenses a for of at and XXXX relevant as as efficiency of scale our This carry total third year-to-date past, Now, compensation to On firm, portion total concurrent businesses the Page accrual for on of XX, making higher non-compensation always less $X.X Platform as businesses, year. as The to margins which be platform-driven of appropriate is higher have the compensation. for XX% our the total expense said should the expenses full-year more have our roughly billion for reflection performance. ratio compensation, our lower
as and growth spending To of the to enhance continue Apple expenses you initiatives businesses As the both digital driver and discussed build four Marcus, to firm's relates firm as expenses we projects, meaningful infrastructure. United invest that across David Transaction and provide a in earlier, to to number to well of platforms, measure key year-to-date technology of investment, new in Banking, related firm-wide non-compensation Capital. some Card, the a important
We our our investment resulting Banking pre-tax the that into impact investment XXXX continue though points the be to the of Marcus, total basis expect Card of Transaction drag ROE. will roughly cycle is $XXX a in Year-to-date, on of Apple in depth XX projects, approximately spending and will years. future million, organic continue
we over scale businesses the the coming reverse ROE. to these this drag firm's becoming accretive to As years, expect
year XX.X%, basis our offset revenues compensation lower expense. XXX by year-to-date, points driven efficiency ratio by and lower ago, the For partially a ongoing was up investments, versus
Next rate XX% on year-to-date. the taxes, for the XX% was and our reporting for tax quarter
full-year our tax expect be XXXX We rate approximately to XX%.
capital to Turning on Page XX.
points Our roughly of was XX risk-weighted versus by Common by XX.X% increased impact under points approach acquisition credit United equity approach. basis ratios The and the from and X ratio second using XX standardized advanced XX assets our driven quarter, decreased tier the the and basis XX.X% respectively Capital. point basis primarily
X.X%, down we of quarter, repurchases the returned to billion dividends. a was SLR common million million points $XXX in of and stock Our stock In sequentially. $X.X including basis $XXX XX total shareholders,
record ended quarter count million share of shares. basic at Our XXX low the another
Our authorization. We million ago. $XXX, less year a book up value was quarter $X.XX CCAR quarterly was our of our than repurchase billion amount per share this share XX% note that $XXX versus
the repurchases suspend authorities as certain to quarter, to governmental resolution begun we respect U.S. we with open the with the of During XMDB elected our market discussions had matter.
open our since have existing position. not capital XXbX-X repurchases discussions as our to as given our remain we resolution from confident capital program, decision are incremental in motivated by the continue. under clear, To We resuming and repurchase our market concerns resumed was be strong step disclosures, market we activities away now additional an
continue return priorities the quarter capital excess authorization in As first forward CCAR investment of and unutilized and prudent the this our we repurchases. growth management was via cycle, will capital our to will of of quarter fourth carry of share balance
up balance Repo quarter, our demand sheet driven was in client equities. billion sheet, XX Turning for $X balance just trillion, last by and to versus Page $XX our over
which $XXX deposits of doubled billion, deposit largest our since than deposits billion, channel. consumer become the more increased On last to year including $XX liability to side,
a taking thoughts. Before questions, few closing brief
performance invest continue While given forward returns in the was third driving our in firm solid and quarter market the we aspire backdrop, delivering high future. the to to
As making unchanged. strategic priorities. Overall, executing David across real fronts discussed, our strategy our of are number a remains we progress and several of on and client-centric are simple
First, our thus with our to strengthening growing and business. clients existing serve excellence
new across into to our And effectively and expanding diversify offering to areas and and of business third, our services. adjacent products firm. efficiently operate entire more Second, the by
confident leading more are update a providing deliver the make efforts, As January. dialing-in. to can for and questions. returns we With we forward will line comprehensive progress we shareholders for you open continue look to now that, we our on for that in again our thank long-term I
