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first Firm billion, revenues sequentially. quarter, the $X.X In XX% down were
resulting and an billion of $X.XX, ROTCE First EPS was quarter PBT X.X%. in was $X.X a
which more of disruption. durable sources market during supported recent business Our strategy, mix and the emphasizes revenues, our results
buoyant January distinct and periods: quarter unprecedented. by rising was be to in divided clients; markets March characterized assets, proved were February risk The two engaged and
and saw the Federal mechanics Reserve and and restore COVID-XX targeted central dysfunction. we significant As market cash. liquidity. liquidity volatility, broke dried down Clients globally reducing raising common, reacted Historical became market shelter-in-place volumes risk to large acted by The with scale and and relationships and up. actions orders and aggressively virus quickly and spread banks
During and to our home strategy. from this a today. Over plus volumes XX% to times clients all and our by rose average levels. through the home times were we mid-March employees swiftly together. remain manage X.X challenges margin we of period, to moved as time, close XX% calls work We this average Xx to rose working levels time from
operations quite and well. performed technology Our
economic restored, fiscal managed During any well. of and history. others and risk actions With function monetary than play, unemployment in at and the also significant essentially liquidity market this weighing are clients disruption factors versus we larger including volatility, period major
and this extended and supporting markets. client period, to Firm responding the During intermediated credit open trading, and needs functioning
transportation, help the and clients to consumer to Firm. across transactions including credit extended others. healthcare, we clients among sectors impacted leisure, COVID We across financed key First,
new retail in saw billion draw-downs, billion lending, $X facilities gross approximately $XX also $X of We billion corporate and commitments.
record -- of clients underwriter and We over volumes by bonds of trading, managing municipal In globally. across was corporate supported our Stanley Morgan $XX voice MSET. including trading March, intermediating an billion and
access to to with new Federal the programs treasury and needs. to clients their continue Additionally, financing Reserve work we meet
expenses. services spend controllable Non-compensation and our managing given quarter. $X.X We compensation billion on global in non-interest professional were managed expenses billion. the expenses development, were $X.X for shutdown. saw focused Total declines the were tightly expenses marketing business billion while $X.X remain We
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Now to the businesses.
of of loss Our by loan Robust results for Institutional reported sale and were Securities activity. investment on business loans lower in $X.X banking offset revenues held and billion. sales increased trading provision, levels markdowns
XX%, Non-compensation we clients supported by with In insightful million. institutional commitments transaction uncertain higher taxes and and an of on face of elevated our content. markets, ACL $XXX sales BC&E unfunded expenses on and trading volumes increased driven the
markets begun team X.X Our shifted calls to securities. has COVID-XX. written through single their macro focus conference research And reads million stabilize, have related name generated to engaged. almost thematic to in interactions and pieces, remain from since the interest Clients webcast
differentiator by intellectual innovative a key when remains distribution servicing world-class capital Our supported clients.
The Investment results revenues $X.X of across on Banking generated regions. environment billion. weighed products and
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quarter. secondary was declining as activity equity XX% the fell clients off by were underwriting versus revenues held activity prior prior This in offset the with volumes income we accelerated stakes. across quarter. partially an to Industry the XX% quarter. underwriting declined IPO by meaningfully global the over global Fixed declining offerings also XX% and monetize versus increase compared previous Equity impacted, primary
was grade While issuance activity March. record in reached limited, event-driven especially investment bond levels,
The deal COVID-XX disrupted subsequent activity. and spread of market have volatility
financing yield and opening are markets and liquidity. a slowly issue weeks. high looking needs their few last raise the IPOs to strengthen with new evaluate balance deals continue few to completed over However, being sheets Issuers
across in are grade markets around We non-investment dependent and to underwriting whether would on market business, IPO to have which muted equity grade We a and have a robust the strong globe. continue see open to pipeline pipeline other expect activity and products we’ll remain investment and access.
sales number in lines billion and across strength trading one Equity globally strong to performance all with revenues particular XX% Asia. and business increased $X.X and sequentially is
dislocation. Derivative volumes we increased the robust, XX% in revenues facilitated of In severe of to calls or Partially announced cuts dividend losses Cash were interruptions and announcements reflecting offsetting market market XX% as XXXX. of stocks sequentially client dividends. collateral during results nearly were euro global the to on in prior results the March, periods the suspensions compared year. in increase needs Europe
we partially as sharp lower more brokerage higher activity, levels and balances. Prime with quarter close in We balances challenged declined lower we degross. reached offset of low late balances, slightly the entered reached market we levels then saw gross a by mid-February, clients see Europe. March, well XX% to [Ph] level record down balances, only and a significantly in spot environment second recent of performed reversal. In In average on a to a
sequentially. weeks velocity. offer products, and client was macro of client trading business, in robust strong and activity penetration, The greater of deepening business of were was the credit billion, quarter. commodities the balance which over the focusing last prior increasing results. higher this sales declined client within income Fixed reshape contributed of XX% Macro produced performance bid and from strong revenues increasing and challenged very discipline levels to Multiyear Performance good wider quarter. the velocity results. $X.X across drove on revenues Strong benefitted more particularly spreads. saw from trading corporate, sheet and efforts Micro to activity
market products, energy driven negatively swings were However, wider results and significantly activity, client munis impacted in meaningful this prices. by spreads. commodity increased supported which and securitized the was offset by in markdowns by dislocated on inventory metal and were Strong by
in from partially the hedges to movements line is sales which compensation trading loans, significantly Other recognized held related our increased economic this deferred This includes the sale in spread for plans, line. also which This benefitted offset and by widening. quarter. cash on was
on by losses driven sale mark impacted for for funded movements investment to commodities other in provision Losses markets. in loans. credit and were within losses that on was for by market energy held held And investments markdown adjustments a for a revenues loans a investment reflect
in sales and other lines. drove losses trading approximately across two main other of billion factors revenues, these embedded Looking and $X.X three
hedges market Together, with with ACL compensation our net $XXX market ACL from approximately plans approximately and the million billion base investments employee our cash net And aforementioned accounted third, deferred represent million to for of HFI $XXX associated loss. portfolio; on the hedges $XX First, the of sale of losses mark losses of for loss. mark $XX provision portfolio. to funded second, billion held associated
the the approximately XX million. give basis for first $XXX We for charge-off months. points, billion, $XX held our portfolio. were by versus are were see million billion billion $XX loans charge-offs was representing driven you almost This and billion Of will I billion or can XX and XX% had loans our loan March and in allowance. of represents up $X around $XX lending for $XX $XX of XX corporate, $XXX supplement, our on fair $XX investment for entirely the color our were financial our investment day-one And million corporate for increase billion some loans and $XX CECL for is portfolio, last HFI losses designated is investment billion page or an commercial X loans sale Now, as held Held provisioning as XX%, $XX real CECL billion estate facilities. for ISG draw-downs. loan secured held allowance Provisions more value.
for X.X% corporate allowance X.X%. for CRE loans allowance Our is our and is
entire is X.X%. our the lending allowance secured including at Looking XX% total portfolio, the facilities,
Our secured protections, of look are lender this and portfolio. the attractive we through sole two-thirds on structural approximately LTVs lending portfolio has and
billion to deferred results $X.X impacted basis points was were and in to $X to plans of investments with turning of The factors, combined fundamentals based margin revenues Management. prepayment impact by profit of the The movements profit amortization. associated reported pretax quarter, business negative cash In approximately compensation was remain margin. strong. first Wealth two Now materially however, quite XXX underlying and The million $XXX and employee revenues this billion. XX.X%. We pretax quarter
employees’ awards Wealth As our approximately allocated XXXX, value of Form our we XX-K, had employees. of indicated deferred February $X compensation discretion. at as is obligations billion these of granted Management in for notional The
is investments. quarterly Although to equity reallocations, generally in XX% subject held
first quarter, was the Given negative elevated. index revenue impact declined the the S&P in XX%
generally changes by revenue, period. offset due differences While these to changes can there related in timing investments compensation given be will schedules expense vesting to in be in some a
excluding short-term strong, quarter high the was Client clients After DCP million. cash and $XXX throughout was revenues engagement more of extremely XX% and assets Today, quarters. of were revenues than repositioned portfolios XX% in short-term hold moved clients prior of transactional impact cash securities. other up versus into and reflecting as activity the levels approximately Transactional securities.
levels. these two depreciation. $X.X the the Asset March. from declined months revenues historical offset assets assets billion XQ stability retail Positive asset XX% $XX flows new highlighting pace asset of health new We a first helped of partially decline asset run and management over both in net largely quarter. flows lower at flows in Total sequentially, strong We revenues from rate, trillion of the the business. increased generated quarter on of of the had market these this client and clients. fee-based slightly strong from and existing saw insulate prior ‘XX levels market the Higher above at our beginning subsequent new an already improvements
quarter Our times, limited Strong in XX-day delinquencies the XX% Lending loan is to portfolio extremely XX particularly year loan professional driven margin continues growth first mortgages. to versus mortgage by tailored clients had portfolio growth We seeking the well. working basis advice elevated points. the saw decline prior in as The slightly turbulent strategy continued to with losses. $XX complexity. plus are perform balances calls and with increased The quarter. during billion, increased
Currently, loans forbearance in we've had of borrowers $XXX less X%. or call than million for mortgage
Our $XX is the smallest well just with billion of portfolio, special loans. a mentioned tailor also handful performing book
banks resulting the than to interest offset of to NII rates, million interest basis moorage the million. we it's the higher increase lending and look lower interest reduce balances XX rates XX% helpful projected our interest would $XXX more the the The months. income approximately In points At understand Net over instantaneous in lower historical $XX disclosures. next for to disclosed by of to impact XXX that BDP rates at declined prepayments. were year-end, billion $XXX order shock by benefits U.S. and higher
Wealth of majority covers While some banks, in this Management. the of both, ISG, to disclosure which relates NII vast the is
remainder of rise the the broadly the of rates still is wealth impact the NII. on lower rates disclosed representative Assuming year, for figure of
fourth to billion. movements reflecting The by DCP-related were was in compensation the Non-compensation declined the expense, quarter, expenses lower related expenses typical $X also seasonality. decline investments. Total driven sequential principally from
to the clients. of corporate In announced offering services, stock XXX XXX. Stanley continue the integration new clients acquisition over wellness quarter, part now we added of total platform Morgan plan is new Finally, bringing make we Solium for with the and This progress financial at to clients to over Work. the the on resonating we since
Management were quarter our Investment to Total strong and inflows environment. $X.X billion. the million net driven business of challenging global extensive the fixed quarter. engagement income deployed rose continues with in the $XXX net revenues clients throughout capital first the billion, see despite reported being flows AUM $XXX We and had to alternatives by X% Long-term within and equity into funds. public flows,
Our to business. liquidity flows partnership their from billion net benchmarks. benefitted new client concentrated equity long-term strategies Total significant a $XX global outperform active our continue and of
on management more by is higher million, were declined Asset performance management sequentially. AUM fees fees average XX% than $XXX Higher offset fees. lower
are fees performance quarter. reminder, fourth a in As mostly recognized the
in in sales funds reversals see our gain real significant up XQ markdowns meaningful to infrastructure private business quarter. environment. the a PE revenues saw of X% equity million Asia carried an offset were of and investment underlying Investment management estate successful fees Asset versus in modernizations were difficult within We was $XX ‘XX. the restrictions some in despite able note, by Also our fund. the to subject interest
Total BC&E also interest XX% driven expenses lower by professional and lower service on compensation. sequentially, Non-compensation largely declined expenses. expenses carried accrued decreased
as increase lending. $XXX driven trading RWAs client was increased well $XXX our deployed market Advanced and activity this to volatility by billion during $XXX primarily by and to clients balance rose assets to while our support as retail increasing sheet clients spot Total sheet. balance billion, RWAs to safety, increased standardized period billion. the deposits The to Turning as billion. saw we in challenging $XX RWAs increased
equity advanced ratio, our declined first As our a Tier applicable ratio result, XX.X. for X the is which common quarter to
standardized reminder, buffer will As our calculated capital our a which XX.X. be stressed of off was approach
dividend first $X.X per the approximately $X.XX of quarter, In million declared share. the we XX and or a shares Board stock repurchased billion common
excluding tax quarter, the for XX.X% net million was intermittent of rate tax Our benefits. $XX discrete
increase our quarter acquire has to approximately respect tax rate subsequent to be waiting our file expect filed our will to XX% and With intent rate expired. vote continue tax in the the E*TRADE full and we HSR prospectus. We year E*TRADE, we in will period XX%. Our and XXXX statement Reserve proxy in soon will track on the this summer March fourth the Federal transaction with shareholder hold the application we to the will remain quarter. close to
the in business with model. and full, pleased Firm's results Taken stability we of are very the
our balance and the We significant business from the decade. over of will repositioning continue last benefit sheet strategy to
there earnings relative But, as that zero near Our rates strong will markets near capital factors our and including M&A and will combined values economic several strength environment. with uncertain in and term, impacting earnings liquidity client-driven uncertainty model are balances, volatility help the this asset in lower volumes. deliver capital and well power as interest impact
of and and the half will and economy uncertain be driven the time monetary health of response. fiscal the unprecedented crisis second impact The the the resolve to by the the takes year it remains path of
line questions. we open that, With will for now the
