revenues produced with Firm in Thank you, billion fourth year good and and revenues XXXX morning.
The the of quarter $XX.X of billion. $XX.X ended
was For was the and $X.XX. full year, ROTCE XX.X% EPS
demonstrates ratio the to was controllable For quarter, equipment ability prioritize real of Occupancy costs prior year's our Improved efficiency consolidation the year XX.X% flat, was XX.X%. held The was not efficiency full and but benefiting footprint. only also from our fourth to and ROTCE spend. our EPS estate revenues, $X.XX. grow
million, and we During renovations savings by infrastructure impacted helped growth, technologies In XXXX, additional the similarly real Professional future innovation roll-off efforts a priority. modernization expenses optimization run, spend. These may which decommissioning efficiency investments focused and expanding aided year estate discipline capacity, sized should support across year-over-year, $X.XX. of remains $XX such legacy declined full support result of as self-fund higher process center modernization alongside in amortization took This, to costs. Firm's business-enabled charges path. and the technology efforts.
Self-funding EPS project with across investments AI the on integration-related short data services by
annual that Full and results billion highest revenues reported our the with underwriting with increased and followed franchise. and footprint year markets. highest share breadth bucking the We $X.X and depth the throughout M&A reflecting momentum.
Investment IPO meaningful across across across and XXXX. as were combined results activity. largely equity over an saw ended were Now debt by Banking billion -- typical revenues posted Securities quarter banking strong The the $X.X underwriting global in revenues half with of issuance our as billion, and revenues demonstrating up to comparison our increasingly equity Fourth investment products. the revenues results quarter high-quality fixed the businesses. billion underwriting as our in full to second showcases of XXXX income capture the remained amidst the strength annual very strong global for driven the the highest and by its since in growth business activity volume slowdown. quarter IPO were improvements year ended period. regions were world-class seasonal clients supported across $X.X year, commenced backdrop.
Fourth active, picked $XX.X market equity accelerating and ability included regions, equity follow-on strong performance Institutional markets constructive delivered announcements client
also We transactions. advantage in Advisory sponsors constructive higher year-over-year saw revenues of corporates completed the markets improved on and take M&A quarter.
Looking corporates XXXX, and financing recent our as valuations for M&A to joining remain and years. stabilize sponsors pipelines exit outpacing diversified activity improve healthy assets. drive to boardroom CEO opportunities long-held and strong. markets are Financial continues to ahead evaluating are confidence
continued in Our business rebound is well positioned for strong deal-making activity.
Turning to equity.
quarter, leader revenues global across of this a year by footprint. were of results our Asia These we navigated [ the as clients rerisk results be year-over-year of billion. Brokerage having the given by year importance $X.X market demonstrating fourth ].
Revenues agility billion full out Full business, to wealth elections, were market the continue quickly, increased Prime evidenced We regions global $XX.X following reflect shifting in the in U.S. supported record dynamics. balances and a growth with record performance
which an Integrated opportunities record were quarter. from durable clients for into with Micro driven performance, and demonstrate results carried products, servicing across our results balances driven year-over-year. and revenues strength were businesses.
The relatively year-over-year, all products engaged renewed higher were levels.
Cash increased America fourth Prime back a our clients increased relationships of year's improved and of improved by higher securitized benefited performance revenues versus Results $X.X revenues quarterly and averages. results.
Quarterly recenter improved client Results and Fixed the from third Macro the higher Firm. contributed balances revenues peak region. corporate in for the driven our in variety flat and led by and were results business with full were corporate the Derivative to the quarterly Asia multi-year revenues were structured performance fourth was trading the historical fourth across Brokerage year, credit loan last the in appetite versus business, billion, as interest for around increase of by by to revenues consistent were remained power income securitization levels fixed year prior commodities. $X.X Integrated above full a leverage growth in to rose volumes. engagement line activity. lending North billion investor efforts across on gas Commodity quarter Additionally, quarter the quarter the consistent with clients. Firm, sponsor products, risk activity business income
lending ISG to and provisions. Turning
provisions $XXX individual year, the full the assessments. handful For a was portfolio ISG were in growth million and million a provision for $XX The of quarterly driven quarter. by and build
million. net For charge-offs ISG $XXX were the year, full
net provisioned million, prior $XX quarters. quarter, were to real largely estate were the primarily several in which For loans related for charge-offs commercial
flows highlights $XX.X Wealth scaled was our $X.X include funnel us for will to of of to records Morgan were billion strength move profit Management. our year client Stanley's a Management. $XXX differentiated revenue XX.X%. for Fee-based the year follow. that billion reported fourth of Turning growth Wealth Clients $XXX the of apart. billion, acquisition funnel, assets and continue set continues Full and exceeding margin seek strong XXXX pretax thesis year. incremental The a consecutive expansion through as margin billion, and revenues advice, supporting to
the quarterly fourth XXX real PBT basis XX.X%. were negatively billion, by and the the was revenues estate-related DCP quarter, For and points. $X.X approximately margin margin charges impacted reported
new each we fee-based consistently billion, and constructive to sequential $X.X revenues revenues showcasing progress improvement, quarter were management quarter asset quarter the management revenues. of have set markets fee-based record by the flows Asset With in billion. this durable $XX strong made powered saw a year, flows.
Fourth fee-based
retail new decline $X platform.
Bank pace growth deposits from the were higher of sweep Net billion. drove benefiting we seen products period $XXX existing that and These results, billion, X pay fee-based alternatives revenues impact our growing activity of organic saw assets remain be highest were the the the for adviser-led more $XXX two adviser-led will Full revenues to equity-related and increased We represent assets. was the the will in End-of-period lending, an sequentially clients the supported year, and and new peak have quarter we from a billion, supporting quarter to channel migrating from an downs.
Total in benefit for industry number beginning demand billion and securities-based DCP, driven the results. breadth engagement continue last deposits and pace Higher X% of year where to have of transactional $XX leader assets brokerage approximately NNA alternative $XXX driven for be in were coming the demand markets represents lines growth turn to our $X in growth. of in annual billion. accounts depth balances excluding the accounts. of billion over the sweep Firm.
Transactional change XXXX. the lending rate increasingly revenues years, products, Loan as consecutive X% by we the new transactional have constructive, increased sweep the Importantly, to for clients balances. dynamics seen quarters. increase both nature. view This since for of level of in by balances
quarter. While clients primarily showed in with less strong cash their cash.
Net as billion markets, sensitivity the driven sweeps. deployed higher held $X.X balances rising clients was more the transactional interest by was income increase suite sequential particularly in in The rate December,
quarter that should NII Looking and from fluctuate balances, results. more XXXX, our stable deposit suggest the mix, lending outlook first ahead of rate not into the higher quarter combination fourth a materially
client going opportunities on focused strong center higher active puts of announced XXXX. partnership flows. is year our deepening additional consider Workplace, the are the the companies effectiveness Carta ending consistently fee-based with self-directed, our E*TRADE In levels driving recently across growth our In by than stock private grew adviser-led of public.
And us relationships in our channels. We intently platform traders evidenced at in on at plan the new number as channel,
billion to of Management. and Moving The revenues $X.X $X.X business revenues Investment reported of annual billion. quarterly
solutions, and quarter, some on solutions investments the long-term had in the the trillion, asset year, net strong by AUM. for $XX year-end be new asset our growth brand Long-term for of the Parametric fund reverse quarter portfolios. inflows. for reached continued in market income were MSIM gains clients brings Within supported $X.X technology, quarter. peak $X.X of net AUM demand $XX remains and key in on ongoing by strategies and back may services Our first will inflows seasonality, $X.X billion customized average fixed prior managers.
Liquidity fees higher of a customization for driven tailored and billion. at management net of by benefits This Fourth a performance differentiator inflows XXXX to XX% increased and education billion of alternatives supported the of Parametric inflows overlay the which by and related versus driven retail of billion and
largely infrastructure, income private recognized Gains quarter, in a In are reminder, $XX annual MSIM is other were equity were performance-based parallel Wealth fourth the sequentially.
Quarterly the Management, As performance U.S. fees revenues concentrated an on helping which and strategy. increase basis, asset-led in million. credit. with to drove deliver our private and
well to diversified well as confidence that is business as growth. gives Our build efforts and drive us opportunities to global on secular incremental growth areas focused a
the Turning Total $X.X spot balance assets were trillion. to sheet.
dynamics. end to of have calendar reverse $XXX as Standardized Over the resources. period seasonality at RWAs already a sequentially and to market new declined XXXX, by begun RWAs year. we billion driven demonstrated Lower course velocity of year-end enter we
Equity billion accreted ended of the the CETX year our over XX.X%. $X.X and Tier at X During standardized capital year, we ratio Common
For billion the $X.X common full year, of stock. bought we back
full XX.X% the tax the XX.X%, mix for level The was and year. Our rate reflecting was quarterly rate earnings. the tax of
tax expect be XXXX with approximately quarterly some XX%. we volatility. And rate to consistent years, our prior expect We
an of strong businesses. diversified a all and record businesses. entered invest engaged for with and a our the we the and ahead base with our healthy to momentum brand. in into our with levels, our is clients capital and position exiting As global strong year well franchise look asset XXXX, year retail pipeline positioned growth, We institutional across client
now progress we open line will to towards the questions. focused on disciplined we execution up are goals.
With our that, We as
