“In debt, we had a big pickup in DCM, we feel confident that the gradual recovery in DCM and the beginnings of that LevFin will continue.”

In context

“pectation of no longer how high, but how long for rates. We've seen clients get off the sidelines and just bite the bullet and get into the debt capital markets in a more meaningful way and no longer waiting on that. We still think that how a recovery and return to normal wallet plays out when you talk to CEOs is largely dependent on the macro environment. That's the main piece for them. ECM, we're seeing increased interest and activity on ECM. You obviously had several IPOs coming to market in September, big ones -- three big ones that we're involved in. But the market still was somewhat fragile. We're watching it closely. And quite a few questions in Q4, things may move to Q1. We just have to see how that unfolds. But there's a good pipeline. I mean there's a lot of pent-up demand here. In debt, we had a big pickup in DCM, we feel confident that the gradual recovery in DCM and the beginnings of that LevFin will continue. You're certainly going to see us more active in the LevFin space in the right situations for our key clients. And then in M&A, a healthy M&A sell-side pipeline. A lot of companies with their industries is transforming are really wanting to think big. I think we'll see that unlocking when sentiment improves further. Companies do accept the new pricing reality, which will be helped by a rebound in equity markets. That obviously from our end takes quite a few quarters to materialize into revenue just given the nature of the product. So, it's there, but I think just given where everything is geopolitically and particularly from the macro, no one is going to make that call as to when we're going to see that sustainable term in banking at this point. Operator: And our next question comes from S”