“I don't expect it to continue at that pace. I think Denis' comments in the opening, we're seeing more activity in the first few weeks of the year.”

In context

“ty, we should see some improvement in FICC from here, if you can just provide some perspective there. David Solomon: Sure. I mean, at a high level, what I would say, this quarter, intermediation activity was quiet, and particularly in the back half of the quarter, kind of late November and December, clients were quiet. If you look at the whole year, I don't think it's fair, I don't have the numbers in front of me, but I don't think it's fair to say the whole year is back to '19 levels. The overall activity levels were up and down during the year. We have a big diversified business. When our clients are active, we execute on it, we continue to grow the financing revenues, which make it overall more durable. But it was a quiet quarter, particularly the back half, in terms of intermediation. I don't expect it to continue at that pace. I think Denis' comments in the opening, we're seeing more activity in the first few weeks of the year. But we'll watch it. And as you know, that activity, particularly in that segment, can move up and down based on what's going on in the macro environment. Ebrahim Poonawala: Got it. And maybe just sticking to FICC or maybe both FICC and Equity. On the financing side, if you don't mind reminding us of the opportunity to grow financing over the next year or over the medium-term. Thank you. Denis Coleman: So, thanks, Ebrahim. So we've been clear over the last several years that we see opportunities to grow both FICC and equity financing. And it's a virtuous activity for us. It dovetails well with our focus on clients and our focus on market share. We have a lot of expertise in this space and we see a lot of demand from clients for us to deploy both into FICC and equities. We now have leading”