“Our backlog rose again this quarter driven by advisory and we expect our leading investment banking franchises to benefit from the continued resurgence in activity.”

In context

“tor, good morning, everyone. Thank you all for joining us. In the third quarter, we produced net revenues of $12.7 billion and generated earnings per share of $8.40 an ROE of 10.4% and an ROTE of 11.1%. Overall, I am pleased with our performance especially in a quarter where our results were impacted by selected items including the narrowing of our consumer footprint which reduced our ROE by 80 basis points. Our performance demonstrates the strength of our world-class and interconnected franchises where we were effectively serving clients in a complex backdrop. Global Banking and Markets, we remained premier M&A advisor and a leading global risk intermediary. Across investment banking, corporate and sponsors remained actively engaged and we see significant pent-up demand from our clients. Our backlog rose again this quarter driven by advisory and we expect our leading investment banking franchises to benefit from the continued resurgence in activity. In FIC, we delivered record financing revenues and facilitated our clients’ risk intermediation needs, particularly as activity levels picked up towards the end of the quarter. And in equities, we reported a very strong performance across both intermediation and financing. Overall, our global broad e-platform remained exceptionally well positioned to support our clients’ evolving needs across products and asset classes. In the Asset and Wealth Management, our position as a leading global active asset manager the top five alternatives player and a premier ultra-high network franchise afford us significant opportunities in secular growth areas. Our assets under supervision reached another record this quarter surpassing $3 trillion, and representing our 27th consecutive quarter of long-term”