“We are seeing increased client demand for committed acquisition financing, which we expect to continue on the back of increasing M&A activity.”

In context

“ransition the GM card platform and to sell our portfolio of seller financing norms. In aggregate, these items reduced EPS by $0.62 and our ROE by 80 basis points. Now turning to performance by segment starting on Page 4. Global Banking and Markets produced revenues of $8.6 billion in the third quarter. Advisory revenues of $875 million were up both sequentially and versus the prior year period. We remain number one in the league tables for announced and completed M&A for the year to date. Equity underwriting revenues rose 25% year over year to $385 million. As equity capital markets have continued to reopen, though volumes are still well below longer term averages. Debt underwriting revenues rose 46% year over year to 605 million amid higher leverage finance and investment grade activity. We are seeing increased client demand for committed acquisition financing, which we expect to continue on the back of increasing M&A activity. Overall, our investment banking backlog rose quarter on quarter driven by advisory. FIC net revenues of $3 billion in the quarter were down from a strong performance last year amid a relatively quieter summer, though we saw a meaningful pickup in activity in September. A decline in intermediation revenues was partially offset by record FIC financing revenues of $949 million, which rose 30% year over year, primarily on better results within mortgages and structured lending. Equities net revenues were $3.5 billion dollars in the quarter up 18% versus the prior year. Equities intermediation revenues were $2.2 billion, up 29% year over year, primarily driven by strong performance across derivatives and cash products. Equities financing revenues of $1.3 billion rose versus the prior year amid”