“In terms of outlook, while our existing pipeline remains healthy, conversion of the deal backlog may be challenging if the current headwinds continue.”

In context

“e of $11.9 billion. There were a number of notable items this quarter, including net markdowns on certain equity investments of approximately $370 million with about $345 million reflected in payments, and markdowns on the bridge book of approximately $250 million in IB revenue. Investment Banking revenue of $1.4 billion was down 61% year-on-year or down 53%, excluding the bridge book markdowns. IB fees were down 54% versus an all-time record quarter last year. We maintained our number one rank with a year-to-date wallet share of 8.1%. In advisory, fees were down 28%, reflecting a decline in announced activity, which started in the first quarter. The volatile market resulted in muted issuance in our underwriting businesses. Underwriting fees were down 53% for debt and down 77% for equity. In terms of outlook, while our existing pipeline remains healthy, conversion of the deal backlog may be challenging if the current headwinds continue. Lending revenue of $410 million was up 79% versus the prior year, driven by gains on mark-to-market hedges as well as higher loan balances. Moving to Markets. Total revenue was $7.8 billion, up 15% year-on-year in both fixed income and equities against a strong quarter last year. In fixed income, elevated volatility drove both, increased client flows and robust trading results in the macro franchise, most notably in currencies and emerging markets. This was partially offset by Credit and Securitized Products in a challenging spread environment. In Equity Markets, we had a strong second quarter, and again, increased volatility produced a strong performance in derivatives. Credit Adjustments & Other was a loss of $218 million, largely driven by funding spread widening. Payments revenue was”