“Our outlook entering 2022 is strong, and our pipelines continue to be healthy across products.”

In context

“ach business delivered record results, Advisory and Equity underwriting led the year-over-year improvement. Corporate clients actively pursued strategic opportunities and sponsor-deployed capital. IPO issuances were exceptionally robust in the year. And from a geographical perspective, results were led by the Americas, along with sustained strength in EMEA. Fourth quarter revenues of $20.4 billion -- excuse me, of from the prior year driven by strength in Advisory. Trends from the third quarter persisted, particularly as results benefited from a broadening of transactions across sectors. Although underwriting revenues moderated overall, equity issuance was strong, and elevated levels of event-driven activity supported fixed income. We continue to invest in our Investment Banking business. Our outlook entering 2022 is strong, and our pipelines continue to be healthy across products. CEO confidence remains high, and markets remain open and constructive. Additionally, Advisory transactions should support strong capital market issuance. Equity full year revenues were a record $11.4 billion, increasing 15% from the prior year as client engagement remained high. The increase versus the prior year was driven by strength in prime brokerage and, from a geographical perspective, Asia. Revenues were $2.9 billion in the quarter. Increased revenues in prime brokerage on higher client balances were offset by declines in cash and derivatives on lower client activity versus the prior fourth quarter. This quarter also included a mark-to-market gain of $225 million on a certain strategic investment. Fixed income revenues were $7.5 billion for the full year, declining 15% from the las”