“Investment banking pipelines remain healthy across sectors and regions. However, the conversion from pipeline to realize will be largely dependent on market conditions going forward.”

In context

“ross geographies. We remain a global diversified leader. Europe delivered its best quarter in over a decade, while Asia saw its second highest result, with strength in both equities and fixed income. Investment Banking revenues grew $1.6 Billion, led by strength in Advisory. Compared to the prior year, revenues declined by 37%. Advisory revenues were $944 million, almost double the prior year’s first quarter, reflecting higher completed M&A volumes. Equity underwriting revenues were $258 million, a meaningful decline from last year’s elevated results, in line with market volumes. Heightened volatility led clients to delay issuance activity. Fixed income underwriting revenues were $432 million, down compared to the prior year as macroeconomic conditions contributed to lower bond issuances. Investment banking pipelines remain healthy across sectors and regions. However, the conversion from pipeline to realize will be largely dependent on market conditions going forward. Equity revenues were $3.2 billion, reflecting broad-based strength in performance against the backdrop of volatile markets. We continue to be a global leader in this business. Cash revenues were solid, with particular strength in Europe, consistent with market volumes by geography. Derivative revenues were robust and the business navigated the volatility well. Prime brokerage revenues were strong, while intra-quarter balances were impacted by uncertainty, we saw balances rebound alongside markets. Fixed income revenues of $2.9 billion were in line with the very strong prior year. In the quarter, commodities and macro, particularly foreign exchange led the strength. Macro revenues increased meaningfully from the prior quarter. Clients remained engaged and the trading environment proved con”