“The Investment Banking pipeline remains solid. Conversion to realize will largely be dependent on market conditions and corporate confidence.”

In context

“exceptionally strong prior year, while the backdrop was challenging for Investment Banking, particularly underwriting, fixed income and equities led the strength of the quarter as clients navigated volatile markets. Investment Banking revenues were $1.1 billion, down significantly from the prior year. Heightened volatility led clients to delay strategic actions and new issue activity. Advisory revenues were $598 million, reflecting lower completed M&A volumes. Equity underwriting revenues declined to $148 million. Results were in line with global equity volumes, which fell meaningfully versus the prior year. Fixed income underwriting revenues were $326 million, also down compared to the prior year as bond issuance was muted across both investment grade and non-investment-grade companies. The Investment Banking pipeline remains solid. Conversion to realize will largely be dependent on market conditions and corporate confidence. Equity revenues were $3 billion, reflecting the strength of our business against a volatile backdrop. Prime brokerage revenue... [Technical Difficulty] Operator: Please standby as we reconnect our speakers. Please continue. Sharon Yeshaya: Our revenues declined versus the prior year and reflected a loss of $413 million. Mark-to-market losses on corporate loans held-for-sale including event loans offset by gains on hedges were $282 million. This reflected the widening of credit spreads. Notable declines in deferred-based – in deferred cash-based compensation plans compared to gains in the prior year also contributed to the decline. Turning to ISG lending, as a reminder, over 90% of our ISG loans and commitments are either investment grade or secured. Our Institutional Securities Group cred”