“However, particularly as it relates to the integration of E*TRADE, the final back-office integration remains scheduled to conclude in 2023.”

In context

“ar. Lower compensation expenses principally related to movements in DCP and on lower revenues were offset by higher non-compensation expenses primarily driven by investments in technology as well as increased marketing and business development spend. As a reminder, this year also included a $200 million charge related to a legal matter regarding the firm's record-keeping requirement in the second quarter. As the environment evolved over the course of 2022, we actively managed our expense base. Cognizant of the ongoing macro uncertainty, we continue to review efficiency opportunities. We are in the final stages of completing our integration of both E*TRADE and Eaton Vance. And this will be the last quarter we present measures that exclude integration-related expenses from reported results. However, particularly as it relates to the integration of E*TRADE, the final back-office integration remains scheduled to conclude in 2023. We expect to incur approximately $325 million of additional integration-related expenses this year. These expenses will largely be spread evenly across quarters with approximately 2/3 related to E*TRADE and 1/3 related to Eaton Vance. Now to the businesses. Institutional Securities full year revenues of $24.4 billion declined 18% from the record prior year. In the fourth quarter, revenues were $4.8 billion. Overall, quarterly client engagement across fixed income and equities tapered from the higher levels seen in the first nine months of the year, reflective of seasonality and the macroeconomic environment. Weaker Investment Banking results persisted, reflecting the challenging banking backdrop. Investment Banking revenues were $5.2 billion for the full year, down 49% from the record pri”