“For the balance of the year, our expectations for total integration expenses are broadly in line with our prior guidance, with approximately $150 million remaining.”

In context

“reduced EPS by $0.14 and ROTCE by about 140 basis points. As James discussed, sentiment and activity improved towards the end of the quarter, evidenced by green shoots that emerged across our businesses. In Institutional Securities, client engagement progressively picked up. And in Wealth Management, we witnessed a moderation of sweep outflows as well as the stabilization of retail investments into cash and cash equivalents. The firm's year-to-date efficiency ratio was 75%. In addition to severance, expenses for the quarter included $99 million of costs associated with the integrations of E*TRADE and Eaton Vance, approximately 75% of which relates to E*TRADE. Together, severance and this year's integration represent an impact of about 175 basis points to the year-to-date efficiency ratio. For the balance of the year, our expectations for total integration expenses are broadly in line with our prior guidance, with approximately $150 million remaining. Looking towards the back half of 2023, we continue to balance investments with the operating environment. Now to the businesses. Institutional Securities revenues of $5.7 billion declined 8% versus last year. With overall client activity -- while overall client activity was lower compared to the prior period, results improved as the quarter progressed, alongside better market conditions. Investment banking revenues were flat compared to a year ago. Although advisory remained under pressure, a pickup in underwriting supported results. Advisory revenues of $455 million reflected lower completed M&A volumes. Equity underwriting revenues were $225 million. While IPO activity remained muted, results were supported by follow-on and convertibles, encouraging signs that equity and equity-linked m”