“While we are cognizant of the typical summer slowdown and it is hard to know whether positive trends will continue for the near term, current conditions remain encouraging, certainly for the medium-term outlook and especially for 2024.”

In context

“couraging signs that equity and equity-linked markets were opened at times for regular weight issuance. Fixed income underwriting revenues were $395 million, up year-over-year, driven mostly by investment-grade bond issuance, where corporates and financials took advantage of constructive markets in May and June, respectively. Investment-grade markets remain resilient against an uncertain backdrop. Across investment banking, client activity trended positively as the quarter progressed. The preannounced M&A backlog grew consistently throughout the quarter with a potential plateau in rates and lower implied volatility, client dialogue is currently active. We continue to invest in the franchise and have made selective senior hires to enhance our footprint to best position for the opportunity. While we are cognizant of the typical summer slowdown and it is hard to know whether positive trends will continue for the near term, current conditions remain encouraging, certainly for the medium-term outlook and especially for 2024. Equity revenues were $2.5 billion, down 14% compared to strong results in the previous second quarter due to lower activity and lower market volatility. Prime brokerage revenues were solid, supported by increasing average client balances, consistent with rising market levels. Cash and derivatives declined versus last year on lower global volumes and lower market volatility. Fixed income revenues of $1.7 billion decreased compared to last year's elevated results. Solid performance reflects tempered client activity and prudent risk management. However, improved market conditions in June shifted client sentiment and supported the quarter's overall results. Macro revenues were down year-over-year, attributed to the declines in foreign exchange and a challenging environment and reduced activit”