“we anticipate a similar amount in the fourth quarter as previously communicated.”

In context

“in the next couple of months. I'm very excited about the future of this firm, its leadership, its strategy, and its culture. And I'll now turn it over to Sharon, who can discuss the quarter in greater detail. And then together, as always, we'll take your questions. Thank you. Sharon Yeshaya: Thank you, and good morning. The firm produced revenues of $13.3 billion in the third quarter. Our EPS was $1.38 and our ROTCE was 13.5%. Results in the third quarter were solid against a mixed market backdrop. The firm's year-to-date efficiency ratio was 75%. Together, severance and DCP impacted the year-to-date efficiency ratio by nearly 150 basis points. As we invest for growth, our integration efforts have remained a priority. Integration-related expenses were $68 million in the third quarter, and we anticipate a similar amount in the fourth quarter as previously communicated. Now to the businesses. Institutional securities revenues were $5.7 billion, declining 3% versus the prior year. Equity and fixed income results were in line with long-term historical averages. Investment banking revenues remained depressed on lower volume. However, leading indicators across advisory and underwriting progress positively, evidenced by a notable increase of Morgan Stanley's announced volumes in the third quarter on a year-over-year basis. Investment banking revenues decreased to $938 million. The change to the previous year was driven by lower results in advisory and debt underwriting. Advisory revenues of $449 million reflected a decline in completed transactions, due to lower announced volumes in prior periods. Despite the weaker quarterly results, we continue to see broad”