“As it relates to sponsors, we would expect sponsors to come back that will obviously take time, and I do think it will likely take a couple of potential prints in certain places and other things that will be encouraging will be on the equity IPO side.”

In context

“s active than corporates, at least from the data we track, and we know sponsors have record dry powder, but higher interest rates, current valuations have been a little bit challenging for them. So just the question is whether they are in a position to return in force over the next year. I think that's probably going to be necessary for full normalization in investment banking. And then just what you're seeing when you talk about the pipeline that you have, which are good, what are sponsors doing in those pipelines? Sharon Yeshaya: Sure. Overall, the pipeline is more diversified than we've necessarily seen in historical years. We expect to see continued momentum in energy that we've seen over the past year, we see optimistic signs in real estate, and we see optimistic signs in technology. As it relates to sponsors, we would expect sponsors to come back that will obviously take time, and I do think it will likely take a couple of potential prints in certain places and other things that will be encouraging will be on the equity IPO side. What I'd say is we've moved from a period of time that was window driven and that market is beginning to build momentum. And so the juxtaposition between the outlook for '24, I think in '23 is important there as well. Devin Ryan: Okay. Terrific. And then a question for Ted. So I think you're pretty clear here, the strategic trajectory is not changing dramatically. But we often get the question around stylistically what's changing. And so you have a different background than James. I think everyone has their own management style, and you run some big businesses very successfully from Morgan Stanley. So what could maybe just hit on briefly how you would characterize kind of your style and just the ability to leverage your experience and what may change as a result of that? Thanks. Ted Pick:”