“In the short run, similarly sized additional modernization efforts focused on decommissioning legacy technologies may result in higher amortization costs.”

In context

“$7.95. For the fourth quarter, ROTCE was 20.2%, and EPS was $2.22. The full year efficiency ratio was 71.1%. Improved efficiency not only demonstrates our ability to grow revenues, but also to prioritize our controllable spend. Occupancy and equipment costs held flat, benefiting from the prior year's consolidation of our real estate footprint. During 2024, we took real estate charges of $62 million, which impacted full year EPS by $0.03. Professional services declined year-over-year, aided by the roll off of integration related expenses and discipline across project spend. These savings helped self-fund investments across infrastructure to support growth such as expanding data center capacity, renovations, and technology modernization efforts. Self-funding investments remains a priority. In the short run, similarly sized additional modernization efforts focused on decommissioning legacy technologies may result in higher amortization costs. This alongside business enabled innovation and process optimization with AI should support the firm's future efficiency path. Now to the businesses. Institutional securities delivered very strong annual results across business and regions, demonstrating the high quality breadth and depth of our world class global franchise. Full year revenues of $28.1 billion included our highest reported equity revenues and the highest results across combined equity and fixed income markets. The strong annual performance showcases our global footprint and our ability to capture client share amidst an increasingly constructive backdrop. Fourth quarter revenues were $7.3 billion as markets remained active, bucking the typical seasonal slowdown. We supported clients throughout the quarter and ended the year”