“Our business is well positioned for a strong continued rebound in deal making activity.”

In context

“derwriting activity as the IPO market posted its highest volumes since 2021. Fourth quarter investment banking revenues were $1.6 billion. Results were largely driven by accelerating strength in equity underwriting as follow-on and IPO issuance saw meaningful improvements across -- over the comparison period. We also saw corporates and sponsors take advantage of constructive markets in the quarter. Advisory revenues improved year-over-year on higher completed M&A transactions. Looking ahead to 2025, our M&A pipelines are healthy and diversified, outpacing recent years. Financial sponsors are joining corporates to drive activity, evaluating exit opportunities for long held assets. CEO and boardroom confidence continues to improve as valuations stabilize and financing markets remain strong. Our business is well positioned for a strong continued rebound in deal making activity. Turning to equity. We continue to be a global leader in this business, evidenced by record full year revenues of $12.2 billion. These results reflect year-over-year growth across regions with record performance out of Asia, demonstrating the importance of having a global footprint. Full year results were supported by increased prime brokerage balances and our agility as we navigated the market well. Revenues were $3.3 billion in the fourth quarter. Following the U.S. elections, clients re-risk quickly, given shifting market dynamics. Additionally, third quarter strength in Asia carried into the fourth quarter with renewed investor interest across the region. Prime brokerage revenues were a record for the business as clients remained engaged and balances rose to peak levels. Cash results i”