“Looking ahead to 2026, investment banking pipelines remain healthy global, and diversified across sectors. Strategic activity is accelerating, Companies and sponsors are looking to access capital for growth investments.”

In context

“sulting in competitive advantages and industry leadership. A strong macro backdrop improving corporate confidence, open capital markets, position us well to continue to capture durable share. Investment banking revenues were $7.6 billion for the full year, reflecting year-over-year growth across products and regions. Fourth quarter revenues of $2.4 billion increased 47% from the prior year. Results were led by a record in debt underwriting, and advisory crossing $1 billion for the second strongest quarter ever. Corporates leaned into constructive financing conditions to fund strategic priorities. While sponsors were also active. Completing previously announced M&A transactions. Equity issuance led by convertibles and IPOs remained strong, driving consistent results in equity underwriting. Looking ahead to 2026, investment banking pipelines remain healthy global, and diversified across sectors. Strategic activity is accelerating, Companies and sponsors are looking to access capital for growth investments. And the reopening of the IPO market creates additional opportunities for clients. Turning to equity. The business delivered record full-year revenues of $15.6 billion. Our global share gains this year were driven by increased client engagement, and dynamic risk management. Revenues were $3.7 billion in the quarter. All businesses were up versus the prior year's fourth quarter on the back of higher client activity. Prime brokerage revenues drove the fourth quarter's results. Client balances continue to rise, supporting the outlook for financing revenues. Cash results increased versus last year's fourth quarter, reflecting higher volumes across regions. Derivative results were up versus last year's fourth quarter as well, benefiting from our consistent investments in our client franchise an”