“Client balances continue to rise, supporting the outlook for financing revenues.”

In context

“nce 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 and product offering. Fixed income revenues were $8.7 billion for the full year. And importantly, investing in our lending businesses has contributed to increased consistency and stability of our franchise. Quarterly revenues were $1.8 billion. Micro and macro results declined versus the prior fourth quarter. Reflecting lower volatility in foreign exchange and weaker performance in credit corporate. Sharon Yeshaya: Commodities results declined primarily due to lower power and gas revenues. Which had benefited from several large structured transactions in l”