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CEO Yoni Assia stated that tokenization is a significant, long-term process with the potential to bring $100 trillion of assets on-chain over 20 years. He identified key opportunities in expanding the number of assets on eToro (stocks, bonds, real estate) and enabling 24/7 trading. Assia noted that regulatory clarity, like Europe's MiCA regulation, is a critical catalyst for this expansion.

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CEO Brian Armstrong explained that Coinbase aims to participate across the stack by owning the direct customer brokerage relationship, operating centralized exchanges, and routing orders to decentralized exchanges. He also noted growing inbound interest from companies seeking help with primary offerings and capital formation. Regarding a timeline for tokenized equities, Armstrong stated they are 'working hard on it' but emphasized a focus on building a trusted and compliant product without providing a specific launch date.

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CEO Brian Armstrong outlined a multi-faceted role for Coinbase, including operating the brokerage front-end, running centralized exchanges, and routing orders to decentralized exchanges. He highlighted a significant opportunity in helping clients with primary capital formation on-chain. While expressing strong commitment, he did not provide a specific timeline for tokenized equities, stating they are working to launch it in a trusted and compliant manner.

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CEO Brian Armstrong stated that he expects every major bank to eventually integrate crypto and that Coinbase is positioned to power their infrastructure through its 'crypto-as-a-service' offerings for custody, trading, and stablecoins. CFO Alesia Haas reinforced this by noting that Coinbase already serves major institutions like BlackRock and Stripe, positioning itself as the foundational backbone for traditional finance moving onchain.

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CFO Alesia Haas explained that the current priority is building liquidity and trading volume by offering incentives to market participants. She confirmed that over time, as Coinbase achieves its desired scale and market position, the fee structure will evolve and mature to be competitive with the market, implying they will not remain at the current introductory levels.

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CFO Alesia Haas stated that while no formal 2025 outlook was being provided, the company will maintain its focus on expense discipline. She indicated they will selectively increase headcount for growth opportunities and flex variable spending, such as marketing, to align with market conditions, ensuring a prudent approach to investment.

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CEO Jason Wilk and CFO & COO Kyle Beelman explained that while Q2 saw the full benefit of the new fee structure, future monetization will be driven by the new CashAI V5.5 model. Beelman detailed that the Coastal partnership would lower the cost of funds by 200 basis points and free up over $100M in capital, which will be used to build dry powder for M&A. Both executives confirmed that extensive testing of the new $3 subscription fee showed minimal impact on customer conversion or retention, making it accretive to lifetime value (LTV).

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Executive Jason Wilk explained that the total addressable market remains vast at around 150 million people, with Dave only serving 2.5 million monthly transacting members. He clarified that larger advance sizes, tied to paycheck cycles, offer more flexibility for uses like rent without reducing frequency. Regarding the Dave Card, Wilk noted that growth is currently organic due to its synergy with ExtraCash, and the company plans to invest more resources to enhance cross-sell and direct deposit adoption.

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Executive Jason Wilk explained that the costs of the new sponsor bank partnership are comparable to the current one and that the new partner will be key for launching a new credit product next year. Regarding the Dave Card, Wilk stated that after focusing resources on ExtraCash, the company plans to allocate more to the card experience in 2025, including exploring rewards programs to drive adoption and top-of-wallet behavior, leveraging the company's strong overall economics.

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Founder, CEO & Director Michael Novogratz stated that Galaxy is positioning its infrastructure package, including tokenization and wallet services, to be part of the solution. President & CIO Christopher Ferraro added that the M&A pipeline is the largest it has ever been, with numerous nine-figure deals, and the team is investing in talent and capabilities for a future on-chain capital markets business.

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CEO Andrew Bednar clarified that the firm's pipeline, which includes all engaged and likely-to-be-mandated activity, is at peak levels, distinct from the announced backlog. He noted that while conversion to announcement has been slow, client activity is extremely high and July showed a better cadence. Regarding the Devon Park acquisition, Bednar described it as a strategic and cultural fit that immediately expands their capabilities in the fast-growing GP-led secondaries market, addressing reverse inquiry from clients. He also stated the partner count was 64 at the end of June, is now 70, and is expected to reach at least 76 by year-end.

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CEO Andrew Bednar explained that clients are pausing, not terminating, M&A plans due to broad uncertainty, similar to driving in fog, and he anticipates a sharp rebound once clarity improves. He noted that while the liability management business is performing very well due to both market conditions and growing brand strength, the firm does not break out revenue by business line.

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Andrew Bednar, Chief Executive Officer, attributed the outperformance to being a faster-growing firm, strong positioning with corporate clients, and a broader suite of services. He stated that while M&A is the primary growth driver, the firm's integrated, client-centric model means its restructuring and liability management services are also growing in tandem and contributing to success, though the firm does not track them as separate P&Ls.

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Chairman & CEO Chad Abraham responded that conditions for depository M&A are improving, with an increased pace of announcements. While some deals may close this year, he expects the larger financial impact to be felt next year. Regarding Avidity, he stated the acquisition has performed as hoped, enhancing senior-level client relationships that benefit the firm's debt advisory and M&A businesses, with cross-selling traction occurring quickly.

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Chairman and CEO Chad Abraham explained that the M&A market is bifurcated, with some processes stalling in sectors like consumer products due to supply chain uncertainty, while domestic services businesses remain strong with available financing. He noted a more positive outlook for depository M&A, with deals announced in April potentially closing this year. President Debbra Schoneman added that the municipal finance pipeline is robust but its execution depends on market stabilization, particularly regarding rate volatility and fund flows.

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President Debbra Schoneman detailed a multi-part strategy for fixed income, including investing in talent for non-depository growth, building out the municipal franchise by leveraging the new issue business into the secondary market, and increasing electronic trading capabilities. Regarding the compensation ratio, Schoneman confirmed the previous guidance range remains fair, but the firm anticipates driving a 'modest decline' in the ratio as revenues grow, balanced against continued investment in talent.

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CEO Chad Abraham reported a strong start to the Aviditi integration with plans to invest further in its secondary advisory team. He noted broad-based advisory strength across most sectors, except for healthcare. CFO Kate Clune projected potential for incremental leverage on the comp ratio in Q4 and reiterated a normalized range of 61.5%-62.5% for 2025, revenue permitting.

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CEO Rich Steinmeier acknowledged that advisors are exploring all options, including forming their own RIAs, but emphasized that many underestimate the operational and regulatory complexities. He stated that LPL can support these advisors whether they form an RIA or join LPL's corporate model, and that this dynamic is already factored into the confident 90% retention target. He noted that staying with LPL is the only way for them to retain the unique Commonwealth experience.

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Executive Matthew Audette stated that the integration effort is progressing in line with expectations and tracking towards the 90% retention target. He emphasized that LPL is committed to preserving the Commonwealth community, culture, and brand while enhancing the platform with LPL's technology and capabilities. Audette also noted that existing LPL advisers have been overwhelmingly supportive of the combination, viewing it as a positive for the entire ecosystem.

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Executive Richard Steinmeier highlighted the success of the simplified, integrated platform which replaces multiple vendors and significantly lowers not-in-good-order (NIGO) rates. He suggested Prudential advisors might grow faster due to institutional lead generation and confirmed the successful delivery has spurred inbound calls from other potential enterprise partners.

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CFO Jason Warnick explained their strategy involves asking existing business lines to improve efficiency and keep cost growth in the low single digits, which frees up capital to invest in high-growth areas like new products and marketing. CEO Vlad Tenev added that early and aggressive investment in AI for engineering and customer service has been critical to scaling innovation while controlling operating expenses.

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CEO Vladimir Tenev stated that Robinhood will tackle the advisory space aggressively. He explained the key differentiator is creating a two-sided marketplace: giving advisors access to Robinhood's large customer base and giving customers access to human advisors. This strategy is part of a larger vision to build the first truly multigenerational financial platform for the entire family.

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CFO Jason Warnick reaffirmed the previously stated sensitivity of roughly $40 million per 25 bps rate cut. He noted that margin balances have been growing nicely. For securities lending, he explained that while more customers have joined the program, lower rates on hard-to-borrow stocks have been a headwind. He reiterated his confidence in the company's 'naturally hedged' business model, where lower rates act as a tailwind for trading volumes.

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Chairman & CEO Ronald Kruszewski stated that the environment for bank M&A has significantly improved due to favorable economic, rate, and regulatory shifts, positioning the KBW Stifel brand for continued success. Regarding wealth management, Kruszewski noted that strong recruiting of high-end advisor teams is a leading indicator of future net new asset growth, and he is very pleased with the current momentum.

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CEO Ronald Kruszewski expressed satisfaction with recruiting, noting a focus on attracting high-productivity teams and that volatile markets can spur activity. CFO James Marischen added that the B. Riley transaction would contribute 36 advisers and $4 billion in AUM. Regarding commissions, Marischen attributed the Q1 softness to a combination of trailing commissions and limited client activity, but noted that client engagement has started to pick up since the quarter's end.

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CEO Ron Kruszewski stated the guidance is conservative and that while a normalized institutional margin is around 20%, a favorable M&A and regulatory environment could allow the firm to exceed its forecast. CFO Jim Marischen added that achieving efficiencies in international operations, like the Bryan Garnier acquisition, could provide further upside. Marischen identified fund banking, venture lending, and retail lending (mortgages and securities-based loans) as the key drivers for loan demand in 2025.

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CEO Ron Kruszewski and CFO James Marischen explained that the bank is now relatively insensitive to rate changes and sees a significant opportunity to deploy excess capital into balance sheet growth for attractive risk-adjusted returns. Marischen noted they have over $3 billion in sweep deposits to fund this growth. Regarding fixed income, Kruszewski attributed some Q3 softness to seasonality and expressed optimism for the business as normalizing rates should increase client activity.

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Chairman and CEO John Weinberg stated that while it's difficult to predict exact percentages, Evercore is highly leveraged to the M&A business, which will likely grow faster during a recovery and increase its share of revenue. However, he emphasized that the firm will continue to invest in its strong non-M&A businesses like PCA and restructuring, suggesting the future mix could stabilize with non-M&A representing a significant portion, potentially around 40-50%.

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CEO John Weinberg confirmed that backlogs are at record levels and growing. He explained that while certain areas like PCA and restructuring remain active, a broader market recovery depends on reduced volatility and increased certainty. Weinberg noted that clients are prepared to act and the firm is seeing deal pauses rather than cancellations.

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On M&A, CEO John Weinberg expressed optimism, stating the backlog for large deals is strengthening and that management teams are actively looking to do deals. On capital, an executive (misidentified in the transcript) noted the healthy cash build, highlighted the $591 million returned to shareholders in 2024, and reiterated the commitment to repurchasing shares to offset RSU dilution, expecting to do so again in 2025.

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CEO John Weinberg described the outlook for the PCA business as 'up and into the right,' stating it is a growing and strengthening area. He emphasized the increasing synergy between PCA, the private funds group, and M&A advisory, which provides a comprehensive service to sponsor clients. He noted that key products like continuity funds and LP stake sales continue to see strong backlogs and that the business is positioned for continued growth.

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CEO Scott Adelson stated that the market is improving quarter-by-quarter, though not always month-by-month, as clients adapt to the new environment. CFO J. Lindsey Alley noted that while they avoid specific backlog commentary, performance is solid across sectors, with the U.S. currently outpacing a slower EMEA region.

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CEO Scott Adelson described the Capital Solutions group as a significant and growing part of the business, well-positioned to meet diverse capital needs in the current market. CFO J. Alley added that the financial sponsor community remains roughly 50% of the client base. Regarding restructuring capacity, Alley explained that there is 'plenty of capacity,' noting that revenue per MD during the Great Recession was 40% higher than current levels, as stressed environments lead to larger, higher-fee deals rather than just a linear increase in transaction volume.

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CEO Scott Adelson confirmed that the increase in deal and fee size is a long-term trend driven by multiple factors, while stressing the firm's focus remains on the mid-cap space. Regarding private capital, Adelson described it as a growing area that is 'here to stay,' providing a broader set of solutions for sponsors, and noted Houlihan Lokey is well-positioned to capitalize on this trend.

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Paul Taubman, Founder, Chairman & CEO, stated that network effects are evident 'every day' through collaboration across geographies, industries, and client touchpoints, though he believes the firm is still in its 'early days' of realizing its full potential. Regarding international restructuring, he highlighted significant opportunities to grow the liability management practice in Europe, the Gulf Region, and Asia by leveraging the firm's expanding strategic advisory footprint and connectivity in those regions, with the potential to make the non-U.S. practice 'multiples the size of what it is today'.

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Chairman and CEO Paul Taubman explained that while it's hard to set a dollar target for productivity, the potential is unequivocally higher, with the greatest upside in the less mature Strategic Advisory business. He stated that the firm is better positioned today than a year ago due to an expanded footprint and brand recognition. On compensation, Mr. Taubman reiterated expectations for meaningful comp leverage beginning in 2025, viewing it as the result of a multiyear investment in talent that is now beginning to mature. CFO Helen Meates added that 2024 deferral rates were below average, while 2023's were above average.

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Chairman and CEO Paul Taubman explained that the firm does not manage to a specific revenue-per-partner metric due to variable factors, but he expects meaningfully more productivity starting in 2025 as the more built-out platform matures. On restructuring, he reiterated his view of a long-tailed cycle, noting that despite recent rate cuts, long-term rates remain high and there has been no material change in the onboarding of new clients, maintaining a constructive outlook for 2025.

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CFO Butch Oorlog attributed the quarterly cash decline to seasonal tax payments, highlighting a $1 billion rebound in June. CEO Paul Shoukry added that sweep balances are stable year-over-year. Regarding Canada, Shoukry affirmed the market's importance and stated the investment enhances their platform, adding that the firm remains open to acquisitions that meet its strict cultural, strategic, and financial criteria.

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CFO Butch Oorlog attributed the cash decline to seasonal factors like tax payments, noting a $1 billion rebound in June. CEO Paul Shoukry affirmed the firm's commitment to the Canadian market, highlighting the investment as part of an ongoing effort to enhance resources and capabilities for advisors there, and noted the firm remains open to acquisitions in Canada.

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CEO Paul Shoukry stated that Raymond James's recruiting momentum is consistently strong due to its value proposition, but acknowledged that competitor M&A creates opportunities. He and CFO Jonathan Oorlog clarified that the provision comment was purely about accounting timing for new macroeconomic data, not an indicator of a known credit issue in the loan book.

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CEO Paul Shoukry stated that recruiting momentum is consistently strong but acknowledged that M&A at other firms creates a catalyst for adviser movement. CFO Jonathan Oorlog and CEO Paul Shoukry clarified that comments on the loan provision were about accounting timing, explaining that any economic impacts from April's volatility would be reflected in Q3's CECL model, not a specific current credit issue.

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President Paul Shoukry reiterated that the 10% Tier 1 ratio remains the target. He outlined capital priorities as organic growth, recruiting, and growing the bank's balance sheet, particularly with securities-based loans. Shoukry noted that while the firm is 'front-footed' on M&A, the desire to remain ready for a potential deal has led to a deceleration in share buybacks. Regarding Capital Markets margins, he explained that a return to over 20% would require strong performance from both the equities and fixed income businesses simultaneously, which is atypical. He suggested a 15-20% margin is a more reasonable expectation over the cycle.

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CEO Kenneth Moelis stated that sponsor activity, after a brief pause post-'Liberation Day' in April, has accelerated in the past five to six weeks and is now near pre-downturn levels of enthusiasm. Co-President Navid Mahmoodzadegan added that while most sectors are strong, areas like consumer and industrials still face some trade uncertainty. Regarding PCA, Moelis sees it as a potential multi-hundred-million-dollar revenue opportunity and a key growth area for the firm. Mahmoodzadegan highlighted its strategic importance in providing holistic solutions to private equity clients, which also benefits the core M&A business.

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Chairman and CEO Kenneth Moelis explained that while some supply-chain-sensitive deals have been canceled post-April 2nd, he believes the majority of the backlog, especially sponsor-related deals, is merely delayed due to a pressing need for liquidity. Regarding restructuring, he noted that while conversations have increased significantly due to recent volatility, this has not yet translated into a substantial increase in new mandates, with a current focus on capital markets and financing solutions.

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CEO Ken Moelis responded that the pace of deal conversion did pick up in Q4, feeling like more than just seasonality, and noted that the firm's pipeline is still growing to its highest levels ever. CFO Joe Simon added that 2025 non-compensation expenses are projected to increase by approximately 15% over 2024, driven by headcount growth, UK office expansion, client events, and technology spending.

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CEO Ken Moelis confirmed that the firm's model for comp ratio leverage (4-5 points per $100 million of revenue) still holds, with Q4's outcome dependent on revenue performance. CFO Joe Simon concurred, assuming no major hiring phases. Regarding M&A, Ken Moelis explained that while sponsor engagement is high, a full recovery is hampered by a slowdown in the entire capital ecosystem, especially the fundraising of new LP capital, which needs to restart for deal velocity to accelerate.

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Peter Orszag, CEO & Chairman, explained that Lazard's advisory business is now more diversified, with non-M&A activities comprising 40% of revenue. He described the M&A environment as 'increasingly constructive' as headwinds from tariffs and regulation resolve, leading to an acceleration in client dialogue. For Asset Management, he noted the unfunded mandate backlog is higher than at the start of the year, attributing the positive net flows to sales team enhancements, clearer accountability, and strong performance in key strategies like global and emerging market equity.

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CEO Peter Orszag stated the $10 billion in mandates is "materially higher" than in recent years, driven by investments in the platform, new portfolio managers, and a renewed sales focus. Evan Russo, CEO of Asset Management, added that stronger client interest is seen across Quant, Japan, credit, and emerging markets. Regarding Europe, Orszag noted that despite a weaker macro backdrop, Lazard had a record advisory revenue year in 2024, and he sees continued European interest in U.S. M&A, which benefits Lazard's unique position.

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CEO Peter Orszag stated the $10 billion mandate pipeline is 'materially higher' than in recent years, driven by investments in the platform, new talent, and a focused sales effort. Evan Russo, CEO of Asset Management, added that client interest is broadening beyond large-cap U.S. growth stocks, benefiting Lazard's international and value strategies. Regarding Europe, Mr. Orszag noted that M&A activity is not perfectly correlated with the macroeconomic backdrop, citing Lazard's record 2024 revenue in the region, and highlighted a growing trend of European companies pursuing U.S. acquisitions.

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CEO Peter Orszag attributed the outperformance to Lazard's significant upside potential, deep U.S. and European roots, and a new, robust ecosystem for serving private capital clients, calling it an 'inflection point'. On Asset Management, he outlined a three-part strategy: investing in core and specialty strategies (e.g., active ETFs, quant) and pursuing inorganic growth in areas like wealth management. Evan Russo, CEO of Asset Management, provided further details on the active ETF build-out and a new private equity joint venture.

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Chairman & CEO David Solomon attributed the market share gains to the 'One Goldman Sachs' collaborative culture, the integration of Global Banking and Markets, and a strategic push into financing, which creates a 'virtuous cycle' with clients. On tokenization, he noted the firm is closely watching regulatory developments and sees potential opportunities in reducing friction in the financial system, particularly around funding, but stated it is still early.

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CEO David Solomon described the current fundraising pressure as a short-term phenomenon against a long-term secular growth trend in private assets. Executive Denis Coleman highlighted the debt underwriting business's strength and track record, noting it is well-positioned for both refinancing and transaction-based activity.

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CEO David Solomon stated that the firm already has a leading share with sponsors and that the new organizational changes will only strengthen that position as sponsor activity normalizes. CFO Denis Coleman explained that as the dealmaking environment improves, both capital deployment and monetization activity should increase. He noted that while incentive fees are up, they are still below the $1 billion annual target, but they expect to make further progress toward it in 2025.

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CFO Denis Coleman explained that alternative fee rates are mix-dependent, with certain channels like OCIO offerings having lower effective fees as part of a strategy to achieve scale. Regarding electronic trading, he described a multi-channel client strategy across voice, high-touch, and electronic platforms that are increasingly integrated to optimize market-making and client solutions.

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CEO Anthony Noto highlighted SoFi's competitive advantage from its bank charter, allowing it to offer a superior APY that non-bank competitors cannot match. CFO Chris Lapointe added that the company has operated with a 65-70% deposit beta and is at its long-term target of being 85-90% deposit-funded. They plan to grow deposits in line with loans but can be flexible given strong member demand.

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