Question · Q3 2025
Erica Najarian asked about the sustainability of investment banking strengths, specifically the preconditions needed for the realization pipeline from sponsors to extend into 2026 activity.
Answer
CFO Sharon Yeshaya confirmed that the realization is already occurring, driven by the capital markets flywheel and IPOs providing exit lanes for sponsors. Chairman and CEO Ted Pick added that a rebalancing regulatory framework and a pro-business environment are making public markets more attractive, fostering large-cap M&A and IPOs, which were previously constrained by companies staying private longer.