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Each of the major stock market indexes has gained more than 20% from their bear market lows, with the gains fueled by easing inflation and the expectation that the Federal Reserve Bank may be done raising interest rates. In the third quarter, revenue grew 5% year over year to $3.3 billion while cutting its loss by 75% to $144 million.
The funds we advised through our External Investment Manager continued to experience favorable performance in the fourth quarter, resulting in significant incentive fee income for our asset management business for the ninth consecutive quarter and, together with our recurring managementfees, a significant contribution to our net investment income.
These results included a $725 million increase to the special assessment resulting from the FDIC's updated estimate of expected losses from the closures of Silicon Valley Bank and Signature Bank. Firmwide IB fees were up 18% year on year, reflecting particular strength in underwriting fees. NIR ex Markets was up $1.2
Not only are volumes up as banks retreat, the addition of new clients to the platform has never been higher. The company started in 2013 at Fortress to take advantage of dislocations in the MSR market as banks were selling MSRs to Basel III capital constraints. So, we started the business with $1 billion of equity. Today, we're at $7.1
And our desirable footprint, granular deposit base, and relationship banking approach will continue to serve us well. Operator Our next question comes from the line of Ebrahim Poonawala with Bank of America. Ebrahim Poonawala -- Bank of America Merrill Lynch -- Analyst Hey. Thank you all very much. Good morning.
We made a slight change in the net loss range to reflect additional depreciation, amortization and interest expense and a shift in the timing of the lease-up on the remaining Phase 1 development buildings. We've received actionable dates from our banking partners. The line currently is 6.9% The line currently is 6.9%
In consumer loans, our partnership with WeBank and other licensed banks facilitate us distributing small-sized cash loans and installment payment services, and we kept the default rate low by applying stringent tech-enabled risk management procedures. Segment revenue is 54 billion renminbi in the fourth quarter, up 15% year on year.
For fiscal 2025, we will have increased capital expenditures due to a higher number of organic new store openings and supply chain investments, and as a result, higher depreciation and amortization. The first question is from Krisztina Katai from Deutsche Bank. Operator The next question is from Robby Ohmes from Bank of America.
First, we moved to a consistent measure of profitability of operating income across each segment of our business that excludes amortization of acquired intangible assets. And book value is a pretty darn good proxy for describing economic progress of insurance operation, a bank, a financial institution like that.
Momentum-focused strategies are banking on the sheer size of the premium outweighing the costs of that turnover. Profitability: A company’s operating income before depreciation and amortization minus interest expense scaled by book equity. This implies turnover exceeding 100% for a continuous focus on the premium.
Federal Reserve Bank of St. Profitability: Measured as operating income before depreciation and amortization minus interest expense scaled by book. Commissions, trailing commissions, managementfees and expenses all may be associated with mutual fund investments. Crowding Out.” London: The New Palgrave.
Federal Reserve Bank of St. Profitability: Measured as operating income before depreciation and amortization minus interest expense scaled by book. Commissions, trailing commissions, managementfees and expenses all may be associated with mutual fund investments. 3General government debt from OECD (2021). 5Reuters (2011).
An expansion of the CPP would transfer these risks from individual workers to the government, which is much better placed to manage them, as it can pool risks across all Canadian workers and across generations of workers. The CPP is also fully portable, making it easier to change jobs.
These specific groups further simplified their structures, resulting in a fourth quarter restructuring charge of 61 million, comprised of severance and accelerated amortization of previously granted deferred compensation awards. The integration will nearly double our private markets managementfees to over 1.5 Happy New Year.
This combination not only solidifies our position as the largest commercial bank headquartered in Greater Boston and a leading financial institution in New England but also allows us to deliver a broader suite of offerings to our customers, greater opportunities for our colleagues, and even stronger commitment to the communities we serve.
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