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billion or 12% driven by higher firmwide asset management and InvestmentBankingfees as well as lower net investment securities losses. Next, the Corporate & InvestmentBank on Page 5. InvestmentBanking revenue of $2 billion was up 27% year on year. NIR ex Markets was up $1.2
But you mentioned their equities trading, which was really strong, their investmentbankingfee growth, which was 29% year over year, which came from a very low bar, but now more companies are going public, more M&A activities happening, and the banks are a big beneficiary of that. The debt itself is getting higher.
We created a strategic partnership with Centerbridge Partners and introduced Overland Advisors to better service our commercial banking customers with a direct lending product. We have targeted our investmentbanking capabilities toward our commercial banking clients. The opportunity remains significant.
We also expanded Zelman's investmentbanking capabilities into the commercial market in 2023. And in the fourth quarter, the investmentbanking team closed three transactions, albeit all in the single-family sector, that boosted revenues and expanded the W&D brand significantly. billion of bridge business.
It's like a private equity that retail investors can invest in because they also take on debt, they can do things like preferred shares, which are really more like debt than they are like stock, even though it's called preferred shares. Just the assets under managementfees. Generally, they don't.
We are also investing in our branches and have refurbished over 460 branches during the first three quarters of this year. We continue to hire proven leaders in our corporate investmentbank. We also hired a new vice chair of corporate banking, who is focused on helping us continue to expand and grow that franchise.
We ended the year with $6 trillion in total client balances that we manage for people in America across our global wealth and consumer businesses. Our customer investments team, what we call Merrill Edge, crossed a new milestone this quarter and now sits in excess of $518 billion in balances. Investmentbanking grew 44%.
billion or 21%, largely driven by higher investmentbanking revenue and asset managementfees. Both periods included net investment securities losses. Next, the commercial and investmentbank on Page 5. Our new commercial and investmentbank reported net income of 5.9 billion or 56%.
From early April, clients stood on the sidelines as the debt ceiling played out, and we continued to experience very low levels of volatility throughout the quarter. In banking, the momentum in investment-grade debt has spread into other DCM products. In the U.S., Our results include expenses of $13.6
The strong year-over-year fee performance was led by a 15% improvement in investment in brokerage services, mostly in our global wealth management business. Bank of America's 23 million Zelle users are up 10% in the past 12 months and their volume usage is now up more than 20%. On Slide 15, you see Global Banking results.
Investmentbanking revenue of 1.6 IB fees were also up 13% year on year, and we ended the year ranked No. In advisory, fees were up 2%. Underwriting fees were up significantly compared to a weak prior-year quarter with debt up 21% and equity up 30%. The CIB reported net income of 2.5 Revenue of 3.7
Adjusted full year revenue grew 5% on a back of 9% NII improvement and strong asset managementfees and sales and trading results. We achieved 170 basis points of operating leverage in 2023, as heightened quarterly expense levels were driven lower throughout the year, even as the investments in growth continued. billion in Q4.
NII ex-markets was up $274 million or 1%, driven by the impact of balance sheet mix and securities reinvestment, higher revolving balances in card, and higher wholesale deposit balances, predominantly offset by lower deposit balances in banking and wealth management and deposit margin compression. NIR ex-markets was up $1.8
Investmentbanking revenue of 1.5 IB fees were down 6% year on year, and we ranked at No. In advisory, fees were down 19%. Underwriting fees were down 6% for debt and up 30% for equity, with more positive momentum in the last month of the quarter. Asset and wealth management reported a net income of 1.1
So that was a while back, but nonetheless, I don’t know if it was love at first sight, but we got to get along pretty well, and after a few years working for investmentbanks, he then joined Goldman Sachs. I joined, effectively, Deutsche Bank. We decided to try to have a go on our own. We were 28, 30 respectively.
I wanted to see the world, and whether it was investmentbanking, or basket weaving really had absolutely no bearing on my decision. And anything above the par value of the total debt on the capital structure belongs to the equity guys. So let’s get long this debt, which is trading at a fraction of what it was issued for.
Excluding the prior year's net investment securities losses, it was up 21%, largely on higher asset managementfees and investmentbankingfees. Next, the commercial and investmentbank on Page 6. IB fees were up 49% year on year, and we ranked No. NIR ex-markets was up 3.1 Revenue of 5.8
Fees grew 6% year over year and represented 46% of total revenue in the quarter. Our strong fee performance was led by a 14% improvement in asset managementfees in our wealth management businesses. We grew investmentbankingfees 29% year over year and saw sales and trading revenue increase 7%.
Over the past decade, there has been, for lack of a better word, a democratization of private equity and and private debt. Private debt, private equity stepped into that and really filled that gap for, especially for institutional investors. And that’s something we do all day every day as well. Some markup.
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