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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
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%.
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.
billion or 17%, but excluding the prior year's net investment securities losses, it was up 10% on higher asset management and investmentbankingfees and markets revenue was up $535 million or 8% year on year. Next the Commercial and InvestmentBank on Page 5. NIR ex-markets was up $1.8
billion, or 8% year on year, primarily driven by higher compensation expense, including wage inflation and higher legal expense. The net reserve build included a 389 million build in the commercial bank, a $200 million build in card, and a 243 million release in corporate, all of which I will cover in more detail later. Expenses of 20.2
I wanted to see the world, and whether it was investmentbanking, or basket weaving really had absolutely no bearing on my decision. And all these formally high performers are now just so big, they’re very happy collecting the managementfee and the performance fee matters less.
So, Frame is -- I've referred to it in the past when we've talked about it as really kind of the do-it-yourself Metaverse, meaning that it doesn't, whereas Virbela was a fairly heavy application, you had to download a client and then those clients when you get into large enterprises, investmentbanks, etc.,
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
It’s also legal and regulatory. If you look at the m and a volumes at at most of the major investmentbanks, including at Raymond G’s volumes came down. Here’s some managementfees and expenses you need to fund, but the cash back froze. You think it’s more than just the tech companies?
The largest investmentmanagement firm in the world lowered the expense ratio on 168 of its mutual funds and exchange-traded funds (ETFs). The average ETF expense ratio for an index equity ETF in 2023 was 0.15%, although the ratios can vary widely based on factors such as active or passive management and the assets being tracked.
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