Devin Ryan

are we in a transition moment where speculative volume is declining before the utility side of the market has produced a step function increase in block space demand?

Just want to ask a question about Deribit. Obviously, you haven't had it on the platform for too long, but seems like it's doing well here out of the gate for Coinbase.

Can you talk about the areas where you think Coinbase will participate in the revenue streams? And can you give us any sense of timing in terms of when you hope to be up and running with tokenized ...

I'm curious if you're having conversations directly with this part of the market. And just more broadly, the view around kind of the opening up of traditional financial institutions into the space

should we expect that they would kind of hold the line with where they are now, or could there be an opportunity to actually increase the take rates as you get to kind of the more mature share?

the 12.5%, roughly 100 basis points is a reasonable buffer

whether AI overall is an accelerant for Goldman Sachs like it has been -- or technology cycles in the past have been

the gap that you talked about that you're closing, where are you in that? Is there still opportunity to accelerate

Just be good to get some additional context on where you feel like we are in the broader recovery for the advisory business

is there a way to frame how you're thinking about the cyclical demand in that business right now

how Goldman is thinking about this as an opportunity, you know, how you're thinking about implications on market structure

remind us on some of the structural difference and how you're covering these clients today compared to the past

I just love to maybe just hear a little bit about some of the -- whether it's cyclicality in the business

Is this an opportunity? Does it further differentiate Goldman?

How do you think about your market share today with sponsors and not sure if you can give any framework

How should we think about the pace of deployment of kind of that record fundraising and then just kind of the trajectory

the recent announcement on the Pattern Day Trader elimination. And just get your thoughts on what does that mean for Robinhood

how you see tokenization and AI coming together. Do you think the timeframe for that to happen is? And what does that mean for Robinhood Markets, Inc.

can you just talk about whether there's demand from your customer base and especially as companies stay private longer

the relationship and the commitment to continuing to drive kind of top line faster than expenses

is that June number a jumping off point if IPOs continue? Or how should we think about that?

I'm curious kind of the level of urgency to do more as this industry is getting unlocked

how you're planning to differentiate in the RIA custody market?

the market seems like it is currently weighing AI as a negative for wealth towards a risk

45% of the firm sequential revenue improvement came from Asia. It is only 16% of firm-wide revenues

wrapping up another great year for the firm, up 16%, and that's coming off of 19% growth in 2024

Can you just give us a sense of kind of what the growth function has looked like in financing relative to intermediation over the past couple of years

I want to start with a question on wealth management net interest income. Obviously, it really benefited short term rates rose in in prior years

how you're thinking about the opportunity for Morgan Stanley. Is this something that you think could be big or is it just kind of an evolution

just love to hear about how the market backdrop is evolving. Sharon, I heard comments about markets have been resilient

do you think we need to see kind of a V recovery in asset prices because that's where people's expectations are anchored?

get a bit of background on the recent initiative that drove some of the severance in the quarter

how do you think about that becoming a larger strategic piece of Morgan Stanley? And what's the appetite there

it sounds like you think AI will be a net positive for the business versus an overall risk

I'm just curious, as we think about kind of the next year here, I get the piece around rates are coming down and that's helpful. But it seems like there's probably a lot of education going on there

So PCG brokerage strength, was that mostly trails that supported kind of that big growth? Or were there any gains in there

Can you keep this up or even accelerate and then what the mix of growth might look like

what you can kind of the size and strategy of that investment more broadly in this world where outright acquisitions in the space have been really competitive

just be good to get an update on what you're seeing around your client behavior there, what you've seen through July

how much of the recruiting backlog right now is coming from maybe some of the M&A affected firms

I just wanted to see if that's kind of a generic comment? Or if there's anything kind of in the loan book that would maybe warrant closer attention because of tariffs

do you feel like you can get back to above 20%, or just how would you guys frame what a recovery looks like

just want to think about obviously, you're growing loans at a pretty good pace. So, can you talk about the level of loan demand

how you would frame the amount of loan growth that could come from just remixing the current balance sheet

just trying to think about where we could go from here. If there's a kind of a framing of whether it's historical levels of revenue

how do you see the markets evolving more broadly, particularly the areas that are maybe closer to Schwab's core

With that largely complete and where capital ratios are right now, how should we think about the next phase of asset remixing?

a question we've been getting a fair amount recently is whether we're kind of in an extended level for retail investor engagement

I'm just curious whether that's still the plan, and the timing just after replacing short-term funding

It just seems like the balance sheet is actually performing a bit better than we had modeled

how are you guys thinking about the incremental opportunity for Schwab