The key takeaway is capital markets momentum carries on. Pipelines are full across banks, with Goldman citing a four-year high in the investment bank pipeline. The expectation is that 2026 holds better days ahead.

There's always optimism when equity valuations are fairly elevated and the Fed is easing. This creates a conducive backdrop for capital raising and transactions like M&A. We're looking for a broader recovery into 2026, with financial sponsors being a big part.

There's always risks lurking. Ultimately, it's the question of how resilient can the economic growth be. If you see a slowdown and clients pull back from markets, that is a headwind. But ultimately, the optimism is there and macro sentiment is still pretty solid.

You have two push-pull forces: AI and tech-driven initiatives seeking to rationalize workforces for efficiency. A lot of banking services can be commoditized. On the capital markets side, these are relationship-driven, human-capital intensive businesses, so you see stickier compensation there.