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- **Record Financial Performance**: $14.1B net revenues (10% YoY), $2.71B pretax income (3% YoY), $1.73T client assets (11% YoY). 
- **AI-Driven Growth**: $1B annual tech investment, new AI leadership roles, 7.3% annualized asset management inflows. 
- **Loan Expansion**: Securities-based loans up 22% YoY, $51.6B total loans with strong credit quality (1.28% criticized loans). 
- **Strategic Acquisitions**: GreensLedge deal enhances structured credit capabilities, aligning with long-term growth strategy. 
- **Capital Discipline**: $1.5B FY2025 share buybacks, 13.1% Tier 1 leverage ratio, $2.6B excess capital capacity.

**【CEO Summary Section】**
- Recorded fiscal 2025 results: $14.1 billion in net revenues (10% YoY growth), $2.71 billion pretax income (3% YoY growth). 
- Client assets under administration reached $1.73 trillion (11% YoY growth), with 8,943 financial advisers (2% YoY increase).
- AI strategy: $1 billion annual tech investment, including new Chief AI Officer and Head of AI Strategy roles. 
- Private Client Group fee-based assets grew to $1.01 trillion (15% YoY), with $407 million in trailing 12-month production from recruited advisers.
- Capital Markets segment achieved third-highest quarterly revenue on record, driven by debt underwriting and M&A activity.
- Bank segment loans reached $51.6 billion (22% YoY growth in securities-based lending).

**【CFO Financial Commentary】**
- Q4 2025 net revenues: $3.7 billion (8% YoY, 10% sequential growth). 
- Pretax income: $731 million (down 4% YoY, +30% sequential). 
- Segment performance: 
  - Private Client Group: $416 million pretax income, 13% growth in asset management fees. 
  - Capital Markets: $90 million pretax income, 6% YoY revenue growth. 
  - Asset Management: Record $132 million pretax income, 7.3% annualized net inflows. 
- Share repurchases: $350 million Q4, $1.5 billion FY2025 total. 
- Capital deployment: Maintained Tier 1 leverage ratio at 13.1%, with $2.6 billion excess capital capacity.

**【Q&A Highlights】**
- **Recruiting Momentum**: 21% YoY increase in recruited adviser production ($407 million TTM), driven by unique 'best of both worlds' value proposition. 
- **AI Investment**: $1 billion annual tech spend, with focus on infrastructure resilience, efficiency, and client experience enhancement. 
- **Loan Growth**: Securities-based loans grew 22% YoY, expected acceleration in low-rate environment. 
- **M&A Strategy**: Disciplined approach with focus on cultural fit, strategic alignment, and attractive valuations (e.g., GreensLedge acquisition). 
- **Expense Management**: Non-compensation expenses grew 11% YoY, driven by growth-related investments (adviser recruiting, sub-advisory fees). 
- **Capital Allocation**: $450 million Q4 capital return (dividends + buybacks), targeting $400-500 million/quarter going forward.

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