Q: Thoughts on the quarter from Cannacord.
Thanks team.
Thanks team.
5i Research Answer:
EPS of 13c missed estimates of 21c; revenue of $428M missed estimates of $439.5M. Higher costs from new hiring and technology investments hurt results. Total revenue rose 25%. Global wealth management revenue was $215.9M, up 13%. Capital markets revenue rose 41% as investment banking and advisory fee business picked up. The conference call has not yet occurred. We would consider the results OK despite the miss. New hires should help growth going forward.