Financial Performance & Strategy - Revenue momentum is continuing, delivering against ratio targets set for the year [2] - FICC (Fixed Income, Currencies and Commodities) was up 11%, beating most estimates [5] - The company is pleased to be in a position to increment the originally announced buyback and execute throughout the year, with a base case to deliver on that buyback by the end of the year [9] - The company is managing the company to shareholder value, impacting business decisions, client selection, product pricing, and balance sheet usage [30] Market Dynamics & Outlook - Corporate activity has been chilled by uncertainties around trade negotiations [3] - Corporate finance wallet is down year-on-year, reflecting relative weakness in that area [4] - FX (Foreign Exchange) was very strong, the strongest point in macro generally [6] - There's good activity and performance at the start of the third quarter in both the FICC business and origination advisory business, giving confidence about the second half [8] - Uncertainty around tariffs is holding back corporate investment decisions [14] - There is an investment wave in Europe coming, particularly in defense infrastructure spending, sustainability, and digitalization [15] - Institutional clients are showing interest in reallocating investments to Europe, potentially reducing exposure to the United States [18] - Independence of central banks gives markets confidence in monetary policy [21] Defense Sector - The company is well-positioned to take advantage of growth in the defense sector, with established relationships and cross-industry teams [23][24] - Europe needs a smaller number of defense providers and platforms to concentrate its defense spending [25] German Fiscal Policy - The company expects to be involved in the issuance of debt, holding accounts, financing corporations, supporting households, and supporting investors related to the German government's debt break [33][34]