Revenue during the quarter surged 166.07 percent to $795.51 million from $298.99 million in the previous year period. Non-interest income for the quarter rose 197.90 percent over the last year period to $807.77 million.

Rich Handler, chairman and chief executive officer, and Brian Friedman, chairman of the executive committee, commented: "Our first quarter represents the fourth consecutive quarter of improving results. Net revenues, for the last 12 months through February 2017, aggregate to nearly $3 billion and reflect the benchmark level of the firm's capabilities during a stable environment. Our first quarter performance was driven by well-balanced contributions of $408 million from Investment Banking and $379 million from Equities and Fixed Income. Our Investment Banking results reflect an improved Debt Capital markets performance, a solid contribution by Equity Capital Markets and another good quarter for our Advisory activities. The sales and trading environment was reasonably robust for much of the quarter. Fixed Income revenues were $222 million, an increase of 48% versus the fourth quarter of last year and nearly four times greater than the revenues of last year’s challenging first quarter. Equities revenues were a solid $157 million. The tax rate for the quarter was 8% and reflects a $32 million, or 26%, net tax benefit which resulted from the repatriation of earnings, along with their associated foreign tax credits, from certain foreign subsidiaries."