Stifel Financial Corporation (SF) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Joel Jeffrey, Head of Investor Relations. Please go ahead. Thank you, Operator. I'd like to welcome everyone to Stifel Financial's second quarter 2025 conference call. I'm joined on the call today by our Chairman and CEO, Ron Krzyzewski, our President, Jim Zimlak, and our CFO, Jim Marishen. Earlier this morning, we issued an earnings release and posted a slide deck and financial supplement to our website, which can be found on the Investor Relations page at www.stifel.com. I would note that some of the numbers that we state throughout our presentation are presented on a non-GAAP basis, and I would refer you to our reconciliation of GAAP to non-GAAP as disclosed in our press release. I would also remind listeners to refer to our earnings release, financial supplement, and our slide presentation for information on forward-looking statements and non-GAAP measures. This audio cast is copyrighted material of Stiefel Financial Corp. and may not be duplicated, reproduced, or rebroadcast without the consent of Stiefel Financial. I will now turn the call over to our Chairman and CEO, Ron Crescesi. Thanks, Joel. Good morning and thanks to everyone for taking the time to listen to our second quarter earnings conference call. On our last earnings call back in April, I noted that uncertainty around tariffs and the so-called big beautiful bill had created headwinds for the market. But I said then that if we got clarity on these issues, conditions could improve quickly. That's exactly what happened. Investor sentiment improved significantly in the last two months of the quarter. as greater clarity on tariff and tax policy emerged. The S&P 500 rallied 1,000 points since our last call, fueling record client assets and wealth management and sparking a rebound in M&A and capital market...