Susan Cohen, Dundee Securities during Q3 2004 Earnings Conference Call: Could you give us an update on the Investment Banking Pipeline?
Yvan Bourdeau, President and COO, BMO Nesbitt Burns: The Pipeline is reasonable and similar to last quarter particularly in the M&A and advisory fee business. However both the debt and equity origination pipeline has slowed down somewhat since the second half of the third quarter. It is difficult to assess at this point in time whether market conditions will improve sufficiently in Q4 to bring the debt and equity origination pipeline to a similar level as in Q2.
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