

The consistent theme from all these conversations is that our stakeholders agree that our strategy - focused on the dominant secular trends of globalization, urbanization and digitization - is right, both for our firm and for the times.

I traveled some 200,000 miles visiting 53 cities, met with two clients each day on average, spoke with regulators in nearly every country I visited, had dozens of interactions with investors and spoke with our employees at internal gatherings at least once a week.

Let me recap our progress in 2013 toward achieving those goals and lay out the agenda I've set for our firm for 2014 and beyond.Ģ013 was a busy year for the firm and for me personally.
