Thank you, Operator. Good morning, everyone. I'll take you through the presentation, which, as always, is available on our website, and we ask that you please refer to the disclaimer at the back. Starting on Page 1, the firm reported net income of $8.5 billion; EPS of $2.57 and revenue of $29.2 billion with a return on tangible common equity of 17%. Underlying performance continues to be strong. Deposit growth accelerated in the fourth quarter across consumer and wholesale with average balance up 7% year-over-year. We saw solid loan growth with Card and AWM being the bright spots as average loans across the company were at 3% year-on-year excluding the impact of home lending loan sales in prior quarters. Client investment assets and consumer business banking were up 27% and asset and wealth management AUM was up 19% reflecting stronger market performance versus the prior year, as well as organic growth. We've ranked number one for the full year in Global IB fees with 9% wallet share. And growth IB revenue in the commercial bank was a record $2.7 billion.
In CIB Market, we were up 56% year-on-year compared to a weak fourth quarter last year, however, it's important to note the quarter was very strong in absolute terms. In fact, a record fourth quarter. And credit performance continues to be strong across the company. On to Page 2 and some more detail about our fourth quarter results.
Revenue of $29.2 billion was up $2.4 billion or 9% year-on-year with net interest income down $220 million or 2% on lower rates largely offset by balance sheet growth and mix and higher CIB markets NII. Noninterest revenue was up $2.6 billion or 21% on higher revenue in CIB markets and AWM and continued strong performance in home lending and auto. Expenses of $16.3 billion were up 4% on volume and revenue related costs. Credit remains favorable with credit costs of $1.4 billion, down $121 million, or 8% year-on-year, reflecting modest net reserve releases and net charge-offs in line with expectations.
Turning to the full year results on Page 3. The firm reported net income of $36.4 billion; EPS of $2.72 and revenue of $118.7 billion all records. And delivered a return on tangible common equity of 19%. Revenue was up $7.2 billion, or 6% year-on-year with net interest income up $2.1 billion or 4% on balance sheet growth and mix as well as higher average short-term rates, partially offset by higher deposit pay rates. Noninterest revenue was at $5.1 billion, or 9% driven by growth across consumer and higher CIB markets revenues. And expenses of $55.5 billion were up 3% year-on-year driven by continued investments as well as volume and revenue related costs, partially offset by lower FDIC charges. Revenue growth and our continued expense discipline generated positive operating leverage for the full year. And on credit, performance remains strong throughout 2019. Credit costs were $5.6 billion. In consumer, credit costs were up $210 million reflecting an increasing card due to balance growth, largely offset by lower credit cost and home lending. And in wholesale, we were at $504 million largely due to reserve releases and higher recoveries both in 2018. Moving to balance sheet and capital on Page 4.
We ended the fourth quarter with a CET1 ratio of 12.4%, up slightly versus last quarter. The firm distributed $9.5 billion of capital to shareholders in the quarter including $6.7 billion of net repurchases and a common dividend of $0.90 per share. And while on the topic of capital, it's worth noting given the actions we have taken; we fully expect it will remain in a 3.5% G-SIB buckets. Before we move into the business results, I'll spend a moment talking about CECL on Page 5. As you know, the transition to CECL was effective on January 1st and therefore there's no impact to our 2019 financials.
On the page is the CECL adoption impact, an overall net increase to the allowance for credit losses of $4.3 billion which is at the lower end of the range we've provided. This was driven by an increase in consumer of $5.7 billion mostly coming from card, partially offset by a decrease in wholesale of $1.4 billion. In Card, the increase is a result of moving to less time lost coverage versus a shorter lost emergence period under the incurred model whereas in wholesale modeling changes like using specific macroeconomic forecast versus through the cycle loss rates under incurred result in a decrease especially given the forecast to credit environments. Recognition of the allowance increase has resulted in a $2.7 billion after-tax decrease retained earnings as you can see on the page. Also important to note, we have elected to use the transition approach to recognize the impact on capital. And now turning to businesses, we'll start with Consumer & Community Banking on Page 6.
In the fourth quarter, CCB generated net income of $4.2 billion and an ROE of 31% with accelerating deposit growth of 5%. Client investment assets at 27% and total loans down 6%. For the full year, results in CCB were strong was $16.6 billion of net income, up 12% and an ROE of 31% on revenue of $65.9 billion, up 7%. Fourth quarter revenue was $14 billion, up 3% year-on-year.
In Consumer and Business Banking, revenue was down 2% driven by deposit margin compression largely offset by strong deposit growth and higher noninterest revenue on the increasing client investment assets as well as accountant and transaction growth. Home Lending revenue was down 5% driven by lower NII on lower balances which were down 17% reflecting prior loan sales and lower net servicing revenue predominantly offset by higher net production revenue reflecting a 94% increase in origination. And in Card, Merchant Services and Auto, revenue was up 9% driven by higher card NII on loan growth as well as the impact of higher auto lease volumes. Card loan growth was 8% and sales up 10% reflecting a strong and confident consumer during the holiday season. Expenses of $7.2 billion or up went by 2% driven by revenue related costs from higher volumes as well as continued investments in the business including market expansion largely offset by expense efficiencies.
On credit, this quarter CCB had a net reserve release of $150 million. This included a release in the home lending purchase credit impaired portfolio of $250 million reflecting improvements in delinquency and home prices, which was partially offset by a reserve build in card of $100 million driven by growth. Net charge-offs were $1.4 billion largely driven by Card and consistent with expectations. Now turning to the Corporate and Investment Bank on Page 7.
For the fourth quarter, CIB reported net incomes of $2.9 billion and an ROE of 14% on revenue of $9.5 billion, a strong finish to the year. For the full year, CIB delivered record revenue of $38 million and an ROI of 14%. In Investment Banking, IB fees reached an all-time record for the full year. It maintained our number one rank in Global IB fees and grew share to its highest level in a decade. For the quarter, IB revenue of $1.8 billion was up 6% year-on-year outperforming the market which was flat. Advisory fees were down 3% following a record performance last year. On a sequential quarter basis, fees were up meaningfully as we benefited from the closing of some large transactions and for the year we ranked number two in gain share. Debt underwriting fees were up 11% year-on-year due to higher bond issuance activity as clients accelerated their funding to take advantage of attractive pricing conditions to strengthen their balance sheets. And for the year, we maintained our number one rank overall and we were number one for reinvest positions in both high-yield bonds and leveraged loans. Equity underwriting fees were up 10% year-on-year reflecting strong performance in the US and Latin America. The new issuance market continued to be active and for the year we ranked number one in equity underwriting as well as IPOs. Our overall pipeline continues to be healthy as strategic dialogue with clients is constructive, equity markets remain receptive to new issuance and the rate environment is favorable for debt issuance.
Moving to markets. Total revenue was $5 billion, up 66% year-on-year driven by record fourth quarter revenue in both fixed income and equity markets. Fixed income markets was up 86% benefiting from a favorable comparison against a challenging fourth quarter last year, but also reflecting strength across businesses notably in securitized products and rates driven by strong client activity and monetizing flows. Equity markets were up 16% driven by strength across cash and primes. Treasury services revenue was $1.2 billion down 3% year-on-year, primarily due to deposit margin compression which was largely offset by organic growth. While security services revenue was $1.2 billion, up 3%. Expenses at $5.2 billion were up 12% compared to the prior year with higher legal volume and revenue related expenses, as well as continued investments.
Now moving on to Commercial Banking on Page 8. Commercial banking reported net income of $938 million and an ROI of 16% for the fourth quarter. And for the year $3.9 billion of net income and an ROE of 17%. Fourth quarter revenue of $2.2 billion was down 3% year-on-year with lower deposit NII on lower margins largely offset by higher deposit fees and a gain on the strategic investment. Gross investment banking revenues was $634 million, up 5% year-over-year driven by increased large deal activity. Full year IB revenue was a record $2.7 billion up 10% on strong activity across segments with record results for both middle market and corporate client banking. Expenses of $882 million were up 4% year-on-year driven by continued investments in banker coverage and technology. Deposit balances were up 8% year-on-year as we continue to see strong client growth. Loan balances were up 1% year-on-year. C&I loans were up 2% driven by growth in specialized industries and expansion markets, partially offset by the runoff in our tax exempt portfolio. The CRE loans were up 1% where we continue to see higher origination in commercial term lending driven by the low rate environment, offset by declines in real estate banking as we remain selective given where we are in the cycle. Finally, credit costs were $110 million with an NCO rate of 17 basis points, largely driven by a single name which was reserved for in prior quarters. Underlying credit performance continues to be strong.
Now on Asset and Wealth Management on page 9. Asset and Wealth Management reported net income of $785 million with pretax margin of 28% and ROE of 29% for the fourth quarter. And for the year AWM generated net income of $2.8 billion with both pretax margin and ROE of 26%. Revenue of $3.7 billion for the quarter was up 8% year-on-year as the impact of higher investment valuation and average market levels as well as deposit and loan growth were partially offset by deposit margin compression. Expenses was $2.7 billion were up 1% year-on-year and for the quarter we saw net long-term inflows of $14 billion driven by fixed income and multi assets and we had net liquidity inflows of $37billion. AUM of $2.4 trillion and overall client assets of $3.2 trillion, both records were up 19% and 18% respectively, driven by higher market levels as well as continued net inflows into long-term and liquidity products. Deposits were up 8% year-on-year driven by growth and interest bearing products.
And finally, we had record loan balances of 8% with strength in both wholesale and mortgage lending. Now on to Corporate on page 10. Corporate reported a net loss of $361 million. Revenue was the loss of $228 million for the current quarter driven by approximately $190 million of net markdown on certain legacy private equity investments. Sequentially revenues down $920 million due to lower rates. The benefit recorded in the prior quarter related to loan sales as well as the PE losses I just mentioned. Year-on-year revenue was down also primarily driven by lower rates. Expenses of $343 million were down $165 million year-over-year due to the timing of our contributions to the foundation in the prior year.
And turning to Page 11 for the outlook. At Investor Day, as always we will give you more information on the full-year outlook. However for now, I'll provide some color and reminders about the first quarter. We expect NII to be approximately $14 billion market dependent; adjusted expenses to be about $17 billion and as a reminder the effective tax rate in the first quarter is typically impacted by stock compensation adjustments and as a result is currently estimated to be approximately 17% just to manage tax rate about 500 to 700 basis points higher. So to wrap up, 2019 was a year of record financial performance across revenues, net income and EPS. Our outlook heading into 2020 is constructive underpinned by the strength of the US consumer and despite expected slower global growth in the backdrop of geopolitical uncertainties, we remain well-positioned as we continue to build on our scale and benefit from the diversification of our business models. And with that, operator, please open the line for Q&A.