Stifel reports May 2023 operating data; Q2 IB revenue seen down 10-15% from Q1

STIFEL FINANCIAL CORP

Total client assets $402.4B at May 31, down 1% from April and up 1% YoY.
Client money market & insured product $25.1B (-1% vs April, -8% YoY).
Q2 investment banking revenue estimated down 10-15% from Q1; transactional revenue down 5-10%.
Bank loans net $20.8B, flat vs April, up 9% YoY.
Deposits increased in May; Smart Rate balances growing; cash sorting slowing in June.

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