“As their cost pressures rise, we are seeing a lot of interest in engaging with us to review operating models. The scale of our platforms should allow us to lower operating costs for our clients enabling them to focus on their core strengths.”

In context

“us a terrific vantage point on what's going on in markets. For example, our data shows that building up throughout the quarter and heading into quarter end, the market was extremely short euros to levels not seen in quite a few years. And we've seen international holders selling U.S. treasuries. And more broadly, it's clear that market liquidity continues to be challenged in some markets more so than in others. As we sit here today, most markets have continued to function in a relatively orderly fashion, trades are settling and failed and overdrafts are at fairly normal levels. But clearly, risks are elevated and the system feels more fragile than it was a few months ago. While the environment is quite uncertain, our platform of trust and innovation is very much in demand by our clients. As their cost pressures rise, we are seeing a lot of interest in engaging with us to review operating models. The scale of our platforms should allow us to lower operating costs for our clients enabling them to focus on their core strengths. Turning to our performance in the quarter and referring to Page 2 of our financial highlights presentation. We reported EPS of $0.39 on $4.3 billion of revenue and a return on tangible common equity of 7%. These results were impacted by a goodwill impairment charge that Emily will discuss in more detail shortly. Excluding the impact of notable items, EPS was $1.21, up 11% year-over-year, and our return on tangible common equity was 22%. Revenue grew 6% year-over-year, a testament to the diversity and resiliency of our business model. This performance reflected the benefit of higher interest rates as well as continued strength in client volumes and balances across our Securities Services and Market and Wealth Services segments. While investment in Wealth Management was naturally more affec”