“And I expect we will continue to do a modest level in the fourth quarter, subject to approval by our Board.”

In context

“ndy Sieg has now officially joined our firm. This is the time of massive global wealth creation and our franchise is uniquely positioned for it. Andy will ensure we are at the forefront of what's happening around the world. In terms of our balance sheet, our discipline of growing operating deposits has enabled us to maintain a stable deposit base over the past five years. We grew loans during the quarter and our credit quality remains extremely strong, aided by our disciplined client selection. Our CET1 ratio grew to 13.5%, which is $14 billion above our regulatory minimum and still includes a 100 bps internal management buffer. During the quarter, we returned $1.5 billion to our shareholders through common dividends and stock buybacks. We continue to evaluate buybacks quarter-by-quarter. And I expect we will continue to do a modest level in the fourth quarter, subject to approval by our Board. And while the ultimate impact of potentially high capital requirements won't be known until the Basel III end game is finalized, we have been actively working through, mitigating actions. As you can see on Slide 3, we are relentless in executing our strategy. This quarter, we closed on the sale of our Taiwan consumer business, and that's the second largest of the Asia consumer divestitures. And earlier this week, we announced that we will sell our consumer wealth portfolio in China to HSBC. And this includes approximately $2.6 billion in assets under management and $1 billion of deposits. In the fourth quarter, we expect to close down the sale of our Indonesia consumer business. In terms of the International consumer businesses, we are exiting. In addition to the three wind-down market, w”