“We will continue to prioritize returning capital to shareholders through buybacks, as evidenced by the $5 billion of buybacks in the third quarter and nearly $9 billion year to date.”

In context

“12.1% regulatory capital requirement during the third quarter. Effective October 1, our new standardized CET1 capital ratio requirement is 11.6%, which incorporates the reduction in our SCB from 4.1% to 3.6%. That said, we're still waiting for clarity from the Federal Reserve on whether the averaging of STB results from the previous two consecutive years will become effective in the next few months. Given this uncertainty, we will be targeting a standardized CET1 ratio closer to 12.8%, which incorporates a two-year average SCB of 3.8% as well as a 100 basis point management buffer. As we've said in the past, we remain very focused on efficient utilization of both standardized and advanced RWA while providing the businesses with the capital needed to pursue accretive growth opportunities. We will continue to prioritize returning capital to shareholders through buybacks, as evidenced by the $5 billion of buybacks in the third quarter and nearly $9 billion year to date. Turning to the businesses on Slide 10, we show the results for Services in the third quarter. Revenues were up 7%, driven by growth across both TTS and Security Services. NII increased 11%, primarily driven by the increase in average deposit balances as well as higher deposit spreads, while NIR was down 3% due to the impact of higher lending revenue share. Total fee revenue was up 6%. We see very strong activity and engagement with corporate clients and momentum across underlying fee drivers, with cross-border transactions up 10%, U.S. Dollar clearing volume up 5%, and assets under custody and administration up 13% as we continue to roll out our innovative products and services with digital capabilities into new markets. Expenses increased 5%, primarily driven by higher compensation and b”