“We continue to estimate that our CET1 capital need is around 11%.”

In context

“at the end of the first quarter, down 40 basis points from the prior quarter. Net income in the quarter was more than offset by share repurchases, the impact of the CECL transition and higher risk weighted assets. Recall that the phasing of CECL transition relief began on January 1st. We recognize 25% of our $2.4 billion total after-tax phasing amount in the first quarter. Also in the quarter, we repurchased $2.4 billion of common stock as part of the $5 billion share authorization that our Board approved in January. Earlier this month, in addition to approving our CCAR 2022 submission and our capital plan, our Board of Directors also approved the authorization of up to an additional $5 billion of common stock repurchases that will be available beginning in the third quarter of this year. We continue to estimate that our CET1 capital need is around 11%. With that, I will turn the call over to Rich. Rich? Richard Fairbank: Thank you, Andrew, and good evening, everyone. I will begin on slide 10 with our Credit Card business. Year-over-year growth in purchase volume and loans coupled with strong revenue margin drove an increase in revenue compared to the first quarter of 2021. Credit Card segment results are largely a function of our Domestic Card results and trends, which are shown on slide 11. Our Domestic Card business posted strong year-over-year growth in every topline metric in the first quarter, as we continued our longstanding strategic focus on winning with heavy spenders and building a franchise across the business. Purchase volume for the first quarter was up 26% year-over-year and up 47% compared to the first quarter of 2019. Th”