“Consistent with our capital management philosophy, we will prioritize deploying capital for our client franchise at attractive returns, and then return any excess to shareholders via dividends and share repurchases.”

In context

“it operating leverage while maintaining a pay-for-performance culture, and investing for growth. Our year-to-date non-compensation expenses were down 17%, but up 11% ex-litigation, while our compensation expenses were up 34% on a year-to-date basis. Turning to capital on Slide 14, our common equity Tier 1 ratio was 14.1% at the end of the third quarter under the standardized approach, down 30 basis points sequentially. Despite higher capital on solid earnings generation, the decline was driven largely by a $43-billion increase in RWAs, partially reflecting revisions to RWA calculations based on regulatory feedback in the quarter. In the quarter, we returned a total of $1.7 billion to shareholders, including common stock repurchases of $1 billion and $700 million in common stock dividends. Consistent with our capital management philosophy, we will prioritize deploying capital for our client franchise at attractive returns, and then return any excess to shareholders via dividends and share repurchases. In conclusion, we delivered another quarter of strong performance, reflecting the diversification and strength of our client franchise. Additionally, we announced two acquisitions that will enhance both our asset management and consumer businesses, and increase the firm's recurring revenue stream. Looking forward, the overall opportunity set, remains attractive across the firm. As we continue to execute on our strategy, we are building towards a path to sustainable mid-teens returns. With that, we'll now open up the line for questions. Operator: [Operator Instructions] Your first question comes from the line of Glenn Schorr with Evercore ISI. Glenn Schorr: Hi, thank you. Stephen, I wonder if I could ask a quick follow-up question on your comments just now on capital. So you make a ton of”