“Given these headwinds, we currently expect buybacks in the first quarter to be at or around the levels in the fourth quarter.”

In context

“by higher professional fees, technology spend and market development-related costs. We also incurred $182 million of expenses related to litigation during the quarter. Turning to capital on slide 13. Our common equity Tier 1 ratio was 14.2% at the end of the fourth quarter under the standardized approach, up 10 basis points sequentially. In the quarter, we returned a total of $1.2 billion to shareholders, including common stock repurchases of $500 million and nearly $700 million in common stock dividends. We also adopted SACCR in the fourth quarter, which impacted our CET1 ratio by 30 basis points as noted on the last earnings call. Looking ahead, we expect further pressures on our capital position, including the upcoming closing of the NNIP acquisition and other deployment opportunities. Given these headwinds, we currently expect buybacks in the first quarter to be at or around the levels in the fourth quarter. As it relates to our funding plan based on current expectations, we intend to issue materially less benchmark debt for this year versus 2021, though we will remain dynamic with respect to business needs and market opportunities. In conclusion, our solid fourth quarter and record 2021 results reflect the strength of our client franchise and our successful strategic execution as well as the upside inherent in our business model amid a constructive operating environment. As David noted, we look forward to providing you with an update next month with more detail around our strategic objectives and targets. Importantly, our results bolster our confidence that the execution of our strategic plan will diversify our business mix and drive more durable revenues for shareholders. With that, we'll n”