“In addition, with regard to our GSIB buffer, while we made a conscious decision to grow our balance sheet to support client activity over the last 3 years, it is our current plan to target a 3% GSIB surcharge.”

In context

“ntly expanding our platform to serve individuals digitally, both organically and through partnerships. Before turning it over to Denis, let me spend a minute on capital, particularly in light of the recent Federal Reserve stress test results. I was glad to see the improvement in our stress capital buffer, especially because the test this year was more challenging than in the past. This is a reflection of the progress we are making in our strategic evolution. That said we will advance our efforts to improve the capital density of our businesses in order to reduce our capital requirements over time. Following the stress test results, our Board of Directors also declared a 25% increase in our quarterly dividend to $2.50 per share. This follows an increase of 60% in 2021 and over 50% in 2019. In addition, with regard to our GSIB buffer, while we made a conscious decision to grow our balance sheet to support client activity over the last 3 years, it is our current plan to target a 3% GSIB surcharge. This intention is driven by the recent operating environment as well as client needs. Should these change, we will naturally reevaluate. In closing, I remain confident in our ability to navigate the market environment, serve our clients and create long-term value for shareholders. Despite the uncertainty we face, we continue to drive this organization forward by executing our client-oriented strategy and delivering accretive returns consistent with our targets over time. I will now turn it over to Denis to cover our financial results for the quarter in more detail. Denis Coleman: Thank you, David. Good morning. Let’s start with our results on Page 2 of the presentation. In the second quarter, we generated net revenues of $11.9 billion and net earnings of $2.9 billion, resulting in earning”