“While we will continue to deploy capital in our business where returns are accretive, we are actively evaluating share repurchases in light of our current stock price.”

In context

“are not doing so to the detriment of our client franchise or our growth strategy. Turning to capital on Slide 13, our common equity Tier 1 ratio was 14.2% at the end of the second quarter under the standardized approach, down 20 basis points sequentially and representing an 80 basis point buffer to our current capital requirement as we enter the second half of the year. This past quarter, we returned $1.2 billion to shareholders, including common stock repurchases of $500 million and common stock dividends of over $700 million. As David noted earlier, in the third quarter, our Board of Directors increased our quarterly dividend by 25% to $2.50 per share. Looking ahead, we will remain nimble in response to both ongoing opportunities to support clients and the current operating environment. While we will continue to deploy capital in our business where returns are accretive, we are actively evaluating share repurchases in light of our current stock price. In conclusion, our solid second quarter results reflect our ability to navigate volatile markets, while actively supporting our clients. We remain confident in our financial position, capital base and liquidity, which will help us serve clients as they navigate these challenging markets. And we are committed to executing on our growth strategy and delivering for our shareholders. With that, we will now open up the line for questions. Operator: Thank you. [Operator Instructions] We will take our first question from Glenn Schorr with Evercore. Glenn Schorr: Hi, thanks very much. I apologize if I missed it within your remarks, but can you tell us what the P&L contribution from the $1 billion or so in dispositions out of the private equity book was? And I want to ask that in the context of wh”