“This increase will enable us to pay our shareholders a sustainable growing dividend and maintain a competitive yield, complemented by our previously announced $30 million share repurchase program where we intend to step up the level of buybacks going forward.”

In context

“atio was 14.9% at the end of the second quarter under the standardized approach which is 190 basis points over our new 13% requirement that will become applicable in October. As David mentioned, we are pleased with the results of the recent stress test and remain confident that our strategy to reduce the capital density of our business will continue to help improve our SEB over time. The 80 basis point reduction in our SEB will allow us to continue to remain nimble in dynamically deploying capital to support our client franchise. In the quarter, we returned $1.6 billion to shareholders, including common stock repurchases of $750 million and common stock dividends of $864 million. Our Board has also approved a 10% increase in our dividend, to $2.75 per share beginning in the third quarter. This increase will enable us to pay our shareholders a sustainable growing dividend and maintain a competitive yield, complemented by our previously announced $30 million share repurchase program where we intend to step up the level of buybacks going forward. In conclusion, our second quarter results reflect a challenging backdrop as well as our ongoing execution of several strategic actions. These initiatives will help transition our business and improve our overall return profile. We remain confident in our ability to deliver for shareholders while continuing to support our clients and remain optimistic about the future opportunities set for Goldman Sachs. With that, we'll now open up the line for questions. Operator: [Operator Instructions] We'll go first to Glenn Schorr with Evercore. Glenn Schorr: So I want to talk about how we build towards that that the medium-term ROE target. So obviously, this was -- this quarter was depressed by the write-downs. Let's start with a 9-ish starting point. We know capital markets activity will be better”