“Given the uncertainty around the capital rules at this time, we expect to moderate fourth quarter share repurchases versus the third quarter.”

In context

“of $358 million. While onetime expenses have been elevated for the year-to-date, we continue to focus on bringing down noncomp expenses and are making progress on our $400 million run rate efficiency goal. Our effective tax rate for the first nine months of 2023 was 23.3%, high versus the first half due to the write-off of deferred tax assets related to GreenSky and the geographic mix of our earnings. For the full year, we expect a tax rate of under 23%. Now onto slide 12. Our common equity Tier 1 ratio was 14.8% at the end of the third quarter under the standardized approach, 180 basis points above our current capital requirement of 13%. In the quarter, we returned $2.4 billion to shareholders, including common stock repurchase of $1.5 billion and common stock dividends of $937 million. Given the uncertainty around the capital rules at this time, we expect to moderate fourth quarter share repurchases versus the third quarter. We remain committed to paying our shareholders a sustainable growing dividend and maintaining a competitive yield. In conclusion, our third quarter results reflect the ongoing narrowing of our strategic focus and the execution of our priorities, which will help drive our businesses to produce mid-teens returns through the cycle. We are confident in our ability to deliver for shareholders while continuing to support our clients and remain optimistic about the future opportunity set for Goldman Sachs. With that, we'll now open up the line for questions. Operator: Ladies and gentlemen, we will now take a moment to compile the Q&A roster. [Operator Instructions] We'll take our first question from Glenn Schorr with Evercore ISI. Please go ahead. Glenn Schorr: Hi. Thanks so much. I guess just b”