“We are focused on our strategic objectives and the execution focus areas for 2024 that we laid out in January, which will help our businesses produce mid-teens returns through the cycle.”

In context

“quity Tier-1 ratio was 14.7% at the end of the first quarter under the standardized approach. In the quarter, we returned $2.4 billion to shareholders, including common stock repurchases of $1.5 billion and common stock dividends of $929 million. We are currently running with a 170 basis point buffer above our capital requirements. Given expectations for significant modifications to the Basel III proposed rule, we should have materially more flexibility on capital deployment. We also remain committed to paying our shareholders a sustainable and growing dividend. In conclusion, our first quarter results reflect the strength of our leading global banking and markets franchise and our growing Asset & Wealth Management business. Simply put, we are delivering on the things we said we would do. We are focused on our strategic objectives and the execution focus areas for 2024 that we laid out in January, which will help our businesses 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: Thank you. Ladies and gentlemen, we will now take a moment to compile the Q&A roster. [Operator Instructions] We'll go first to Glenn Schorr with Evercore. Glenn Schorr: Hi. Thanks very much. It's a tough one because you are definitely executing on a lot of the objectives you laid out. And of course, the sustainability of banking is what it is. I noticed your lower pipeline. But the real question I have is, the sustainability of the whole package, meaning, you just had really strong revenue across the board on everything. Comp was up with that normally, bu”