“For the full year, we continued to expect the tax rate of approximately 22%.”

In context

“llion up year-over-year, driven by an increase in other collateralized lending. For the third quarter, our provision for credit losses was $397 million, primarily driven by net charge offs in our credit card portfolio and partially offset by $70 million of net recoveries on previously impaired wholesale loans. Turning to expenses on Page 10. Total quarterly operating expenses were $8.3 billion. Our year-to-date compensation ratio net of provisions is 33.5%. Quarterly non-compensation expenses were $4.2 billion down 14% year-over-year. We remain focused on driving efficiencies across the firm, given ongoing inflationary pressures, competition for talent, and our desire to invest in our engineering and technology platforms. Our effective tax rate for the first nine months of 2024 was 22.6%. For the full year, we continued to expect the tax rate of approximately 22%. Next capital on Slide 11. In the quarter, we returned $2 billion to common shareholders, including dividends of 978 million and stock repurchases of $1 billion. Our common equity Tier 1 ratio was 14.6% at the end of the third quarter under the standardized approach. During the quarter, the Federal Reserve reduced our SEB requirement by 20 basis points to 6.2%, following a successful appeal process, resulting in a standardized common equity Tier 1 ratio requirement of 13.7%, which became effective October 1st. We remain very engaged with our regulators on creating a less volatile and more transparent process. Given our 90-basis point buffer, we continue to have flexibility on capital deployment and are very well positioned to serve our clients and return capital to shareholders. In conclus”