“the Firm will clearly benefit substantially as rates rise over the next several years.”

In context

“ater combined network, along with our world-class equity franchise and value-added fixed income platform, and we expect these areas will continue to drive growth into the future. Finally, on Slide 11, as we look ahead, we expect rates to rise. We expect approximately $500 million of incremental NII in Wealth Management this year based on the year-end forward curve. Additionally, we expect another $200 million this year from the reversal of fee waivers in our Investment Management business. To further measure our rate sensitivity, we look at what happens if there is an incremental 100 basis point parallel shift in rates beyond the curve. That would deliver another $1.3 billion, which largely goes to the bottom line. While we certainly don't expect this additional shift to happen this year, the Firm will clearly benefit substantially as rates rise over the next several years. Pivoting to our capital return strategy on Slide 14. Our increased earnings power, supported by revenues from more durable sources, has enabled us to double our annualized dividend to $2.80 just last year while, at the same time, executing on meaningful share repurchases. Notwithstanding the returns we're making to shareholders and the investments we make in our business, we continue to have an excess capital position. Our CET1 ratio was 16% at year-end after paying our dividend, executing on our repurchase plan and accounting for the impact of SA-CCR. And as further illustrated on Slide 15, a growing net income has provided us the flexibility to reduce our share count. While we added 300 million shares from our 2 large acquisitions of E*TRADE and Eaton Vance, we continue to execute on ou”