“As it relates to institutional securities, while it remains difficult to forecast this business, the banking pipeline looks healthy and the year has started off well.”

In context

“arket levels towards the end of the quarter. Our SA-CCR mitigation efforts were better than we anticipated and resulted in an impact lower than our initial guidance to produce a better outcome. We repurchased approximately $2.8 billion of common stock during the quarter. We remain well capitalized post the adoption of SA-CCR, and our standardized CET1 ratio now stands at 16%, flat to the prior quarter. Our tax rate was 23.1% for the full year. And absent any changes to tax law, we expect our 2022 tax rate to be in line with 2021. We which will exhibit some quarter-to-quarter volatility. In terms of our outlook for calendar year 2022, the exit rate of our Wealth and Investment Management asset base and the integrations of our acquisitions set these businesses up to further support results. As it relates to institutional securities, while it remains difficult to forecast this business, the banking pipeline looks healthy and the year has started off well. That said, a lot will depend on monetary and fiscal policy and its impact on sentiment. With that, we will now open the line up for questions. Operator: We are now ready to take questions. [Operator Instructions]. The first question is from Christian Bolu with Autonomous. Christian Bolu : Good morning, guys. So James, on the -- organic growth has been remarkably strong and you keep calling for a slowdown on organic growth, but we're not seeing any -- sort of any evidence of slowing anything, you’re accelerating here. I guess a couple of questions on that. Can you give us a bit more flavor around what's driving organic growth? How much of it is retention versus recruiting? On recruiting, who are you gaining share from? And then I would imagine you have quite a bit of visibility into the r”