“By the end of 2022, we expect to no longer separate our integration expenses.”

In context

“segment. While underwriting was muted, Advisory was a highlight. Equity and fixed income again delivered exceptional results, particularly in Asia and Europe, as we supported our global clients amid a turbulent backdrop. Global balanced Institutional businesses are complex. They require many years to build and an enormous amount invested in human capital. The breadth and depth of our franchise today is a competitive differentiator. Wealth Management showcased its resiliency in the quarter. Notwithstanding, fluctuating market levels, the business generated a margin of approximately 28% excluding integration-related expenses. The E*TRADE integration continues to go very well, and given the current path we are on, a significant portion of the integration will be done by the end of this year. By the end of 2022, we expect to no longer separate our integration expenses. Net new assets for the quarter were $142 billion. That included an asset acquisition. Nonetheless, organic growth in our existing business remained very strong. In a volatile market, this is very affirming of the model. Further, we saw our first rate hike in the year in the first quarter, and with our strong and growing deposit base, this will have a near immediate economic impact to our business and it supports our path to delivering the margins that we projected in excess of 30%. In Investment Management, the increased diversification of the business supported results in a very choppy market. Fee based asset management revenues, which were $1.4 billion in the quarter, have grown with the addition of Parametric, Calvert and the broadening of our alts and fixed income platforms. We have p”