“These strong results should continue to be supported, as we realize the benefits of rising rates.”

In context

“ower revenues compared to the prior year. Commodities delivered a more diversified results, with revenues notably higher than the previous first quarter, benefiting from the heightened levels of activity. Turning to Wealth Management. Revenues were $5.9 billion. Declines in DCP negatively impacted the revenues by approximately $300 million. Excluding the impact related to DCP, revenues increased 6% versus the prior year’s first quarter results. Results underscore the resilience of the franchise, the value offered to clients during uncertain times and the benefits of our scaled multi-channel model. Retail clients remained invested, with allocations across asset classes consistent with last year. PBT was $1.6 billion and the margin was 26.5% or 27.8%, excluding integration-related expenses. These strong results should continue to be supported, as we realize the benefits of rising rates. Asset management revenues were $3.6 billion, up 14% versus last year, benefiting from the growth in fee-based assets. This growth continues to reflect the investments we have made into the business over time and affirms our strategy is working. Net new assets were $142 billion for the quarter. NNA was inclusive of an asset acquisition, which I will touch on shortly. Absent this asset acquisition, annualized growth was 5.4%, and despite the volatility, net new assets were generated from all channels. The advisor-led channel benefited from an even split of existing and new clients, as well as positive net recruiting. Fee-based flows were also strong and inclusive of the asset acquisition were $97 billion. Workplace continues to benefit from the establishment of companion accounts. Retention”