“We expect loan growth over the remainder of the year to be consistent with our prior guidance of approximately $5 billion per quarter.”

In context

“ew these asset acquisitions as incremental opportunities to reach the expanded audience through education and financial wellness. The acquired team’s client base includes nearly one million of plan participants. Transactional revenues were $635 million. Excluding the impact of DCP, which is reflected in this line revenues were strong. Although activity moderated from the prior year, self-directed daily average trades remained above $1 million in the quarter, over 3 times E*TRADE pre-asset acquisition record. We have also seen meaningful interest in our alternatives offering, given our broad-based access to managers and their retail-oriented products. Loan growth remained strong in the quarter, with bank lending balances growing $7 billion, driven by securities-based lending and mortgages. We expect loan growth over the remainder of the year to be consistent with our prior guidance of approximately $5 billion per quarter. Deposits increased $6 billion in the quarter to $352 billion. The average rate on deposits declined to 9 basis points. We have completed the net runoff in wholesale deposits and do not anticipate further declines in deposit costs. Net interest income was $1.5 billion. Excluding prepayment amortization, NII increased 15% from the prior year driven by loan growth. Back in January, we indicated that the fourth quarter NII was a reasonable base to inform 2022 and that we would expect $500 million of incremental NII on the back of rising rates. Due to the further moves in rate expectations since January, we should see this benefit at least double if the forward curve and our modeled assumptions are realized over the remaining nine months of the year. Moving to Investment Management. My remarks”