“We continue to expect our full year tax rate will be in line with full year 2021.”

In context

“ributed to this change. Standardized RWAs increased as client activity returned after the more moderated levels at the end of 2021 and volatility increased. OCI related to our available-for-sale securities portfolio reflected an increase of an unrealized loss of $2.4 billion as a result of higher interest rates. While this should earn back over time, it impacted our CET1 ratio by 50 basis points in the quarter. We continue to return capital to our shareholders. We are executing on our $12 billion buyback authorization, as we repurchased $2.9 billion of stock in the quarter. We remain in a strong capital position. Our tax rate was 19% for the quarter. The vast majority of share-based compensation and the share-based award conversions takes place in the first quarter creating a tax benefit. We continue to expect our full year tax rate will be in line with full year 2021. The first quarter again tested the resiliency of our franchise. We are pleased with how our team navigated the volatile environment and stayed close to clients during times of uncertainty. While the outlook for the remainder of the year is difficult to predict, the second quarter has started constructively and clients remain engaged. With that, we will now open up the line to questions. Operator: [Operator Instructions] The first question is from Glenn Schorr with Evercore. Glenn Schorr: Hi. Thank you. Maybe just to start off big picture, so putting up a 20% ROTCE in this tape, I am sure it is good performance and it is affirmation of the strategy and what you built. So my question is, you have enough capital, you have a lot of earnings power, rates are going up. I am curious how you thin”