“The diversification across fund strategies should continue to support results.”

In context

“should be earned back over time, it reduced our CET1 ratio by approximately 20 basis points in the quarter. Our supplementary leverage ratio was 5.4%. During the second quarter, we completed our $12 billion buyback plan that we announced last year. The most recent stress test results further reaffirmed our durable business model and we announced a dividend increase of 11% and a $20 billion multiyear repurchase authorization. Looking ahead, while the second half of the year remains difficult to predict, we are focused on our underlying business drivers. Lower asset values will impact revenue in both Wealth and Investment Management. However, in Wealth Management, rising rates are already driving NII higher, supporting performance and net new assets remain healthy in Investment Management. The diversification across fund strategies should continue to support results. What we do not know is how much volatility we will see in the coming months and how it will impact our Institutional Securities business. However, our competitive positions remains strong and we remain close to our clients while they assess current valuations and the overall environment. With that, we will now open the line up for questions. Operator: Thank you. [Operator Instructions] We will take our first question from Christian Bolu with Autonomous. Christian Bolu: Thank you. Good afternoon, James I guess and then good morning Sharon. Maybe start on the macro, James, it’s a very confusing time on the macro front and there are some positives but a ton of headwinds. I’d also say this quarter was unusually noisy for Morgan Stanley and I think you kind of put up your lowest ROE in almost”