“Fortunately, the business model changes for the past decade or more, plus the acquisitions of Smith Barney, E*TRADE and Eaton Vance put us in a position of significant relative strength and should support solid absolute performance in the months ahead.”

In context

“. Both businesses navigated the complicated markets without serious incidents. Finally, the strength of our capital position is very clear, as shown by the continuation of our strong buyback program with $2.6 billion of share repurchases in this past quarter, coupled that with a dividend yield north of 3% and a CET1 ratio of 14.8%. On an operating basis, this Firm is doing well in a post-COVID world. From a markets perspective, we expect continued volatility as the Federal Reserve continues to tighten policy such to bring down inflation to acceptable long-term levels. This is an environment where it behoves management to be prudent but balanced, a wholesale retreat from the markets is not called for. But at the same time, I must be more cautious in credit-sensitive parts of the business. Fortunately, the business model changes for the past decade or more, plus the acquisitions of Smith Barney, E*TRADE and Eaton Vance put us in a position of significant relative strength and should support solid absolute performance in the months ahead. I'll now turn the call over to Sharon to discuss the quarter in detail, and together, we'll take your questions. Sharon Yeshaya: Thank you, and good morning. The Firm produced revenues of $13 billion in the quarter. Our EPS was $1.47, and our ROTCE was 14.6%. Excluding integration-related expenses, our EPS was $1.53, and our ROTCE was 15.2%. We built our business model to perform through the cycle and withstand volatile environments, evidenced again by the performance this quarter. In Institutional Securities, fixed income benefited from macroeconomic developments and in Wealth Management, we continue to attract strong net new assets, underscoring the benefits of an advice-driven model and a variety of backdrops. The Firm's year-to-date efficiency ratio was 72%. Excluding integration-rela”