“We expect to finish our integration efforts on time in the second half of this year.”

In context

“$90 billion of net new assets, demonstrating our platform's ability to grow in various market environments. Net new assets were driven by our advisor-led channel, existing client consolidation and net recruiting were strong and offset seasonal tax-related outflows in April. Our early investments in technology, including data and AI, are providing advisers with tools to service current clients better and more efficiently prospect new business, including from our workplace channel. Also significant, as James mentioned, we are pleased to share that we've accomplished an integral part of E*TRADE's back-office integration, converting over 3 million E*TRADE accounts to Morgan Stanley's unified platform. We did this with virtually no client disruption, which has always been a critical priority. We expect to finish our integration efforts on time in the second half of this year. Moving to our business metrics in the second quarter. Performance was solid down the line in light of the environment. Asset management revenues were $3.5 billion, down 2% versus last year's second quarter, primarily reflecting lower market levels. Transactional revenues were $869 million. Excluding the impact of DCP, revenues declined 2% year-over-year, reflective of lower client activity for most of the quarter. Fee-based flows were $22.7 billion. Bank lending balances grew by $1.1 billion, driven by mortgages, offsetting paydowns in securities-based lending. Total deposits of $343 billion were up slightly quarter-over-quarter. Sweep outflows moderated during May and June compared to April, which included seasonal tax outflows. The recent month's trends are encouraging, but it remains t”