“While we outperformed our tax guidance in the first half, we expect a tax rate of approximately 23% in the second half of this year, consistent with our initial guidance.”

In context

“to be very well positioned in secular growth areas, such as customization in private markets, across geographies and with our global client base. Turning to the balance sheet. Total spot assets decreased $35 billion from the prior quarter to $1.2 trillion. Our standardized CET1 ratio was 15.5%, up approximately 40 basis points versus the prior quarter. Standardized RWAs declined about $9 billion from the prior quarter to $450 billion due to market conditions and continued prudent resource management. Recent stress test results reaffirmed our strong capital position and our durable business model. We announced a quarterly dividend increase of $0.075 and renewed our $20 billion multi-year repurchase authorization. Our tax rate was 21% for the quarter, reflecting our global mix of earnings. While we outperformed our tax guidance in the first half, we expect a tax rate of approximately 23% in the second half of this year, consistent with our initial guidance. Although we cannot be sure how the backdrop will play out for the rest of 2023, our priority of the management team is to diligently address what we can control given the market realities. Should stable and higher asset levels prevail, Wealth and Investment Management are poised to benefit, particularly as we continue to attract net new assets, a testament to our asset growth strategy. Within Institutional Securities, while advisory will lag the financing market, the backlog is building and underwriting trends are positive. Open and functioning markets remain key to supporting client conviction and activity levels. Most critically, our business continues to advance our clear and consistent firm strategy, driving long-term growth while remaining well capitalized. With that, we will now ope”