“As clients gain more conviction, we expect our institutional business to capture more opportunities, particularly in investment banking.”

In context

“ecular growth areas and the expansion of our global footprint remains in place. Ongoing investments in our businesses, including our market-leading parametric franchise, as well as our continued growth and innovation in private markets, position us well to best serve our clients. Turning to the balance sheet, our CET-1 ratio stands at 15.5%, roughly flat versus last quarter. Standardized RWA has declined sequentially to $445 billion, reflecting our ongoing prudent resource management and market movements at the end of the quarter. We continue to deliver on our commitment to return capital to our shareholders, buying back $1.5 billion of common stock during the quarter. Taken in the context of the mixed environment, we are pleased with the firm's resiliency and our competitive positioning. As clients gain more conviction, we expect our institutional business to capture more opportunities, particularly in investment banking. This increased client conviction will also further support asset growth and wealth and investment management. We will continue to press our advantages and execute on our growth strategies all while currently managing our capital profile. With that, we will now open the line up to questions. Operator: We are now ready to take any questions. [Operator Instructions] We'll go first to Christian Bolu with Autonomous Research. Christian Bolu: Good morning, James and Sharon. I wanted to just touch on wealth management, a bit of a longer-term question here. As you mentioned, you've enjoyed really strong organic growth in that segment over the last few years. But it doesn't appear to be translating to revenue growth. If I look at the wealth management revenues excluding NII, it hasn't really grown”