“However, over the course of the recent two weeks, we have seen a notable increase in sweep balances, exceeding our internal forecast. While this is likely associated with recent market uncertainty, it could have offsetting impacts to the NII in the second quarter should this continue.”

In context

“3 billion quarter over quarter to $163 billion, driven by balanced demand across products. During the quarter, we saw a pickup in securities-based lending balances likely to satisfy upcoming tax obligations. Total deposits of $375 billion were up quarter over quarter as demand for our savings offering was partially offset by the modest decline in sweep balances. Within sweeps, we saw clients consistently deploy cash into markets during each month of the first quarter. Overall deposit movements in the quarter were generally in line with seasonality and our expectations. Net interest income was up modestly quarter over quarter to $1.9 billion. Looking ahead to the second quarter, we expect the seasonal decline in sweeps related to tax payments, which would result in a modest decline in NII. However, over the course of the recent two weeks, we have seen a notable increase in sweep balances, exceeding our internal forecast. While this is likely associated with recent market uncertainty, it could have offsetting impacts to the NII in the second quarter should this continue. For the second quarter, deposit mix will remain the key driver of NII. Our wealth franchise sets the industry standard where both clients and advisors recognize the power of our platform. Clients continue to entrust us with more of their assets, reinforcing the value they placed on advice. Adviser recruitment remains strong, reflecting our reputation as an exceptional place where financial advisors can grow their businesses. Looking towards the year ahead, uncertainty has increased the value of advice and our diversified capabilities. We are confident that our business will deliver durable results throughout various market environments. Moving to investment management, reported revenues were $1.6 billion, increasing 6%. Results reflected higher asset management and related fees, driven by”