“We expect a tax rate of approximately 24% in the second half of this year, consistent with our initial guidance.”

In context

“he benefit of our investments and continued focus on global distribution capabilities. By leveraging the Integrated Firm, we are focused on our ability to generate sustainable growth in long-term flows and fee-based revenues. Turning to the balance sheet. Total spot assets increased $54 billion from the prior quarter to $1.4 trillion. Our standardized CET1 ratio stands at 15%. Standardized RWAs increased sequentially to $523 billion as we actively supported our clients. Our stress test results reflect the durability of our business model and show consistent improvement in our results over the past 5 years. We announced a quarterly dividend increase of $0.075, bringing our quarterly dividend per share to $1. Our quarterly tax rate was 22.7%, reflecting our global mix and level of earnings. We expect a tax rate of approximately 24% in the second half of this year, consistent with our initial guidance. The second quarter results were strong. As we look ahead, we are entering the third quarter with momentum. Investment Banking pipelines are healthy, dialogues are active and markets have proven resilient. And Wealth and Investment Management continue to gather assets with total client assets now reaching $8.2 trillion. With that, we will now open the line up to questions. Operator: [Operator Instructions] We'll take our first question from Ebrahim Poonawala with Bank of America. Ebrahim Poonawala: I had a question. I think in your prepared comments, you mentioned incremental return on capital. And as we think about whether this franchise -- you obviously have your targets out there. But when we think about this in the context of changes on the regulatory backdrop, the work you've done to”