“We will also continue to opportunistically buy back stock.”

In context

“15. Our durable business model and strong earnings profile have kept capital levels high during a period where the regulatory capital framework has normalized. As we've grown fee-based revenue streams, our regulatory minimum CET one ratio has steadily come down. At a CT one ratio of 15%, have over 300 basis points of excess capital. With the passage of time, the continued durability of the business model may be enhanced by further regulatory relief. Prudent dividend growth comes first. And accordingly, we have raised our quarterly dividend by 7 and a half cents for four years in a row, to now a dollar per share. As we've discussed in previous years, excess capital will be directed to continued dividend growth and to ongoing investment in clients and technology across the integrated firm. We will also continue to opportunistically buy back stock. We are keeping full watch on potential M&A adjacency. But we will continue to be patient. Because we have worked diligently through the acquisitions of Smith Barney Solium, E*TRADE, and Eaton Vance over the last fifteen years we know what level of focus and energy is required across the entire firm to make a multiyear integration successful. In short, we are endeavoring to keep the bar for acquisitions high, bearing in mind that many asset classes private and public, trade at elevated levels, that there is no shortage of ongoing opportunities, and that the first call on capital must be to our clients and the continued growth of our core businesses. Concluding with Slide 16, we're supported by our four pillars of the integrated firm. Strategy, culture, financial strength, and growth. Morga”