“And I note that, again, even if rates remain flat, we'd expect those mark-to-market losses to decrease by a further $7 billion between now and the end of 2024.”

In context

“r overall spending levels to look for additional efficiencies as we continue our decade's long focus on driving down our expense on client assets, or EOCA, which we view as a key competitive advantage. And finally, our capital ratios -- our capital position, our capital ratios remain very strong. As Walt noted in his remarks, even if we have to eventually absorb AOCI into our regulatory capital ratios, we see a clear path organically for our Tier 1 leverage ratio, inclusive of AOCI, to exceed 5% within the next year and cross 6.5% by the end of 2024, even if rates stay flat, thanks to our strong earnings, a reduction in balance sheet assets even after deposit growth rebounds as we pay off the supplemental funding and the continued reduction of our AOCI as our securities portfolio matures. And I note that, again, even if rates remain flat, we'd expect those mark-to-market losses to decrease by a further $7 billion between now and the end of 2024. And obviously, more if rates fall as the market is expecting. Putting it all together, we're not blind to the near-term dynamics we're navigating, but we're very confident that our financial formula will reassert itself as we emerge from this period. And that formula, of course, starts with taking care of clients, growing accounts and assets, deepening relationships, building our capabilities, expanding our moat. That is what builds long-term earnings power and will be the driver of performance for our stockholders over time. And to tell you more about the strength of our franchise and how we're continuing to serve our clients, it's my pleasure to turn it over to Rick. Rick Wurster: Thank you, Peter, and hello, everyone. In the winter business update, I described how well Schwab is positi”