“We continue to manage expenses with discipline with $1 billion or more of remaining expense synergies and other efficiency opportunities.”

In context

“apital ratios and our adjusted Tier 1 leverage ratio, boosting that lateral ratio back above 6.5%, several years before it becomes a formal requirement. There is no doubt that we have been navigating through a difficult environment, but it should be apparent that the core pillars of the multi-decade investment thesis for Schwab are as strong today as ever. We are the premier asset gatherer with industry-leading client loyalty, a strong competitive moat and a leadership position in the 2 fastest-growing segments within wealth management. We have multiple ways to convert that asset growth into revenue growth, including growing advice with both Schwab and Ameritrade clients as well as a long-term NIM tailwind as we eventually reinvest our securities portfolio at much higher prevailing rates. We continue to manage expenses with discipline with $1 billion or more of remaining expense synergies and other efficiency opportunities. And we are a company that has shown the ability to couple strong organic growth with opportunistic capital return, a combination which we’re confident will reemerge in the years ahead. Now admittedly, that powerful combination has been obscured recently by some of the fog as Walt described it back in July, but this fog continues to clear with deal-related attrition abating, allowing our net new assets to return to our normal levels, which are anything but, client cash allocation activity slowing, supplemental borrowing decreasing and our NIM rebounding, expense growth slowing and poised to slow further as we prepare for the significant remaining expense actions in the quarters ahead and our capital levels building despite the headwinds posed by increasing rates. I talked earlier about lon”