“And we'd expect our consolidated adjusted Tier 1 leverage ratio to reach the upper 6% range by the end of 2024, at which point we'll be in a position to at least consider resuming opportunistic buybacks.”

In context

“advances. Those are very much a temporary funding source. And as we pay off those, we continue to see a path towards a net interest margin in the 2.20% to 2.50% range by the end of this year and approaching 3% by the end of 2025 even if rates fall roughly 200 basis points from where they are today, as the dot plots would indicate, with a potential for it to expand further moving forward as we reinvest our securities portfolio at higher market rates than what we currently earn. Now while we pause our buyback in order to build our capital levels, capital return remains a very important part of our financial formula, given our very high return on capital and negligible credit exposure. Our capital levels have already reached the so-called well-capitalized threshold, even if AOCI is included. And we'd expect our consolidated adjusted Tier 1 leverage ratio to reach the upper 6% range by the end of 2024, at which point we'll be in a position to at least consider resuming opportunistic buybacks. Both Walt and I talked about 2024 being somewhat of a transitional year from a financial standpoint, but we also talked about the steady improvement we expect to see throughout the year. In some ways, I hate to use the phrase coiled spring, but I think that's exactly what is being set up as we move into 2025, as we complete the Ameritrade integration, creating a true best of breed platform and unlocking both revenue and expense synergies. We continue to advance our strategic agenda even as we maintain flat expenses. Transactional cash balances inflect and we begin to see sustained growth. And all that plus continued business momentum creates an opportunity for a return to sequential revenue growth and accelerating momentum toward the end of the year and into 2025. And that paves the way f”