“To the extent we continue to make the expected progress on our key financial objectives, it is reasonable to believe we will commence various forms of capital return over the course of 2025.”

In context

“scenario. As mentioned, now that we have moved to within our adjusted Tier 1 operating range, we expect to pivot and begin to look across our capital framework. To many of you, this will be a familiar framework. As always, our top capital priority is to support long-term business growth. To the extent we have excess capital beyond our needs, we have sought throughout our history to return to stockholders through a variety of means, including our common dividend, which historically has risen alongside GAAP earnings, preferred security redemptions considering costs and an optimized equity funding mix, as well as opportunistic stock buybacks. As I noted back in October, in the very near-term, there's another consideration, our continued progress on further reducing bank supplemental funding. To the extent we continue to make the expected progress on our key financial objectives, it is reasonable to believe we will commence various forms of capital return over the course of 2025. As excited as we are about 2025, we do not view this current year as our final destination. With our long-term diversified model intact, we are equally enthusiastic about the tremendous long-term opportunity in front of us. Given our attractive value proposition and leadership position within the two fastest-growing segments of the U.S. wealth market, we expect to generate healthy organic account and asset growth as we serve an increasing number of investors with our suite of modern wealth management solutions across advice, lending, trading and asset management. This enables us to deepen client relationships while further diversifying our revenues. And of course, we continue to invest to support our long-term growth trajectory, while at the same time, driving enhanced scale and efficienc”