“We remain on target to achieve a sustainable 10% ROTCE, subject to the same assumptions we've discussed in the past, on a run rate basis in the second half of this year, and then we will discuss our path to 15%.”

In context

“hnically diverse. As I've said in the past, advancing DE&I at Wells Fargo is a long-term commitment, not a project and we continue to pursue many of the initiatives in the report and look for ways to deepen our impact. Let me just make some summary comments before turning it over to Mike. The Federal Reserve's commitment to an aggressive rate hike cycle as a means to tame high persistent inflation continues to fuel market volatility and is expected to slow the economy, which will impact our consumer and commercial customers. Despite the economic environment, I remain optimistic about our future. Credit quality remains strong, and we expect net interest income growth to continue given rising interest rates which should more than offset any further near-term pressure on non-interest income. We remain on target to achieve a sustainable 10% ROTCE, subject to the same assumptions we've discussed in the past, on a run rate basis in the second half of this year, and then we will discuss our path to 15%. This year's Federal Reserve stress test confirmed our strong capital position and our ability to support our customers and communities while also continuing to return excess capital to shareholders through dividends and common stock repurchases. As we previously announced, we expect to increase our third quarter common stock dividend by 20% to $0.30 per share, subject to approval by the company's Board of Directors at its regularly scheduled meeting later this month. I will now turn the call over to Mike. Mike Santomassimo: Thanks, Charlie, and good morning, everyone. Net income for the quarter was $3.1 billion or $0.74 per common share, which included strong growth in net interest income as we are beginning to see the positive impact of higher interest rates. Our results included a $576”