“We repurchased a total of $12 billion in common stock in 2023, and we currently expect to be able to repurchase more than this amount in 2024.”

In context

“6 per diluted common share. Our fourth quarter results included $1.9 billion or $0.40 per share for the FDIC special assessment, and $1.1 billion of severance expense, including $969 million or $0.20 per share for planned actions. These expenses were partially offset by $621 million or $0.17 per share of discrete tax benefits related to the resolution of prior period tax matters. Turning to capital and liquidity on Slide 5. Our CET1 ratio increased to 11.4% in the fourth quarter, 2.5 percentage points above our regulatory minimum plus buffers. This increase was driven by our earnings and an increase in accumulated other comprehensive income, reflecting lower interest rates and tighter mortgage-backed security spreads. During the fourth quarter, we repurchased $2.4 billion in common stock. We repurchased a total of $12 billion in common stock in 2023, and we currently expect to be able to repurchase more than this amount in 2024. We will continue to consider current market conditions, including interest rate movements, risk-weighted asset levels, stress test results as well as any potential economic uncertainty with respect to the amount and timing of share repurchases over the coming quarters. Turning to credit quality on Slide 7. As expected, net loan charge-offs increased, up 17 basis points from the third quarter to 53 basis points of average loans, driven by commercial real estate office and credit card loans. The increase in commercial net loan charge-offs reflected the higher losses in commercial real estate office, while losses in the rest of our commercial portfolio were stable from the third quarter. As expected, losses started to materialize in our commercial real estate office portfolio as market funda”