“While the amount of stock we repurchased each quarter will vary, we continue to expect to repurchase more common stock this year than we did in 2023.”

In context

“credit trends I noted before, our allowance for credit losses was down modestly, driven by declines for commercial real estate and auto loans, partially offset by higher allowance for credit card loans. The table on the page shows the allowance for credit losses coverage ratio for commercial real estate, including the breakdown of the office portfolio. We didn't increase our allowance for this portfolio in the first quarter and the coverage ratio in our CIB commercial real estate office portfolio of 11% was stable compared with the fourth quarter. Turning to capital and liquidity on Slide 10. Our capital position remains strong and our CET-1 ratio of 11.2% continue to be well above our 8.9% regulatory minimum plus buffers. We repurchased $6.1 billion of common stock in the first quarter. While the amount of stock we repurchased each quarter will vary, we continue to expect to repurchase more common stock this year than we did in 2023. Turning to our operating segment, starting with Consumer Banking and Lending on Slide 11. Consumer, small and business banking revenue declined 4% from a year ago, driven by our lower deposit balances. We continue to invest in talent, technology and branches to improve the customer experience. Our branches are becoming more advice focused with teller transactions declining while banker visits have increased. We are modernizing and optimizing the branch network. The number of branches declined 6% from a year ago, while at the same time, we are accelerating the refurbishment of our branch network. In addition, the enhancements we are making to our mobile app continue to drive momentum in mobile adoption and we surpassed 30 million active mobile customers in the first quarter, up 6% from a y”