“With our strong capital position, we have both the capacity and the intent to continue to return to shareholders the excess capital we regenerate, while supporting our balance sheet growth.”

In context

“we are tracking with our expectation for operating expenses to be around $14 billion for the full year. We continue to see operating expenses as a key source of leverage. And moving forward expect to have far less growth in OpEx relative to our high level of revenue growth. Turning next to capital on Slide 18, we ended the first quarter with our CET1 ratio at 10.6% with our target range of 10% to 11%. I would note that AOCI already flows through our regulatory capital today. So any unrealized gains or losses on our investment portfolio are fully reflected in the 10.6% that I just quoted. I would also point out that we hold only $4 billion of investment securities, most of which are short-dated U.S. treasuries. In the first quarter, we returned $600 million of capital to our shareholders. With our strong capital position, we have both the capacity and the intent to continue to return to shareholders the excess capital we regenerate, while supporting our balance sheet growth. I'd also note that our liquidity position remains extremely strong as we ended the quarter with $41 billion of cash; our highest ever balance, excluding the pandemic period. We also saw a 10% increase in our deposits this quarter, including the inflows in the weeks following recent volatility in the banking sector. On Slide 25 of the appendix, we have provided a bit more detail on deposits than we typically do, if you'd like to look at some of the numbers. That brings me then to our growth plan and 2023 guidance on Slide 19. For the full year 2023, we are reaffirming our guidance of having revenue growth of 15% to 17% and earnings per share between $11 and $11.40. At this level, year-over-year revenue growth, we expect to see a significant, sequential increase in the amount of revenues as”