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Record quarterly revenues of $20.6 billion and 27% ROTCE demonstrate the operating leverage of an integrated wealth and investment banking model.

Institutional Securities achieved record revenues of $10.7 billion, fueled by broad-based strength across asset classes and regions, particularly in equities and advisory.

Wealth Management momentum remains robust with $118 billion in net new assets, driven by an unrivaled client acquisition funnel across workplace and advisor-led channels.

The firm's strategic positioning focuses on raising, managing, and allocating capital efficiently while maintaining a capital buffer of over 300 basis points above requirements.

Management attributes performance to consistent execution over the last nine quarters, allowing the firm to deliver results across varying macro backdrops of uncertainty.

The acquisition of Equity Zen and investments in digital asset pilots underscore a commitment to deepening market access and private market ecosystems.

Net Interest Income (NII) is expected to build over the course of the year, with a modest increase projected for the second quarter compared to the first.

Management maintains a 30% PBT margin target for Wealth Management, prioritizing long-term strategic investment over short-term margin maximization.

Investment banking pipelines remain steady, supported by corporate and sponsor needs for strategic capital formation and a backlog of private companies seeking liquidity.

The firm assumes a 2026 tax rate between 22% and 23%, though quarterly volatility is expected due to share-based award conversions.

Strategic focus remains on reaching $10 trillion plus in total client assets, up from the current $9 trillion level.

A bank reorganization involving the transfer of over $100 billion in assets is expected to optimize funding costs and improve competitiveness, with specific opportunities starting in 2027 as part of a longer-term evolution of the bank's funding structure.

The quarter included $178 million in severance charges, reflecting disciplined execution and ongoing organizational adjustments.

Management identified 'known unknowns' for 2026, including accelerating AI adoption and ongoing military conflict in the Middle East as primary risk factors.

The firm remains vigilant regarding high asset prices, tight credit spreads, and uncertainty surrounding the future path of interest rates.

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Management describes private credit as having an 'adolescent moment' of learning, but expects performance to remain tied to broader economic health.

Exposure is intentionally modest, with private credit representing 1% of total Wealth Management assets and less than 1% of Investment Management AUM.

AI is viewed as a 'friend' that will drive both efficiency in routine tasks and effectiveness in advisor-client interactions through 'co-piloting' tools.

The firm is currently testing advanced models like Claude Mythos to enhance infrastructure and client service capabilities.

The new G-SIB framework could potentially lower the firm's buffer from 3.5% to 2.2%, though RWA inflation from other Basel components may offset this.

Management expects the final impact to be capital neutral to modestly positive, aiming for regulatory finalization to provide market stability.

Workplace is becoming a primary contributor to net new assets through higher retention of vesting assets and successful migration to advisor-led relationships.

Approximately 20% of current advisor-led assets originated from the Workplace or E-TRADE funnels.

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