Financial Data and Key Metrics Changes - The company reported net income of 3.2billionandearningspershareof1.51, with a return on tangible common equity (RoTCE) of 7% [7][16] - Overall revenues grew by 3% excluding divestitures, with total revenues up 1% on a reported basis [16][39] - Expenses decreased by 2% to 13.3billion,drivenbyorganizationalsimplificationandstrandedcostreductions[17][18]BusinessLineDataandKeyMetricsChanges−Servicesdeliveredarecordquarterwithrevenuesupby825 billion private credit partnership with Apollo was announced, enhancing access to private lending capital [10][46] - The company aims to achieve a medium-term RoTCE target of 15% to 20% for its wealth business [55] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the US economic outlook, supported by positive payroll reports and resilient consumer sentiment [6][4] - The company is committed to meeting its revenue and expense targets for the year, with a focus on improving performance [14][39] - Management acknowledged the challenges posed by the Basel III Endgame but emphasized a robust capital position with a CET1 ratio of 13.7% [13][25] Other Important Information - The company closed another longstanding consent order related to anti-money laundering systems, indicating progress in regulatory compliance [14][63] - The company has over 22billionintotalreserves,withareserve−to−fundedloanratioofapproximately2.751 billion to $53 billion, citing cost-saving measures and productivity improvements [58][60]
