...A. Highlights: EPS, $1.13. 1. 2. Revenue, $4b. 3. ROTCE, 19%. 4. Fee revenue, up: 4% YoverY. a. b. 10%, excluding impact of money market fee waivers. 5. Avg. deposits, down 1% QoverQ. This together with strong capital generation, drove an approx. 20 BP increase in Tier-1 leverage ratio. a. 6. This year's supervisory stress tests demonstrated: Resilience of business model. a. b. Strength of balance sheet even under severe stress. 7. Welcomed Fed's decision to lift recent restrictions on common stock dividends and share repurchases at June-end. B. Broader Operating Environment: Continued to be impacted by significant amount of excess cash in the system. 1. 2. Welcomed Fed's decision to raise IOER and overnight reverse repo rates by 5 BP last month which provided support to short-term rates, but continues to be exceptionally low by historical standards. 3. Money market funds take-up of the Fed's reverse repo facility increased from approx. $500b prior to the Fed's action to north of $750b...
