...A. Highlights: Emily Portney's first results call as CFO. 1. 2. Revenue $3.85b. 3. EPS $0.98. 4. Return on tangible common equity 17%; solid. 5. Operating margin was resilient at 30%, despite impact of low interest rates and related money market fee waivers. 6. With share repurchases suspended now for two consecutive quarters, accreted significant capital, increasing common equity Tier 1 ratio to 13%. 7. Volumes and volatilities continued to normalize. At same time, interest rates trended bit lower. a. 8. As Co. looks into next year, believes underlying strength of franchise will become more apparent as it expects to have most of the run rate impact of lower rates and associated money market fee waivers in earnings. At that point, Co. can start to more clearly demonstrate progress it is making around key priorities of: a. i. Driving organic growth. ii. Optimizing balance sheet. iii. Executing efficiency priorities. 9. Notwithstanding challenging current environment, business model continues...
