Wells Fargo

Give us a mark-to-market on how you are thinking about deals.

how realistic it is that over the next, let us say, a year or two, Wells can be a 17% to 18% ROTCE company, that feels a bit tough.

Contemplating all of that, would you run this company at lower than 10% CET1?

If we think about year-over-year net interest income growth as balance sheet-driven at the same pace, say 4% year over year, with maybe a little bit of stability in the NIM in the second half

this organic growth—are we going to see it really start to materialize more on the consumer side, commercial side? What are you seeing over the next 12 to 24 months?

can you share with us what the scenario weighting was this quarter when you look at your loan loss reserves, including macro risks

how does that interact with your goal of improving the ROTCE towards your medium-term goal? And do you expect to be able to lower the TCE because of these possible changes

Could you give us a sense of the breakdown there between credit risk RWAs and what is driving any potential improvement there, as well as your initial take on op risk and market risk?

Can you help us frame the broader private credit exposure and any impact of regulatory input around this?

Can you talk to us about any pressures that you are seeing that may move you off that target, or give more detail on your confidence in attaining that target

Can you talk us through what you are seeing in terms of earning asset mix going forward and the types of loans and if that is what is weighing on the NIM?

Can you talk to us about what you went through there? And thank you for all the color you gave on those extra slides. Your relative confidence that that one got caught

is there anything that Wells would do to lean in, and is there more long-term opportunity for either of those businesses?

the excess capital you free up would be something available to deploy quickly?

NII ex-Markets was only up 2% year on year. If I look at loan growth excluding Markets lending, it was up 8%. Deposit growth has been good. It does seem like you are seeing some core margin pressure

Has there been any change in your views of loss content in those portfolios which would influence how you are reserving for those books?

how you balance the good quantitative risk-reward against the qualitative aspects of the amount of airtime it consumes and how that discussion goes, if at all.

Maybe a thought or two about what it would take for customers to start to pull back on some of their borrowing plans given all the volatility, macro concerns

Is that all private credit exposure, and the BDCs are a subset of that?