The company repurchased 1.7 million shares of common stock for $250 million during the three months ended March 31, 2025. This indicates a continued effort to return capital to shareholders and a belief that shares are undervalued.

In December 2024, the Board of Directors authorized common stock repurchases of up to $1.5 billion, which replaced the previous authorization. This indicates a commitment to returning capital to shareholders.

Dividends per common share declared and paid are $0.50. This indicates a consistent return of capital to shareholders.

The company's financial results are sensitive to changes in interest rates. Decreases in short-term interest rates are expected to generally reduce net earnings, although there may be offsetting favorable impacts.

The company is exposed to credit losses primarily in the event of nonperformance by the counterparties to derivatives that are not cleared through a clearing organization.

The company is subject to regular reviews and inspections by regulatory authorities and self-regulatory organizations. Reviews can result in the imposition of sanctions for regulatory violations.

Results in the businesses in which the company operates are highly correlated to general economic conditions and, more specifically, to the direction of the U.S. equity and fixed income markets, changes in interest rates, market volatility, corporate and mortgage lending markets and commercial and residential credit trends.

Regulatory agencies and SROs institute investigations from time to time into industry practices, among other things, which can also result in the imposition of such sanctions.

Overall market conditions, economic, political and regulatory trends, and industry competition are among the factors which could affect the company and which are unpredictable and beyond the company's control.