The Corporation invests in ABS issued by third-party VIEs with which it has no other form of involvement and enters into certain commercial lending arrangements that may also incorporate the use of VIEs, for example to hold collateral.
These securities and loans are included in Note 4 – Securities or Note 5 – Outstanding Loans and Leases.
In addition, the Corporation has used VIEs such as trust preferred securities trusts in connection with its funding activities.
In 2018, the Corporation redeemed trust preferred securities with a total carrying value of $3.1 billion resulting in the extinguishment of the related junior subordinated notes issued by the Corporation.
In connection therewith, the Corporation recorded a charge to other income of $729 million primarily due to the difference between the carrying and redemption values of the trust preferred securities, the majority of which relates to the discount on the junior subordinated notes resulting from prior acquisitions.
For more information on trust preferred securities, see Note 11 – Long-term Debt.
These VIEs, which are generally not consolidated by the Corporation, as applicable, are not included in the tables herein.
The Corporation did not provide financial support to consolidated or unconsolidated VIEs during 2018, 2017 and 2016 that it was not previously contractually required to provide, nor does it intend to do so.
The Corporation had liquidity commitments, including written put options and collateral value guarantees, with certain unconsolidated VIEs of $218 million and $442 million at December 31, 2018 and 2017.
First-lien Mortgage Securitizations As part of its mortgage banking activities, the Corporation securitizes a portion of the first-lien residential mortgage loans it originates or purchases from third parties, generally in the form of RMBS guaranteed by government-sponsored enterprises, FNMA and FHLMC (collectively the GSEs), or the Government National Mortgage Association (GNMA) primarily in the case of FHA-insured and U. S.  Department of Veterans Affairs (VA)-guaranteed mortgage loans.
Securitization usually occurs in conjunction with or shortly after origination or purchase, and the Corporation may also securitize loans held in its residential mortgage portfolio.
In addition, the Corporation may, from time to time, securitize commercial mortgages it originates or purchases from other entities.
The Corporation typically services the loans it securitizes.
Further, the Corporation may retain beneficial interests in the securitization trusts including senior and subordinate securities and equity tranches issued by the trusts.
Except as described in Note 12 – Commitments and Contingencies, the Corporation does not provide guarantees or recourse to the securitization trusts other than standard representations and warranties.
The table below summarizes select information related to firstlien mortgage securitizations for 2018, 2017 and 2016.
## Table 0 ##
(1) The Corporation transfers residential mortgage loans to securitizations sponsored by the GSEs or GNMA in the normal course of business and receives RMBS in exchange which may then be sold into the market to third-party investors for cash proceeds.
(2) A majority of the first-lien residential mortgage loans securitized are initially classified as LHFS and accounted for under the fair value option.
Gains recognized on these LHFS prior to securitization, which totaled $71 million, $243 million and $487 million, net of hedges, during 2018, 2017 and 2016, respectively, are not included in the table above.
(3) The Corporation may have the option to repurchase delinquent loans out of securitization trusts, which reduces the amount of servicing advances it is required to make.
The Corporation may also repurchase loans from securitization trusts to perform modifications.
Repurchased loans include FHA-insured mortgages collateralizing GNMA securities.
In addition to cash proceeds as reported in the table above, the Corporation received securities with an initial fair value of $711 million, $1.9 billion and $4.2 billion in connection with firstlien mortgage securitizations in 2018, 2017 and 2016, respectively.
Substantially all of these securities are classified as Level 2 assets within the fair value hierarchy.
The Corporation recognizes consumer MSRs from the sale or securitization of consumer real estate loans.
The unpaid principal balance of loans serviced for investors, including residential mortgage and home equity loans, totaled $226.6 billion and $277.6 billion at December 31, 2018 and 2017.
Servicing fee and ancillary fee income on serviced loans was $710 million, $893 million and $1.2 billion in 2018, 2017 and 2016, respectively.
Servicing advances on serviced loans, including loans serviced for others and loans held for investment, were $3.3 billion and $4.5 billion at December 31, 2018 and 2017.
For more information on MSRs, see Note 20 – Fair Value Measurements.
There were no significant deconsolidations of agency residential mortgage securitizations in 2018 or 2017.
During 2016, the Corporation deconsolidated agency residential mortgage securitization vehicles with total assets of $3.8 billion and total liabilities of $628 million following the sale of retained interests to third parties, after which the Corporation no longer had the unilateral ability to liquidate the vehicles.
Of the balances deconsolidated in 2016, $706 million of assets and $628 million of liabilities represent non-cash investing and financing activities and, accordingly, are not reflected on the Consolidated Statement of Cash Flows.
A gain on sale of $125 million in 2016 related to the deconsolidation was recorded in other income in the Consolidated Statement of Income.
The following table summarizes select information related to first-lien mortgage securitization trusts in which the Corporation held a variable interest at December 31, 2018 and 2017.
NOTE 15 Earnings Per Common Share The calculation of EPS and diluted EPS for 2018, 2017 and 2016 is presented below.
For more information on the calculation of EPS, see Note 1 – Summary of Significant Accounting Principles.
## Table 1 ##
(1) Represents the Series T dividends under the “if-converted” method prior to conversion.
(2) Includes incremental dilutive shares from RSUs, restricted stock and warrants.
The Corporation previously issued warrants to purchase 700 million shares of the Corporation’s common stock to the holders of the Series T 6% Non-cumulative preferred stock (Series T) at an exercise price of $7.142857 per share.
On August 24, 2017, the Series T holders exercised the warrants and acquired the 700 million shares of the Corporation’s common stock using the Series T preferred stock as consideration for the exercise price, which increased common shares outstanding, but had no effect on diluted earnings per share as this conversion was included in the Corporation’s diluted earnings per share calculation under the applicable accounting guidance.
For 2016, the average dilutive impact of the 700 million potential common shares was included in the diluted share count under the “if-converted” method.
For 2018, 2017 and 2016, 62 million average dilutive potential common shares associated with the Series L preferred stock were not included in the diluted share count because the result would have been antidilutive under the “if-converted” method.
For 2018, 2017 and 2016, average options to purchase 4 million, 21 million and 45 million shares of common stock, respectively, were outstanding but not included in the computation of EPS because the result would have been antidilutive under the treasury stock method.
For 2017 and 2016, average warrants to purchase 122 million shares of common stock were outstanding but not included in the computation of EPS because the result would have been antidilutive under the treasury stock method.
These warrants expired on October 29, 2018.
For 2018, 2017 and 2016, average warrants to purchase 136 million, 143 million and 150 million shares of common stock, respectively, were included in the diluted EPS calculation under the treasury stock method.
Substantially all of the outstanding warrants were exercised on or before the expiration date of January 16, 2019.
NOTE 16 Regulatory Requirements and Restrictions The Federal Reserve, Office of the Comptroller of the Currency (OCC) and FDIC (collectively, U. S.  banking regulators) jointly establish regulatory capital adequacy guidelines, including Basel 3, for U. S.  banking organizations.
As a financial holding company, the Corporation is subject to capital adequacy rules issued by the Federal Reserve.
The Corporation’s banking entity affiliates are subject to capital adequacy rules issued by the OCC.
The Corporation and its primary banking entity affiliate, BANA, are Advanced approaches institutions under Basel 3.
As Advanced approaches institutions, the Corporation and its banking entity affiliates are required to report regulatory risk-based capital ratios and risk-weighted assets under both the Standardized and Advanced approaches.
The approach that yields the lower ratio is used to assess capital adequacy, including under the Prompt Corrective Action (PCA) framework.
At December 31, 2018, Common equity tier 1 and Tier 1 capital ratios were lower under the Standardized approach whereas the Advanced approaches yielded a lower result for the Total capital ratio.
All three ratios were lower under the Advanced approaches method at December 31, 2017.
Effective January 1, 2018, the Corporation is required to maintain a minimum supplementary leverage ratio (SLR) of 3.0 percent plus a leverage buffer of 2.0 percent in order to avoid certain restrictions on capital distributions and discretionary bonus payments.
The Corporation’s insured depository institution subsidiaries are required to maintain a minimum 6.0 percent SLR to be considered well capitalized under the PCA framework.
The following table presents capital ratios and related information in accordance with Basel 3 Standardized and Advanced approaches as measured at December 31, 2018 and 2017 for the Corporation and BANA.
The table below and following discussion present a summary of the results, which exclude certain investment banking activities in Global Banking.
## Table 2 ##
Business Lending revenue decreased $517 million in 2018 compared to 2017.
The decrease was primarily driven by the impact of tax reform on certain tax-advantaged investments and lower leasing-related revenues.
Global Transaction Services revenue increased $729 million to $7.9 billion in 2018 compared to 2017 driven by higher shortterm rates and increased deposits.
Average loans and leases increased two percent in 2018 compared to 2017 driven by growth in the commercial and industrial, and commercial real estate portfolios.
Average deposits increased eight percent due to growth in domestic and international interest-bearing balances.
Global Investment Banking Client teams and product specialists underwrite and distribute debt, equity and loan products, and provide advisory services and tailored risk management solutions.
The economics of certain investment banking and underwriting activities are shared primarily between Global Banking and Global Markets under an internal revenue-sharing arrangement.
Global Banking originates certain deal-related transactions with our corporate and commercial clients that are executed and distributed by Global Markets.
To provide a complete discussion of our consolidated investment banking fees, the following table presents total Corporation investment banking fees and the portion attributable to Global Banking.
## Table 3 ##
Total Corporation investment banking fees, excluding self-led deals, of $5.3 billion, which are primarily included within Global Banking and Global Markets, decreased 11 percent in 2018 compared to 2017 primarily due to declines in advisory fees and debt underwriting, the latter of which was driven by lower fee pools.
LIQUIDITY AND CAPITAL RESOURCES We have historically generated positive cash flow from operations and have generally used funds generated from operations and short-term borrowings on our revolving credit facility to meet capital requirements.
We expect this trend to continue in the future.
The Company's cash and cash equivalents decreased to $65,565 at June 30, 2008 from $88,617 at June 30, 2007.
The following table summarizes net cash from operating activities in the statement of cash flows:
## Table 4 ##
Cash provided by operations increased $6,754 to $181,001 for the fiscal year ended June 30, 2008 as compared to $174,247 for the fiscal year ended June 30, 2007.
This increase is primarily attributable to an increase in expenses that do not have a corresponding cash outflow, such as depreciation and amortization, as a percentage of total net income.
Cash used in investing activities for the fiscal year ended June 2008 was $102,148 and includes payments for acquisitions of $48,109, plus $1,215 in contingent consideration paid on prior years’ acquisitions.
During fiscal 2007, payments for acquisitions totaled $34,006, plus $5,301 paid on earn-outs and other acquisition adjustments.
Capital expenditures for fiscal 2008 were $31,105 compared to $34,202 for fiscal 2007.
Cash used for software development in fiscal 2008 was $23,736 compared to $20,743 during the prior year.
Net cash used in financing activities for the current fiscal year was $101,905 and includes the repurchase of 4,200 shares of our common stock for $100,996, the payment of dividends of $24,683 and $429 net repayment on our revolving credit facilities.
Cash used in financing activities was partially offset by proceeds of $20,394 from the exercise of stock options and the sale of common stock and $3,809 excess tax benefits from stock option exercises.
During fiscal 2007, net cash used in financing activities included the repurchase of our common stock for $98,413 and the payment of dividends of $21,685.
As in the current year, cash used in fiscal 2007 was partially offset by proceeds from the exercise of stock options and the sale of common stock of $29,212, $4,640 excess tax benefits from stock option exercises and $19,388 net borrowings on revolving credit facilities.
At June 30, 2008, the Company had negative working capital of $11,418; however, the largest component of current liabilities was deferred revenue of $212,375.
The cash outlay necessary to provide the services related to these deferred revenues is significantly less than this recorded balance.
Therefore, we do not anticipate any liquidity problems to result from this condition.
U. S.  financial markets and many of the largest U. S.  financial institutions have recently been shaken by negative developments in the home mortgage industry and the mortgage markets, and particularly the markets for subprime mortgage-backed securities.
While we believe it is too early to predict what effect, if any, these developments may have, we have not experienced any significant issues with our current collec- tion efforts, and we believe that any future impact to our liquidity would be minimized by our access to available lines of credit.

Tables referenced above, in order (Table 0 first):
<table><tr><td></td><td colspan="3">Residential Mortgage - Agency</td><td colspan="3">Commercial Mortgage</td></tr><tr><td>(Dollars in millions)</td><td>2018</td><td>2017</td><td>2016</td><td>2018</td><td>2017</td><td>2016</td></tr><tr><td>Cash proceeds from new securitizations<sup>-1</sup></td><td>$5,369</td><td>$14,467</td><td>$24,201</td><td>$6,713</td><td>$5,641</td><td>$3,887</td></tr><tr><td>Gains on securitizations<sup>-2</sup></td><td>62</td><td>158</td><td>370</td><td>101</td><td>91</td><td>38</td></tr><tr><td>Repurchases from securitization trusts<sup>-3</sup></td><td>1,485</td><td>2,713</td><td>3,611</td><td>—</td><td>—</td><td>—</td></tr></table>
<table><tr><td>(In millions, except per share information)</td><td>2018</td><td>2017</td><td>2016</td></tr><tr><td>Earnings per common share</td><td></td><td></td><td></td></tr><tr><td>Net income</td><td>$28,147</td><td>$18,232</td><td>$17,822</td></tr><tr><td>Preferred stock dividends</td><td>- 1,451</td><td>- 1,614</td><td>- 1,682</td></tr><tr><td>Net income applicable to common shareholders</td><td>$26,696</td><td>$16,618</td><td>$16,140</td></tr><tr><td>Average common shares issued and outstanding</td><td>10,096.5</td><td>10,195.6</td><td>10,284.1</td></tr><tr><td>Earnings per common share</td><td>$2.64</td><td>$1.63</td><td>$1.57</td></tr><tr><td>Diluted earnings per common share</td><td></td><td></td><td></td></tr><tr><td>Net income applicable to common shareholders</td><td>$26,696</td><td>$16,618</td><td>$16,140</td></tr><tr><td>Add preferred stock dividends due to assumed conversions<sup>-1</sup></td><td>—</td><td>186</td><td>300</td></tr><tr><td>Net income allocated to common shareholders</td><td>$26,696</td><td>$16,804</td><td>$16,440</td></tr><tr><td>Average common shares issued and outstanding</td><td>10,096.5</td><td>10,195.6</td><td>10,284.1</td></tr><tr><td>Dilutive potential common shares<sup>-2</sup></td><td>140.4</td><td>582.8</td><td>762.7</td></tr><tr><td>Total diluted average common shares issued and outstanding</td><td>10,236.9</td><td>10,778.4</td><td>11,046.8</td></tr><tr><td>Diluted earnings per common share</td><td>$2.61</td><td>$1.56</td><td>$1.49</td></tr></table>
<table><tr><td></td><td colspan="2">Global Corporate Banking</td><td colspan="2">Global Commercial Banking</td><td colspan="2">Business Banking</td><td colspan="2">Total</td></tr><tr><td></td><td>2018</td><td>2017</td><td>2018</td><td>2017</td><td>2018</td><td>2017</td><td>2018</td><td>2017</td></tr><tr><td>(Dollars in millions)</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Revenue</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Business Lending</td><td>$4,122</td><td>$4,387</td><td>$4,039</td><td>$4,280</td><td>$393</td><td>$404</td><td>$8,554</td><td>$9,071</td></tr><tr><td>Global Transaction Services</td><td>3,656</td><td>3,322</td><td>3,288</td><td>3,017</td><td>973</td><td>849</td><td>7,917</td><td>7,188</td></tr><tr><td>Total revenue, net of interest expense</td><td>$7,778</td><td>$7,709</td><td>$7,327</td><td>$7,297</td><td>$1,366</td><td>$1,253</td><td>$16,471</td><td>$16,259</td></tr><tr><td>Balance Sheet</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Average</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total loans and leases</td><td>$163,516</td><td>$158,292</td><td>$174,279</td><td>$170,101</td><td>$16,432</td><td>$17,682</td><td>$354,227</td><td>$346,075</td></tr><tr><td>Total deposits</td><td>163,559</td><td>148,704</td><td>135,337</td><td>127,720</td><td>37,462</td><td>36,435</td><td>336,358</td><td>312,859</td></tr><tr><td>Year end</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total loans and leases</td><td>$174,378</td><td>$163,184</td><td>$175,937</td><td>$169,997</td><td>$15,402</td><td>$17,500</td><td>$365,717</td><td>$350,681</td></tr><tr><td>Total deposits</td><td>173,183</td><td>155,614</td><td>149,118</td><td>137,538</td><td>37,973</td><td>36,120</td><td>360,274</td><td>329,272</td></tr></table>
<table><tr><td></td><td colspan="2">Global Banking</td><td colspan="2">Total Corporation</td></tr><tr><td>(Dollars in millions)</td><td>2018</td><td>2017</td><td>2018</td><td>2017</td></tr><tr><td>Products</td><td></td><td></td><td></td><td></td></tr><tr><td>Advisory</td><td>$1,152</td><td>$1,557</td><td>$1,258</td><td>$1,691</td></tr><tr><td>Debt issuance</td><td>1,327</td><td>1,506</td><td>3,084</td><td>3,635</td></tr><tr><td>Equity issuance</td><td>412</td><td>408</td><td>1,183</td><td>940</td></tr><tr><td>Gross investment banking fees</td><td>2,891</td><td>3,471</td><td>5,525</td><td>6,266</td></tr><tr><td>Self-led deals</td><td>-68</td><td>-113</td><td>-198</td><td>-255</td></tr><tr><td>Total investment banking fees</td><td>$2,823</td><td>$3,358</td><td>$5,327</td><td>$6,011</td></tr></table>
<table><tr><td></td><td>Year ended June 30, 2008</td></tr><tr><td>2007</td><td>2006</td></tr><tr><td>Net income</td><td>$104,222</td><td>$104,681</td><td>$89,923</td></tr><tr><td>Non-cash expenses</td><td>70,420</td><td>56,348</td><td>52,788</td></tr><tr><td>Change in receivables</td><td>-2,913</td><td>-28,853</td><td>30,413</td></tr><tr><td>Change in deferred revenue</td><td>5,100</td><td>24,576</td><td>10,561</td></tr><tr><td>Change in other assets and liabilities</td><td>4,172</td><td>17,495</td><td>-14,247</td></tr><tr><td>Net cash from operating activities</td><td>$181,001</td><td>$174,247</td><td>$169,438</td></tr></table>

Question: What's the current growth rate of Equity issuance of Global Banking?
Answer: 0.0098
Reasoning program: subtract(412,408), divide(#0,408)