“So I would say for the next quarter, no really change in the buyback. It's going to be consistent with the last couple of quarters.”

In context

“erating leverage over time. Mike Mayo: Okay, thank you. Operator: Our next question comes from the line of Alex Blostein with Goldman Sachs. Please go ahead. Alex Blostein: Good morning, guys. Thanks for the question. Maybe shift gears a little bit. I was hoping to spend a minute on capital. Nice to see the capital ratios build over the course of the quarter. So I guess as you're thinking on the buyback on the forward basis, given that it's been a little bit lighter over the last couple of quarters, how are you thinking about that over the next 12 months? And maybe just a reminder, in terms of how much capital do you expect to accrete back to your capital ratios from securities maturing over the next, call it, six quarters or so? Dermot McDonogh: So I'll take that one, Alex. Good morning. So I would say for the next quarter, no really change in the buyback. It's going to be consistent with the last couple of quarters. Going back to one of the three things that we said in January, buybacks was one of those and we committed to buying back 100% more of earnings, or returning 100% more of earnings to our shareholders over the course of the year, and we're on track to do that. I would say, as we look out on the world today, it's very different to where it was in January. You still have the kind of huge volatility in the rate environment. Like it was 100 basis points in Q3. The geopolitics are very uncertain at the moment. So -- and then last but not least, you've kind of got Basel 3 and advocacy and what's going to happen there. So there are a lot of things to be worried about. And at this stage, we'd rather be on the cautious end of things and see no real need to change our stance on buybacks in the short”