“We don't view current prices as being problematic in terms of continuing our stock buybacks.”

In context

“firms. So, one maybe, Robin or Dermot, talk to us about your comfort around ROE resiliency? If the market backdrop is unfavorable, what's the flex in the system? And given where things stand today, like how do you think about the stock valuation versus the commitment to return 100% plus in buybacks and dividends? Thank you. Robin Vince: I'll take the second bit first, and then Dermot will reflect on the first part of your question. So, the good news is that we can also pay attention to the way that you all think about the stock and your views of our stock. And we appreciate the fact that many of you have expressed confidence in our forward direction. We believe in ourselves as well. And so, what we do, of course, consider price as one of the many inputs into our capital return framework. We don't view current prices as being problematic in terms of continuing our stock buybacks. Dermot McDonogh: Ebrahim, when I took on the role a couple of years ago, I guess, I got a lot of questions about, is this just going to be more of the same or what's different? And now we're several quarters into the new team, and Robin has really kind of bolstered that team and through the strategic pillars, communication, the principles, the medium-term financial targets has really started to evolve the culture of BNY. And so, it is our commitment to deliver to our shareholders' positive operating leverage through the cycle. And so, if you just take a step back and look at this quarter's financials, 5% revenue growth, flat expense growth, 33% pre-tax margin, upper end of Tier 1 leverage, 6%, 23% return on tangible common equity, and a 22% EPS growth, and what I would say is a solid beas”