“You should take confidence that we're at the levels, including the management buffer that we expect to be for the rest of the year.”

In context

“, how should I think about that relative to we get Basel endgame coming out soon because clearly, when you're at 13.3% against the new rate cap SEB, you it signals a bigger opportunity for buybacks over the coming quarters. So how should I think about that? Jane Fraser: I think consistent with what we've been talking about. There's a lot of uncertainty out there about the new capital requirements, both in terms of the nature of them and the timing of implementation. I think the industry is expecting to get more clarity about that with the comment period that will be coming up. Plus it's a fairly uncertain macroeconomic environment at the moment. So both Mark and I feel it's prudent to continue making that assessment until some of this uncertainty is clarified as to what precisely will do. You should take confidence that we're at the levels, including the management buffer that we expect to be for the rest of the year. We've proven a good case of being able to build capital. That's for sure over the last two years. And you take comfort as well. We increased the dividend. We had $2 billion of capital returned last quarter. So our intentions are clear to return capital where we can, but also to be prudent in how we do so, given environment and current regulatory uncertainty. Operator: And our next question comes from Mike Mayo with Wells Fargo. Mike Mayo: Hi. One negative question, one positive question. So on the negative side, you talked about bending the cost curve, but I think second quarter year-over-year it's bending the wrong way. And six quarters from now, you're saying it should bend the other way. So what are we not seeing in the financials that gives you such confidence? Because it seems based”