“And to your point of revenues are to come down or come in lower-than-expected, we'll adjust the expenses accordingly.”

In context

“ation and the risk and controls. What I would point out is that in 2023, we delivered expenses of $54.3 billion, ex the FDIC charge. That is the guidance that we gave. But I'd also highlight that we also included $780 million associated with the restructuring charge that is more than I had articulated in the way of guidance. So the capacity that we created through our efforts through the year, we use that in a smart way. We use that to fund the org simplification costs so that we can realize the savings down the line and we're going to continue to manage our expenses in a disciplined and smart fashion. That means spending what we need to spend on the transformation and risk and controls, but driving greater efficiencies and productivities along the way to ensure we get to that 11% to 12%. And to your point of revenues are to come down or come in lower-than-expected, we'll adjust the expenses accordingly. Operator: Thank you. Our next question comes from Glenn Schorr with Evercore. Your line is now open. Glenn Schorr: Hi. Thanks very much. So, you're clearly making a lot of progress, and I hate to like ask this question too early, but I think it is important. Your expense guide is good, your revenue guide is good, and you have your arms around the expenses, so the question I have is, how do you think about balancing that near-term profitability improvement that we all want desperately with making sure you do make the right investments, because if you look around the world, there's a lot of places to grow, whether it'd be your branch network or wealth management aspirations that you have or the digital investments, so how do you -- how do we know that all the right future investments are be”