“You heard me saying -- you heard me say, we're going to do that again this quarter at a modest level.”

In context

“iables and the ability to buy back some stock along the way as you mentioned earlier? Mark Mason: Yeah, sure. So look, John, obviously the Basel III proposal still out there and under discussion. We've been very vocal about the potential impact of that. We've also been very disciplined about how we've been managing our capital. We've built that over 30 basis points over the course of the year. You've seen us actively manage that through the year. We're going to continue to do that. We obviously, generate earnings that contribute to that. We want to continue to drive growth across the business. We're trading at 0.5 times book, where we can we want to buy back as much as we can in shares and we tried to be disciplined about that over the past couple of quarters doing that as a modest level. You heard me saying -- you heard me say, we're going to do that again this quarter at a modest level. But we're going to be -- we have to be thoughtful about what those headwinds might look like and we're actively working what mitigation actions we have to put in place, should it turn out closer to the way the current proposal sit. So it's an ongoing active management that drives the balance servicing our client needs, with obviously, holding a responsible amount of capital in light of the uncertainty that's out there, and with an eye towards buy backs where we can do that. John McDonald: Okay. And just as an expense follow-up, I wasn't clear. Has the transformation spend peaked when you think about what you'll spend on transformation this year versus last year? And are the transformation benefits starting to kick in at this point? Mark Mason: Yeah. So to be clear, we're going to continue”