“We are not looking at changing the buffer right now.”

In context

“: Next question will come from Jim Mitchell with Seaport Global. Your line is open. Please go ahead. Jim Mitchell: Hey, afternoon. Maybe just a follow-up on capital As you noted, the stress test, saw about 30 bps of improvement. Based on similar rules for last year. Seems like model enhancements are likely to lower the volatility in the SCB going forward and likely improve it And profitability is getting better. We will have more certainty on the other regulations. Is there a time when you start to question 100 basis point buffer, I guess, is my question? And can you can you run a thinner buffer and use that excess capital while your stock is still at the low tangible book multiple still kind of in the low 1, 1.5 range. Yeah. Jane Nind Fraser: Let me reemphasize what Gonzalo said earlier. We are not looking at changing the buffer right now. there is quite a lot of uncertainty in the certainly, geopolitical and other environment, so we are not looking at changing it. But we are looking forward to the continued strengthening of our PPNR, the continued lower stress losses, and also getting the models to be an accurate reflection of our business. We think they overstate risk in a number of areas, Treatment of our DTA is a sizable example. Double counting of operational and market risk. Is also another area that has a sizable impact. So the biggest upside is going to come from what we hope we will see, which is the new models coming out that are an accurate reflection of the actual risk, and that will have the biggest impact on SCB but until they are issued, we will not know. And obviously we hope G SIB will be addressed better t”