“And I think more broadly in transaction banking, about 2/3 of the revenue from the time we modeled through now is correlated to deposit intake with the balance around FX and other fees. And so as we see interest rates come back, the value of those deposits will as well.”

In context

“e different in the context of interest rates. So we've seen fed funds come down from the time of Investor Day. I don't know, I want to say about a 150 basis points, maybe a little more. The consequence of that is that, the value of deposits that the economic value of deposits is not as rich now, as we had imagined back at Investor Day. But equally in the context of an expectation of rising interest rates, we'll see a return to the value of those deposits, otherwise modeled out. And therefore on the forward rate curve our view is that we'll be able to achieve that billion-dollar revenue target. I point out that of the 50 billion more of them are operational. That's step one to achieving the value of that. And that has been a big quarter-on-quarter increase from about 14% the last quarter. And I think more broadly in transaction banking, about 2/3 of the revenue from the time we modeled through now is correlated to deposit intake with the balance around FX and other fees. And so as we see interest rates come back, the value of those deposits will as well. Operator: At this time, there are no further questions. Please, continue with any closing remarks. Stephen Scherr: So since there are no more questions, I'd like to take a moment to thank everyone for joining the call on behalf of our Senior Management team, we hope to see many of you in the coming months. If additional questions arise in the meantime, please do not hesitate to reach out to Carey and the Investor Relations team. Otherwise, please stay safe and we look forward to speaking with you on our fourth-quarter call in January. Thank you. Operator: Ladies and gentlemen, this does conclude the Goldman Sachs Third Quarter 2021 Earnings Conference Call. Thank you for your participation. You may now disconnect.”