“one of the things that changes by aligning our direct-to-consumer business with our wealth business and people that are on our wealth platform is that the forward spend for customer acquisition is meaningfully lower.”

In context

“g about the environment or the way we're running the firm that doesn't lead us to believe that we can deliver on the targets that we would set over the course of the coming years, whether the return target or also the efficiency target that we've set. And we're tracking a number of KPIs and continue to be very focused on that. The realignment of the firm is really driven by our ability to serve clients. That is the most important thing that's coming out of this. And we've been very, very focused on wallet share and client share broadly. We've made real improvements over the last few years, and we think this further aligns those goals and that capability. Now in this realignment, we are making a purposeful shift as we think about our direct-to-consumer business. And I'd just highlight that one of the things that changes by aligning our direct-to-consumer business with our wealth business and people that are on our wealth platform is that the forward spend for customer acquisition is meaningfully lower. And so of course, as you look at that, that's helpful in the overall returns of the firm. But I would highlight that just the numbers, either way we were looking at it are small in the context of businesses, our core businesses, banking and markets, asset and wealth management. And I don't think any of this was having a big impact on our ability to meet our targets or the pace at which we will meet our targets. We do think, and this is why we're doing this, that this is a better way for us to align the business and move the business forward. And so that's why we've made this purposeful shift. But again, I'd just amplify, these are not big numbers in the context of our meeting our targets when you look at the overall performance of the firm. Ebrahim Poonawala : That's helpful. And I guess”