“So I would just expect more of a base level of activity from what's been very, very muted.”

In context

“a reset. I'm encouraged by the fact in the quarter, we saw one or two deals where kind of the bid offer between the value that a financial sponsor could achieve and the financing price came to a -- came to meet. There was a good data point and a sell-down of a legacy deal in the market, but I would say the financial sponsor activity is still muted and there is more upside as the reset on both value and financing cost continues. I think we're going to get there. I'd expect more in the second half of the year unless there was a really strong, a much more pronounced economic disruption because it just takes time for people to reset. We've now kind of gone through five quarters of reset. And so generally speaking, historically, you kind of see these things turn on after four to six quarters. So I would just expect more of a base level of activity from what's been very, very muted. Glenn Schorr: Appreciate that. And building on that, your comment about companies wanting to build on their strategic position, maybe we could talk a little bit about your transaction banking platform because it's still growing. I'm just curious on the March events that we saw, did it cause any rethinking or maybe encouragement in terms of the direction of what you're doing with transaction banking and taking on those deposits? And did you notice any -- was there any noticeable behavior of how those deposits acted during the March crisis? Thanks. Denis Coleman: Glenn, it's Denis. Thanks for the question. I'd say that our conviction around the transaction banking business remains very, very strong. I think what we were able to observe in the first quarter, I highlighted in my script and it”