“And as we continue to narrow the drag which we're making progress on in the platforms and I believe we'll narrow that to 0 and move past that, you've got these 2 businesses that are the firm that will be mid-teens through the cycle.”

In context

“bitions and really focus on these 2 big businesses. Clearly, at this point in time, given the lack of investment banking activity, our investment banking business is performing at a lower level of return and a lower level of activity than we've seen in nearly a decade. We don't believe that's constant. We believe that, that global markets and banking business can deliver mid-teens returns through the cycle and that obviously makes up more than 2/3 of the firm. In addition, Mark Nachmann laid out at our Investor Day, a very clear path on asset management to grow the top line of asset management ex the legacy balance sheet by a high single-digit percentage and we set a target to drive the margin which ex the legacy balance sheet up to 25%. At that point, that is a mid-teens return business. And as we continue to narrow the drag which we're making progress on in the platforms and I believe we'll narrow that to 0 and move past that, you've got these 2 businesses that are the firm that will be mid-teens through the cycle. So that's the way I'd think about it. But obviously, you need a better environment in this environment to see that. Glenn Schorr: I appreciate all that. And maybe 1 just big picture. Think a lot of banks that -- investment banks that have reported over the last couple of days have had varying degrees of optimism about capital markets activity returning. And I think in typical Goldman fashion, you all have been I think, appropriately conservative over the last couple of quarters. So maybe I'll just get a mark-to-market on what green shoots you may or may not be seeing. You mentioned your advisory pipeline was up; just like kind of contextualize that, that would be great. David Solomon: Sure. I'd say on the following. It definitely feels better over the course of the last 6 to 8 weeks than”