“That's not our current expectation to repeat that.”

In context

“mbers, but I don't think we have $16 billion incremental on the forward, significantly less than that. Mike Mayo: So how much do you have left that once you discard the $21 billion that remains, how much capital should be freed up? Denis Coleman: I mean, on a year-to-date basis, based on the activity that we've undertaken, that's a release of about $2 billion, to give you a sense. So we probably have remaining mid-single digits. Mike Mayo: Okay. And as far as the comp ratio, should we consider these onetime charges as part of comp or would that be excluded when we think about our models? Denis Coleman: So we obviously have to include it for the purpose of the comp ratio accrual. We do think of them as more onetime in nature. We, as you know, did a headcount reduction earlier in this year. That's not our current expectation to repeat that. If anything, we think that the work we've done to right-size the firm is something that puts us in a position to now make more selective investments in our headcount on the forward. So we don't expect that type of severance to repeat itself. And we are taking into account as we set the compensation ratio, that severance payments is obviously not available to pay those employees that remain with the firm. We're very focused on pertaining to continue to drive the franchise. Operator: At this time, there are no further questions. Ladies and gentlemen, this concludes the Goldman Sachs Third Quarter 2023 Earnings Conference Call. Thank you for your participation. You may now disconnect.”