“We set a clear target over the next three years to get to zero. My guess is, we've got a good shot if we executed doing that quicker than that.”

In context

“tter. How come the balance sheet reduction of on-balance sheet investments might be slower this year when the intent, I think, is to get rid of all of it at the right price? David Solomon: Yeah, first of all, I think we made a lot of progress last year. And so if you look at what we accomplished, I think what we accomplished last year was pretty meaningful, especially given the environment. One of the things that happened is we pulled some stuff forward that we didn't expect to monetize in 2023 -- into 2023. And so to be clear, our focus is to get that to zero as quickly as possible. If you're operating inside this firm and you're operating in that business, you feel enormous focus on reducing that as quickly as possible. But we want to make sure that we manage expectations appropriately. We set a clear target over the next three years to get to zero. My guess is, we've got a good shot if we executed doing that quicker than that. Glenn Schorr: Fair enough. All right, thanks, David. David Solomon: Yeah. Operator: Thank you. We'll go next to Ebrahim Poonawala with Bank of America. Ebrahim Poonawala: Hey, good morning. David Solomon: Good morning. Ebrahim Poonawala: I just wanted to spend some time on the FICC business. So if I'm looking at the right numbers, it feels like FICC revenues are now back to pre-COVID levels if you go back to 1Q of '19. Maybe if you can unpack it, just looking at slide 13, seemed like most products were quite weak. Give us some perspective around does both -- the intermediation piece of FICC, does that feel like we are close to trough, and unlike seasonality, we should see some improvement in FICC from here, if you can just provide some perspective there. David Solomon: Sure. I mean, at a”