“We continue to believe through the cycle that that business is a mid-teens business.”

In context

“the charges, it's 10%, and that's not really executing at your 15% or so desired return. So can you give us a kind of waterfall chart in words on how you get from that core 10% ROE to 15%, and if you could define medium-term? David Solomon: Sure. So I appreciate the question, Mike, and obviously, we're very focused on it. It wasn't an A environment for our core business. In fact, I don't even think it was a B environment. When investment banking is operating at low levels, that is an impact overall. I do think that it's important to look at our core business of banking and markets, which is a very significant portion of the firm and do note, on a fully allocated basis in this environment, which was not a B-plus or an A environment, given the investment banking activity, it had a 12% ROE. We continue to believe through the cycle that that business is a mid-teens business. And so I don't think we're going to see -- stay at the level of activities that we've been at. We have that business positioned very well. And so you'll get some upside returns there in a better environment. And then secondarily, on Asset & Wealth Management, we continue to reduce the balance sheet. The balance sheet has been a drag on returns, but I think we've been pretty clear that we can drive the Asset & Wealth Management with a smaller balance sheet to mid-teens returns or better with a 25% margin. We're on that journey. We're making progress. I think we'll make very good progress over the next two years. And if you look at those two businesses, that's the vast, vast majority of the firm, and I think they can operate mid-teens. We've significantly reduced the other drags. We got a l”