“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.”

In context

“stment 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 lot of it behind us in this year. That doesn't mean there won't be anything, but the drag from platforms in 2024 will be materially reduced from what it's been. And so I think we're making good progress in the medium-term is over the next couple of years, provided it's -- provided that it's a reasonable environment. And so I think you'll see good progress on the overall positioning of the firm over the next three to five years. Mike Mayo: And then just to follow-up that other drag, you said would be a lot less than 2024 from Platform Solutions. And can you dimension that a little bit? And also, as it relates to p”