“So I do think just at a high level, look, this is a high level. I think the environment in 2024 feels like it will be better for our mix of businesses than it was in 2023.”

In context

“we will continue, as we have for the last 25, 35 years, grow our investment banking activity. When there's real disruption in the world, we find that FICC can be a little bit countercyclical in some way, shape or form. But that's not the same as saying a normalization of investment banking activity means a slowdown in intermediation or market activity. I think there's a lot going on in the world. The trajectory of rates, there's a point of view on rates and inflation, but it's certainly not certain to me. I think people are going to be active as they adjust to the environment. There's debates about how the Fed continues on its quantitative tightening or doesn't continue on its quantitative tightening. And so all of this, I think, will continue to play into people being active in markets. So I do think just at a high level, look, this is a high level. I think the environment in 2024 feels like it will be better for our mix of businesses than it was in 2023. But I'm not a good predictor, and we're prepared to operate whatever environment we have to operate in. Devin Ryan: Understood. I appreciate that, David. Maybe a quick follow up for Denis. Just commercial real estate, clearly big headwind in 2023. Appreciate all the disclosure. Their office on-balance sheet is only $1 billion now. So when you think about just the environment relative to current marks, how do you feel about kind of the pain being behind the Company and just characterize the environment where maybe there still could be material marks? And then just more broadly kind of expectations for marks as you exit the historical CRE on-balance sheet principal investments. Thanks. Denis Coleman: Sure, Devin. Thank you. And as you know, we have new disclosure the last couple of quarters”