“There is an operating leverage story, which is one of the reasons why the margin in our Asset & Wealth Management business will continue to improve.”

In context

“round that, just given some of the uncertainty around Basel III endgame. Although again, I think that's going to continue to evolve. And I also think we have a long track record of being very, very nimble with our ability to deploy. So we're going to continue to focus on making sure we've got the right resources to serve our clients. And as we generate capital, we have confidence in our capital position that we'll return capital to shareholders. And we've been very focused, as you've seen, on growing the dividend, and we plan to continue to do that. Matt O'Connor: And then just separately following up on the exit of legacy on-balance sheet principal investment, is there an expense reduction opportunity as those investments and some of the infrastructure goes away over time? David Solomon: There is an operating leverage story, which is one of the reasons why the margin in our Asset & Wealth Management business will continue to improve. When we were running an on-balance sheet business with lots and lots and lots of on-balance sheet position, the number of people that you need to manage those positions and serve those positions, creates a business that's scaled differently than a traditional fund management business that you would see on someone else's alternative platform. And so we're early in the journey. I'll just give a simple example. We went out last year, a year-and-a-half ago, and raised our first growth equity fund. We used to do that business on-balance sheet. We have lots and lots of positions, and therefore, a very, very broad team to service that. We raised our first fund. You need a smaller team to manage that fund. But when you go and you raise your second fund, you don't need to increase the scale of the”