“We've said clearly, we think this is a mid-teens business through the cycle.”

In context

“esearch. Christian Bolu: Good morning, guys. Maybe I'll ask Glenn's question in a different way. If I look at that 18% ROE for the Global Bank and the Markets business, it really -- it really catches my eye here. So how would you characterize this quarter's performance? Is it like sort of normal-ish to you? Does it feel maybe peak-ish to you? Again just trying to figure out if 18% ROE is anywhere sustainable for that business. David Solomon: That was -- it was a -- it was -- there's no way to shade this. It was a strong quarter for Global Banking and Markets. Peak, I mean, I can point in the last few years to quarters in Global Banking and Markets where the returns were higher. But I certainly wouldn't say that this is what we expect to be an average quarter in Global Banking and Markets. We've said clearly, we think this is a mid-teens business through the cycle. The performance this quarter was higher. There were performance last year was meaningfully lower. I think the right thing to focus on, Christian, is mid-teens through the cycle. That's the way we think about it. And there was client activity and opportunity set for us this quarter and I think one of the things that we continue to try to talk about is that when there is opportunity with our clients, there is opportunity in the market. We're good at capturing that, delivering that for shareholders. And then when the environment is more tough though, this is a more durable and sustainable business than people may have looked at the past. But I would view this as a very strong quarter on Global Banking and Markets and not what we would target as the average run-rate for the business. Christia”