“I don't see any decline in any way, shape or form of clients' interest in dealing with Goldman Sachs in any part of the world, and I don't expect that to change on any significant basis.”

In context

“ther or not what the US is doing could impact some of that sourcing. David Solomon: Well, what we're hearing from clients, Erika, and I mean this is important is to be talking to clients. What we're hearing from clients, particularly clients in Europe and other places around the world, is they don't like the level of uncertainty, and they don't like the fact that certain constructs for how they interact with the US economic system, the global economic system are potentially changing. I would just say it's early to call heads or tails or direction of travel on how this will play out. We're listening to it carefully. At the same point, we want a huge scale and global franchise all over the world. We have extraordinary expertise and leadership positions and activities all over the world. And I don't see any decline in any way, shape or form of clients' interest in dealing with Goldman Sachs in any part of the world, and I don't expect that to change on any significant basis. But certainly, as we engage with clients, we're hearing questions on these things. I think it's early to declare one way or another as to whether or not at the margin, there's any effect from that. At the moment, all over the world clients are extremely engaged with the firm. Operator: Thank you. We'll go next to Gerard Cassidy with RBC. Gerard Cassidy: Hi, Denis. Hi, David. Denis, you mentioned in your -- in answering your question about the HPI portfolio that you guys had just over $4 billion of CET1 capital, I think it was that supports that portfolio. Can you remind us how will you bleed that capital back in -- releasing it back in -- or just releasing it, I should say? I know when the 8.8% goes to zero, it will be completely released, but is there a linear way of releasing or is it a”