“I do think given what's going on with the capital stack and the capital regime, and given the way we're executing on our strategy, which is allowing the firm to grow, there is room for us to continue to drive that dividend higher.”

In context

“of that was our confidence in the durability of our revenue, the business mix, which we've grown and we've executed on and we've improved, and so we've moved it along accordingly. You can look at the same things we look at with respect to payout ratio, with respect to yields, with respect to dividend against our overall capital return plan, and evaluating this year given the growth of the firm. And the firm has had a step up in the growth of the overall firm and its overall earnings capacity. We decided that this more significant move was appropriate. I don't think you should expect the 33% increase in dividend every year. We are committed to growing the dividend steadily. And we'll look at those metrics that you would expect around payout and yield and try to find that right balance. But I do think given what's going on with the capital stack and the capital regime, and given the way we're executing on our strategy, which is allowing the firm to grow, there is room for us to continue to drive that dividend higher. Betsy Graseck: Oh, okay. Great. So payout ratio could inch up from here is what I'm hearing. And then separately on your expectations for how AI is going to impact your overall efficiency? I'm just thinking about drivers of revenue growth and expense saves. I know it's both sides of the equation with AI. How should we think about how much efficiency this can unlock over time? How are you thinking about it? David Solomon: Yeah. We're spending an enormous amount of time on this Betsy, and we haven't put public numbers out. But you should know that we've got detailed plans on things we're investing and what we think they can generate. And I just say, for us and for others, not unique to us, this is a big opportunity. It's a big opportunity to automate processes, create efficiency and product”