“I absolutely think that the regulatory direction of travel is improving our competitive position significantly on the timeline.”

In context

“gs will go wrong. Ebrahim Poonawala: That's helpful. I guess just one more when we think about regulatory changes. We had the Treasury Secretary talk about this in a speech last week. Just give us a mark to market around your expectations as you think about the G-SIB surcharge and Basel III endgame. How are you thinking about the timeline and capital planning around all of that? I think the bigger question that's come up with investors is, is the competitive positioning of Goldman Sachs getting better where you're not being buried with incrementally new regulations? When we think about Goldman Sachs competing with the non-banks across a varied businesses, is that also just at the margin getting better? If you can comment on that. Thank you. David Solomon: Sure. I mean on the second point, I absolutely think that the regulatory direction of travel is improving our competitive position significantly on the timeline. It's harder to give you an exact timeline, but I'd say you're going to see real progress this fall and real progress during the first half of 2026. I would expect we'll have a very, very, very clear picture of a bunch of the regulatory issues that we're all focused on collectively over the course of the fall and the first half of 2026 into the end of the CCAR cycle next summer. I think we're certainly going to see SLR relief. I think we're certainly going to see more transparency around CCAR and a continued recalibration because of that. I think we're going to see a recalibration of G-SIB. I think we're going to see a much more constructive Basel III endgame. Obviously, the regulatory tone and the focus of resources that we have to direct toward regulatory is shifting in a way that we can”