“We believe through the cycle that is a mid teens business.”

In context

“ments about the regulatory landscape and focusing on growth and the opportunity to play offense, and clearly you announced the cost collaboration with T. Rowe Price and Industry Ventures, I'm just wondering, David, as you think about Goldman Sachs in the future, One Goldman Sachs 3.0, what are those opportunities for growth that you think maybe are missing or not scaled in the business right now that will really maybe stabilize, enhance that 15% ROE as we look forward even without such a robust capital markets backdrop? David Solomon: Sure. I think we've, and I appreciate the question, I think we've talked about this a lot, Erica, but at the end of the day our strategy remains the same. We continue to invest in Global Banking & Markets and are very, very focused on share and wallet share. We believe through the cycle that is a mid teens business. That doesn't mean there couldn't be a year or environment where that business is different in a different capital markets environment. We believe consistently through the cycle we now have that business operating as a mid teens return business. We've been clear that Asset & Wealth Management remains a very, very attractive growth channel for the firm. You can see us improving margins and uplifting returns there. There's still more to go and we are highly confident in our ability to uplift the returns in Asset & Wealth Management over the next couple of years. That obviously strengthens and enhances the overall return profile and durability of the firm. We are executing against that. I think you can see through T. Rowe Price and also through our acquisition of Industry Ventures that this g”