“I said previously that 12% was not off the table. And that remains true.”

In context

“r next year, which under SCB, as you know, are really quite flexible as a function of the earnings generation outcomes, the capital build. But you can kind of draw your own conclusions in terms of the growth and the minimums that we see in the future as well as the loan growth as well as some of the investments that we’re making. And frankly, we’re kind of happy about that. That’s just -- we want the capital to be used that way rather than being used for buybacks. John McDonald: Okay. And then, as the follow-up, maybe compound follow-up. The new CET1 target or where you expect to kind of run this year, if you could clarify that. And also, any color on the modest normalization of the FICC and equities wallets that you could flush out? Jeremy Barnum: Yes. So, in terms of the target, I mean, I said previously that 12% was not off the table. And that remains true. Depending on the outcome of the rule side, depending on the Basel III endgame, depending on all the various components, you can see a world where 12% remains the minimum. But as you can see, and as I said in response to Erika a second ago, the 17% target assumes something closer to 13% as a function of the expected increases in GSIB and some other factors. So, we’re kind of going to operate in that type of range throughout the year with obviously the flexibility that we have. And then, sorry, you also asked about normalization of markets and IB fees. I mean, I would say, if you’d ask me in the middle of the year, we were talking a little bit about thinking that a reversion to 2019 run rate was a thing that like could happen in theory. The way we feel right now, our central case is obvious”