“in other words, we’re sort of saying that as we -- as the environment continues to normalize in a variety of ways...when all of that plays out and is finished playing out, we believe we should be back to 17%, all else equal.”

In context

“agenda are obviously thinks that we’re executing now, expanding in places, hiring people, hiring technologists to do things that we need to do. So hopefully that answers your question. Glenn Schorr: And maybe if I could just ask a very general question, I think people get normalizing capital markets and a higher investment spend when it adds up to falling short of the 17% over time target. The question -- the simple question I have is the fact that you’ve mentioned multiyear shortfall, is that a function of timing of NII going full run rate with the timing of capital markets short off and the high denominator, as you just answered with John’s question? Jeremy Barnum: Your line is breaking up a tiny bit, but I think I basically hear your question, and I think the simple answer is yes. So, in other words, we’re sort of saying that as we -- as the environment continues to normalize in a variety of ways, so that includes policy rate normalization, rate curve formalization as well as run rate normalization and Markets revenues with the sort of some background expectation of growth in our Markets and Investment Banking revenues with the background expectation of growth, and when all of that plays out and is finished playing out, we believe we should be back to 17%, all else equal. So, you can kind of see -- it’s not that long, if you know what I mean, in terms of like what the current forwards imply about when you get back to a sort of more normalized policy rate environment. Jamie Dimon: Glenn, I would just like to add, we don’t really know about 2023, and I’d be very cautious in that. Plus, I expect more interest rates increases is in the implied curve. And obviously, the world is very competitive. I also want to point out that a 17% return on tangible equity, if you can get that to the rest of o”