“I think the way to look at it is we’re fairly neutral at this point, interest rates going up or down.”

In context

“nancial effect. And the way you should look at this is, we don’t tell commercial bank or investment bank don’t get new business, don’t serve your clients. So we’re serving clients the way we always do, and you see the loan book growing in a lot of areas, but there are some discretionary things which barely affect us. So, we’re not putting -- conforming mortgage on the balance sheet, whether we originate them or whether correspondents originate the most part, because it makes very low sense to do that in the balance sheet, and we make other choices. And so we’ve got a lot of tools to manage it. Obviously, with the capital requirements going up, we’re going to find ways to reduce RWA. I’m talking about over years strategically, I think without affecting our basic franchises. Interest rates: I think the way to look at it is we’re fairly neutral at this point, interest rates going up or down. Jeremy said the $19 billion, please do not annualize that. There are a lot of uncertainties today. And I’m just going to mention a few. We’re not worried about them. It’s not going to change things dramatically, but does change things. What’s going to be QT’s effect on deposits? How much deposit migration you’re going to have in this new technological environment? And there are pluses and minus from that. And of course, there are lags. There are lags in consumer. There can be some lags in treasury services. There can be some lags in commercial banking. So it’s just on the back of the mind, we’re going to kind of actively manage that. And the other thing I want to point out is that taking investment securities losses for the most part, it could be want to sell our rich securities and repla”