“I think a good number to use is something like $12 billion of buybacks for this year for 2023.”

In context

“o on. So we have got the best guesses for all of those in the outlook. And of course, the actual outcome will be different in one way or another and we will just run the business this year. John McDonald: Okay. Thanks. And on buybacks, how will you think about approaching buybacks and putting it in that mix of capital decisions that you have and any thoughts on kind of the size or quantifying the potential buybacks? Jeremy Barnum: Yes, sure. So sort of in the mode of like helping you guys out to put a number in the model. If you sort of look at the way we are seeing things, obviously, we have got another GSIB stuff coming next year. So say, 13.5% target and the sort of using your estimates, organic capital generation, minus dividends, etcetera and all of the elements of uncertainty there, I think a good number to use is something like $12 billion of buybacks for this year for 2023. But you know, of course, that buybacks are always at the end of our capital hierarchy. So if we have better uses for the money, those will come first and the timing and the conditions of how much we do when is entirely at our discretion and also noting that we are potentially going to see a Basel III NPR sometime in the first quarter or maybe the second quarter. And while that will be an NPR and it will only cover part of the surface area and it won’t be final, so it’s unlikely that it meaningfully shapes short-term decision-making. There will be some information content of that release that could shape our decisions as well. John McDonald: Got it. Thank you. Operator: The next question is coming from the line of Erika Najarian from UBS. You may proceed. Erika Najarian: Hi, good morning.”