“When we get the kick up from the forward curve, we get some of the rate increase in the next couple of years. We finished the integration expenses. You're going to see that number go up. No question about that.”

In context

“2006, our total assets as a company were $1 trillion. We're now at 6.5. So it's not like an impossible lift. On efficiency ratio, when I started in this job, I think our efficiency ratio was in the low 80s. We have grounded down every single year. And our range over the last -- including this year, 2021, '22 was 69 to 72. We obviously beat that. We had -- as I said, we had a blowout year. But we're consistently of the view that, notwithstanding all the talk about expense pressure, our efficiency ratio will stay under 70%. That for long-term management and managing growth and investing in the business, you got to balance growth versus expense, I think that's a phenomenal outcome. And Wealth Management, our long-term goals there was 69 to 72 -- I'm sorry, 26 to 30, we've now said 30% plus. When we get the kick up from the forward curve, we get some of the rate increase in the next couple of years. We finished the integration expenses. You're going to see that number go up. No question about that. So that's the context. And frankly, I just like the round 20, 70, 30, 10, felt like a nice clean sheet. Everybody can follow it. And that's what we're planning on. Operator: The next question is from Steven Chubak with Wolfe Research. Steven Chubak: So I was hoping to unpack some of the assumptions underpinning the 30% margin target for the Wealth segment. Looking at the adjusted Wealth Management margin this past year of 27% and the 30% target is certainly a significant improvement from where you've been run rating over like the past decade-plus. In this new world order following the E*TRADE acquisition, it does feel a bit conservative when layering in the synergies as well as simply the realization of the forward curve. And I wanted to see if we should expect the NII windfall to largely”