“we stick to the cost synergy guidance that we gave when we first announced the transaction.”

In context

“e we -- what we had said was we looked for approximately a 3-year integration period. We have seen some -- and this is specific to E*TRADE, we have seen obviously a portion of the integration-related spend over the course of the last 2 years. We would expect the vast majority of the integration-related expenses to be pulled forward into 2022 with a slight residual in 2023 but most of that happening in 2022. And I think that what you'll see later in the 2023 space will be more on the back end and not really a client -- not really client-facing. As it relates to the actual cost synergies that we've seen, we're in a very good place. I think that it's exceeded our expectations in terms of the guidance that we gave in terms of a time line and seeing those come through. But on a holistic basis, we stick to the cost synergy guidance that we gave when we first announced the transaction. James Gorman: On the international, I mean, E*TRADE already manages some plans internationally. We don't have immediate plans to take the platform outside the U.S., but it's certainly part of the long-term strategy. So I'd say right now, let's get the integration done. Let's prove out the case here, get the cost synergies we talked about sort of close the books on that, and then we're looking for further expansion. Ebrahim Poonawala: Got it. And just a separate question around -- there's some concern that the Fed is behind the curve in terms of monetary policy, how concerned are you in terms of the risk of an accident happening with one of your clients within the capital markets business if the Fed has to hike faster or get to QT sooner than expected? Any thoughts around that? James Gorma”