“Listen, we are clearly going to keep pushing capital distribution through buyback and dividend to shareholders.”

In context

“years how you are thinking about that, James? James Gorman: Glenn, it’s a high class problem and its great position to be in. We have been very protective of keeping a sort of buffer on a buffer, because you never know in this world and I think what we have experienced with the markets in the last quarter were extremely volatile and you just have to -- you have to anticipate the worst and make sure you are prepared for that. We clearly have done that. We have been chipping away at the excess capital. If you add back the OCI, we are running about 15% CET1. We were well above 16%. So, clearly, we will see where our CCAR results are. I think last year, they are around 13.2% or 13.3%. I’d be surprised if there’s material changes. But let’s see. So we are still sitting on a significant buffer. Listen, we are clearly going to keep pushing capital distribution through buyback and dividend to shareholders. That’s clearly the case. We have just done two major acquisitions with about $21 billion. We would do more deals if as they -- if they fit with our strategy, we won’t do things that take us offline, off piece. We want to stay true to our strategy and our strengths in our three core businesses. So, yeah, continued buyback, but also a lot of investment in the business. I mean, we are doing a lot on the tech side. Obviously, we want to stay completely compliant with our regulatory responsibilities and we will continue to invest to make sure we are best-in-class there. But a lot of investment technology and a lot of investment around the retirement workplace platform, which I think is sort of the next frontier. And we are just in baby steps, we are very early days of that, but I think that’s”