“We’re investing in the business everywhere, particularly around the workplace retirement space. We’ve invested in the digital bank and building out the wealth space. We’ve invested in asset management and our capability, and we’re going to be doing more of that, taking the Eaton Vance Funds internationally, expanding the Parametric program.”

In context

“aybe using that capital to grow share in any parts of the business or just save it for a rainy day, like I am curious on how that dynamic works being one of the only ones with the excess position? James Gorman: Well, it’s – Glenn, this is sort of the ultimate question. We’ve built through a decade of, frankly, hard work and discipline, a great excess capital position. Not for nothing along the way, we did two major acquisitions. So we’re using it on deals and two small ones, Solium and Mesa West, you recall, the majors, of course, E*TRADE and Eaton Vance. We’ve taken the dividend. Last year, we doubled the dividend. And this year, we took it up another 11%. It wasn’t so long ago, our dividend was $0.05 a quarter. The incremental change this year is $0.075 a quarter. So we’ve used on that. We’re investing in the business everywhere, particularly around the workplace retirement space. We’ve invested in the digital bank and building out the wealth space. We’ve invested in asset management and our capability, and we’re going to be doing more of that, taking the Eaton Vance Funds internationally, expanding the Parametric program. And then we’re investing in banking. I mean, obviously, the banking calendar has been terrible the last few months, but that’s not – we’re interested in the next 10 years, not the last few months. So the only thing we haven’t done with excess capital is do a special dividend. And that’s something I’m just personally not a fan of. I just don’t – I think it’s like giving shareholders a problem and saying, we don’t know what to do with their money. Here, you take it. So what we like to do with that money, invest it in the business, check; give you a smart dividend with a 4% yield, check; and do buybacks and have flexibility around it when the stock is trading. At the beginning of the year for every x dollars we spent, we’ve got 4 shares retired. Now we’re retiring 5 shares. I like that. Glen”