“The change in business model, the growth in the asset management business, the growth in the workplace retirement business, all of these things, which frankly are very capital-friendly. Yes, that number is going to keep moving.”

In context

“But this is something that we should and will try and control as best as we can. Jim Mitchell: Right. Maybe as a follow-up on that, James, I think you have talked about hoping the change in the mix of your business over time would push your DFAS losses and SCB down slightly. This year is probably a period of victory relative to what some happened to your peers. But do you think there is still room to see that come down over time given your changing mix? James Gorman: Absolutely. Look at the PPNR number, was materially up as stress losses were also up, not surprisingly. The test was incredibly demanding in this environment. But notwithstanding that, we increased the dividend and we still came out at 13.3, I think versus 13.2. We are very focused on the SCB buffer not getting away from us. The change in business model, the growth in the asset management business, the growth in the workplace retirement business, all of these things, which frankly are very capital-friendly. Yes, that number is going to keep moving. Then we have an argument we have been – an argument I won’t put it that way, but let’s just say a different point of view with the Federal Reserve about how they treat financial adviser compensation during a time of stress. And we have argued for a long time that financial adviser compensation is obviously variable. So, that expense comes down when revenues come down. The Fed has not yet seen it our way, but we are continuing to push that argument strongly. When it does, we believe that will free up another bunch of capital. Operator: Thank you. We will take our next question from Mike Mayo with Wells Fargo Securities. Mike Mayo: Hi. James, you have talked about variable expenses for variable revenues, and the revenues were down, and comp was down. But at what point do you pull the lever”