“When it does, we believe that will free up another bunch of capital.”

In context

“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 on kind of plan being? I mean you said 50-50 on a recession. And Sharon talked about maybe delaying some projects. But when it comes to resource allocation, headcount, more aggressive moves to prepare for a difficult environment, you said yourself that it’s uncertain, it’s not the time to take too much extra risk to push your market share. But is it time to go to plan B or more recession-like scenario in terms of your resource management? James Gorman: No, it’s not. We are overwhelmingly in the U.S. We had 6% revenue growth i”