“On the other hand, balance sheet growth will be very measured. I think we will pick up share by banks coming back to us, not necessarily us having to move forward.”

In context

“ecting a more stressed environment. We met as a Management Committee last September, I think and I spoke to the Management Committee about I felt there was much more downside risk to the market. The magnitude of it, I didn’t have a strong feeling for, but I thought it was somewhere between significant and are really significant. And I think we are in the sort of significant phase right now. So, we started pulling back, Mike, at that point. We have got a very clear handle on headcount growth and where that growth is. We have also got a lot of regulatory obligations. We have got to continue to fulfill as all the banks do. But right now, we are definitely not in a sort of crisis mode at all. I mean that’s what – if we were, we wouldn’t be buying back $20 billion increase in the dividend 11%. On the other hand, balance sheet growth will be very measured. I think we will pick up share by banks coming back to us, not necessarily us having to move forward. And as I think Sharon articulated very well, we are doing a pretty systematic review of the prioritization of all the projects going on around the firm and also in a big company like this with $60 billion of revenue, we have a lot of stuff going on, and we have choices as to when we do it. So, I would call it a sort of plan A minus, not a plan B, if you will, but that’s mindset we are in. However, if things get worse, and in my career, I have seen a lot of recessions, a lot of crises, a lot of damage done to the environment, if things really deteriorated, particularly in the U.S., then we take a much more aggressive position. And we obviously have the ultimate weapon, which is comp. Operator: Thank you. There are no further questions at this time. Ladies and gentlemen, this concludes toda”