“Starting with the expected path to $10 trillion in client assets across Wealth and Investment Management, we've demonstrated our ability to generate over the last three years positive net new assets of approximately $300 million (ph) a year. Combining that with reasonable average market assumptions give us the confidence this will lead to $10 trillion in client assets in reasonable years ahead.”

In context

“On Slide 18, you can see our excess capital position enables us to continue to invest in our business for future growth and deliver robust returns to shareholders. Our business transformation, especially the durable earnings from Wealth and Investment Management, enable us to double that dividend -- enabled us to double our dividend in 2021 and further increase it by 11% in 2022. Over the same time, we've reduced our shares outstanding from the much higher levels driven by the impact of our recent acquisitions. Taken together, we delivered a 9% capital return to our shareholders last year. We remain committed to ongoing shareholder return, adjusting always for whatever the business performance is and the regulatory requirements demand. Shifting to how we see the future state on Slide 19. Starting with the expected path to $10 trillion in client assets across Wealth and Investment Management, we've demonstrated our ability to generate over the last three years positive net new assets of approximately $300 million (ph) a year. Combining that with reasonable average market assumptions give us the confidence this will lead to $10 trillion in client assets in reasonable years ahead. Now let's consider this within the broader firm picture, and bear with me for a minute. In 2022, the firm delivered $14 billion of pretax profit. In this future scenario of $10 trillion of assets, which I believe will happen, generating approximately 50 basis points of revenue which is about what we're doing currently at a 30% pretax margin, which is within 2% of what we're doing currently. If you put that math together, it should create of itself over $14 billion of pretax income. As you can see, that exceeds that of the full firm today just from the wealth and asset management businesses. So if you pull it all together, just to wrap it up, Slide 20 reiterates our confidence in our performance goals. They have not changed on account of what's going on in the markets in the last 12 months”