“Obviously, we're -- I mean, it's fair to assume that we're going to continue moving on capital distributions.”

In context

“in time, which heats up CET1. Thirdly, we have the Basel III finally looks like it's coming to fruition at some point in the first half of the year, although I don't expect that banks will be required to implement whatever the new capital rules are until the beginning of 2025. So while there's a pretty long time frame, a year is a long time in this business, let alone 1.5 years, I still think that it's prudent to kind of have some capital sitting there and just -- I'd rather be in a position where we have excess capital when particularly in an environment where we don't see obvious places we've put it to work. Now that said, we did our best. We bought back I think it was $8 billion and $10 billion last year. We doubled the dividend the year before. We increased the dividend 11% last year. Obviously, we're -- I mean, it's fair to assume that we're going to continue moving on capital distributions. But I like a number of 15%. We actually -- we triggered a little higher than that this quarter. We could easily drop down to 14.5%. That wouldn't bother me at all, but that will be driven by the environment and business opportunities. So, great position to be in coming into a change in the regulatory outlook potentially, and we can always act aggressively, and we've proven we will do that when we have more clarity. Glenn Schorr: I appreciate that. One other big picture is so Wealth Management is growing great. Everybody is happy. I think historically and even now, you've been considered very equity-centric from whether it be wealth and asset management or your dominant equities platform. So curious if you're thinking about it's possible with these higher rates, lots of clients shift to a”