“I think that as we continue to gain scale across the businesses, each of those dollars that we put to work will be more and more efficient.”

In context

“be first question, just Sharon, following up on the efficiency ratio about 72% for 2022. As we think about the journey from 72% to something sub-70% kind of in line with your strategic target, a sense of what it means. Is it this time? And are the businesses growing, which are more efficient and that changes the mix? Or could we see that up 70% even over the next couple of years? Would love to hear it in terms of both from a timing standpoint and what needs to happen at the firm to get to a sustainably below 70% efficiency ratio. Sharon Yeshaya: Sure. So if you think about, we were -- we've been below 70%, right? So if you look back to the last couple of years, and there are periods of time where we are below, there's obviously two pieces to it, both the expense side and the revenue side. I think that as we continue to gain scale across the businesses, each of those dollars that we put to work will be more and more efficient. As I highlighted, where we've been investing a lot of those dollars is on the technology side. I noted that in my prepared remarks, and we have seen that both from the cyber resiliency side and also just as we think about the broader integrations of all of the platforms that we've acquired over the last couple of years. So as I think through it and I think about the timing, obviously, a different revenue environment will certainly help. And there's tremendous operating leverage, particularly as you think about the Institutional Securities business, which will help to drive that. Now if you go through each of the businesses, each of those businesses also exhibit operating leverage, right? If you have a constructive market environment, we've seen very strong margins also from the Investment”