“We're on our way to achieve the 30% margin target as you relate to the Wealth Management business.”

In context

“re 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 Management business. We're on our way to achieve the 30% margin target as you relate to the Wealth Management business. So I'd say it's a balance of both, both the revenue environment and how that turns around and then just continued discipline and making sure that we have the right investments as we think about our expense base going forward. So we've been extremely prudent and disciplined as we think about the base over the last especially nine months that we've seen with this type of environment. Ebrahim Poonawala: Got it. And I guess just a separate question around market activity obviously highly uncertain how Investment Banking activity shakes out. But if the Fed were to pause and the central banks are done with the majority of the rate hikes, is that enough to drive a rebound in M&A, ECM, DCM? Or do we need a lot more in terms of just confidence returning to the market before we see IB activity pick”