“And when we look ahead, we would expect to remain above that 2019 level, and we'll have to see what the upside is.”

In context

“gbusters trading and market activity. I was hoping to get your perspective on how you're thinking about the outlook for the trading businesses. If you're willing to go so far as to suggest what normalization might look like across both FICC and equities would be really helpful. Sharon Yeshaya: Sure. I would look at it more holistically from an institutional perspective. And so when I think about what does it mean? We entered -- I remember doing an investor conference in February of last year. And we talked a lot about what is normal and is 2019 normal. And our answer then was we would expect to actually normalize somewhere between 2019 and 2020 from an industry wallet perspective. In fact, it looks as though the industry wallet has just been right around that range within those two bonds. And when we look ahead, we would expect to remain above that 2019 level, and we'll have to see what the upside is. But a lot of that growth in Sales & Trading has come from the divergent central bank policies and has also come from the fact that you have higher yields, right? So when you think about investing in the fixed income product, and you go into that going forward, that could create different dynamics than we would have seen over the earlier 2010 through 2019 or '17 outlook for Sales & Trading. Operator: We'll go next to Dan Fannon with Jefferies. Dan Fannon: I wanted to follow up on the wealth business and the rollout of the companion accounts and the 90% that you've headed. Can you talk about the behavior change or what has happened subsequent to clients receiving those companion accounts and try to get a sense of what that could mean on a longer-term basis in terms of increased activity and”