“And I think you’ll see us probably push a few of those levers as we get through this year and certainly next year.”

In context

“ean for the margin and for the wealth management business more broadly. James Gorman: If I could just add and excuse my voice, I have a chest cold. Glenn, on the simple math to take the margin of that business from 26% to 28% is about $120 million. Obviously, we’re still absorbing some integration stuff relating to the platform that will be done this year. We had slightly higher reserves. We’ve been investing pretty aggressively in the business and, frankly, I think, prudent – appropriately, the payoff is the $110 billion, which is a net new asset organic growth of 10%. So I’ll take that any day long, the assets to sustain the building. So yes, we have a lot of levers to push that margin around a couple of percent points. That’s not, frankly, a source of great anxiety to me at this point. And I think you’ll see us probably push a few of those levers as we get through this year and certainly next year. So the trade-off is, I think we all want to keep investing for growth. We see a real window here. This $10 trillion target is for real. The tree in every 3 years is 300 – whatever it is, $330 million a year, $333 million, I guess. And starting off with $110 million, I think we have pretty good visibility to net new money. So it’s a balance. But as we get through this integration as it’s finally completed, some of those costs roll off. We will get a little tighter in the expense management in the wealth business. I know Andy and his team are already focused on that. So – and then the deposit stuff will – it’s kind of going to be what it’s going to be depending on where rates go and what the Fed does. Glenn Schorr: Appreciate that. And thank you for fixing my question. The follow-up I have”