“We'll be doing buybacks through this year. We have $20 billion authorization from the Board. We won't be doing $20 billion, but we'll be doing buybacks, and we'll moderate it.”

In context

“wasn't a good look. So, we wanted to be cautious. And on the specific buyback, obviously, just on the dividend, we're totally comfortable with the dividend. We've said many, many times we regard half the company as a yield stock, and we're going to treat it that way. And the dividend increases you've seen, I think they're entirely appropriate, and I would expect they continue over coming years without saying exactly what level they're at. On the buyback, I mean, we would take advantage of weakness in the stock. We will be prudent. We're creating -- this was a very difficult quarter and we accreted $2 billion. So it's not like we're not making money here. And I'd like to see the rule, I guess, in a couple of weeks, Sharon, right, we're getting the rule and then the first range of comments. We'll be doing buybacks through this year. We have $20 billion authorization from the Board. We won't be doing $20 billion, but we'll be doing buybacks, and we'll moderate it. I think this thing is going to take -- as I said, I'd be surprised if this is all done and dusted by -- where are we, '23, by the end of '26. I think that's sort of -- and that's 3.5 years, which is a lifetime in these industries. Steven Chubak: No, it's a fair point, James. I mean, immediately, we all had the experience with Basel III when it wasn't going to get fully implemented for a period of years and the impacts were fully loaded. So, I think we're all just trying to prepare for maybe some expectation that it gets priced in a little bit more quickly. James Gorman: It could. And we'll adapt, but we won't change our strategy. And I'm going to be a strong advocate on where I think some of these rules do not align with what is right for the global -- for the U.S. financial system and th”