“So, unfortunately, there's not that much more clarity I can give you other than what is leading us as we go forward is largely that liability mix. And so that's the trend that will when we look out in the next couple of quarters is one of the biggest trends that will drive NII from here.”

In context

“ad. Brennan Hawken: Hopefully you can hear me now. James Gorman: Go ahead, Brennan. Brennan Hawken: All right. Sorry about that before. So, Sharon, I know you mentioned before about the NII and the deposit cost having a big impact, but actually the deposit cost trends were roughly in line with what we were looking for and yet NII turned out to be a little better than expected. Could you tell us -- we don't have great visibility on the asset side. Did something happen on the asset side were you able to reprice some assets? And how much more of that do we have potentially on the come? Sharon Yeshaya: There were some places where we benefited from the asset side. But as you know, we'll have to look at the ALM mix and it will be dependent on some of the market rates that we see going forward. So, unfortunately, there's not that much more clarity I can give you other than what is leading us as we go forward is largely that liability mix. And so that's the trend that will when we look out in the next couple of quarters is one of the biggest trends that will drive NII from here. Brennan Hawken: Okay. Thanks for that. And then, I noticed, I know it can diverge sometimes, but the trends for firm-wide NII were different, down about $300 million quarter-over-quarter. So, could you help us maybe understand why was that the firm-wide NII deferred substantially from the Wealth Management trends? Sharon Yeshaya: Yes, that was largely just associated with the trading position. And as you know, it depends on many things, including what products you have, where they're booked, how they're booked and what type of instrument, and in addition, various types of funding costs. So, it's really the -- I think when we look and we manage the business specifically on the trading side given our portfolio and how we think about our bank versus just the broader broker dealer, et cetera,”