“because of the buffers we have built, even if this proposal were implemented today as written, we have adequate capital to meet the ultimate requirement.”

In context

“and at the same time, delivered a CET1 ratio of 15.5%, which is 260 basis points over our most recent regulatory requirement. We clearly have a significant capital buffer. Also, you saw the full details of the initial Basel III endgame proposal. As you all know, this is a proposal, not the final regulation. And I'm going to repeat that, it’s a proposal. There is an enormous amount of energy being spent, conversations being had across industry groups and agency board members and I've been deeply involved myself along with Sharon Yeshaya and we've been told many times that the Federal Reserve strongly welcomes comments on this proposal. Given this, I anticipate that the agencies will be open to considering thoughtful changes before it's adopted as a final rule. But let me be crystal clear, because of the buffers we have built, even if this proposal were implemented today as written, we have adequate capital to meet the ultimate requirement. Needless to say there are many years between now and then. In the quarter, wealth management generated net new assets of $36 billion, that's obviously below recent quarters. It's consistent with what I've been saying for a long time. These numbers will bounce around and in any quarterly period, they're always idiosyncratic things. This year we've had two quarters where we had some surprise on the upside and in aggregate for the year, we're totally net new assets of $235 billion year-to-date. Our annualized growth rate is at the high end of the 5% to 7% range that we've been looking at. And it's consistent, in fact, it's spot on with our three-year target of a trillion dollars for net new money. Overall, this firm is in excellent shape, notwithstanding the geopolitical and market turmoil t”