“So we're certainly not going to be raising capital. We're going to continue with our buyback through this period.”

In context

“ously I spent a lot of time with the regulatory community, which I've done for 14-years. I think everybody understands for example the way operating risk RWAs have been calculated in a sort of blunt instrument based on fees is not, you know, it wasn't what Basel was originally going to do though. We're going to take that rule out years ago. And they ended up just not getting around to it. And suddenly we're complying with something that they didn't even want and don't, you know, they don't use in Europe. So it’s not that -- it’s just not going to happen the way it is. And that's not being pollyannaish. That's just, that's my judgment call. That said, what we want to frame with investors is, god forbid, it does happen exactly as is. The rule becomes proposal rule tomorrow, then we're fine. So we're certainly not going to be raising capital. We're going to continue with our buyback through this period. The final implementation of this thing is going to be 2028. You know, there's a lot that's going to happen between now and then. But listen, this is the first time you've had members of the Fed Board and the FDIC, I think, come out in advance of a rule being promulgated, if that's the word, saying that they're not comfortable with it. So there's clearly debate within the regulatory institutions. And if you get past the -- why we need more capital, which I don't think the industry does, into well what should it be, the only place it clearly shouldn't be is punishing businesses that have fees attached to them, whether it's credit cards or wealth management, that's not the regulatory intent. And they've told me that and therefore I believe that will change. So on the cushion it's frankly a f”