“As it relates to capital markets, boardroom confidence is rising and our calendar is building.”

In context

“holders. Utilizing the flexibility of our repurchase authorization, we were opportunistic at the start of the 4th-quarter, and we bought back $1.3 billion of common stock. The full year tax rate was 21.9%, reflecting the realization of certain tax benefits earlier in the year. The fourth quarter's tax rate was 26.5%, primarily reflecting the tax implications of a specific legal matter. We expect the 2024 tax rate to be approximately 23%, consistent with prior years, we continue to expect some quarterly volatility. A number of idiosyncratic and macro headwinds added complexity to the backdrop over the last year. Notwithstanding these challenges, we ended the year better than where we started. We now have $6.6 trillion of client assets, and we successfully completed our E*TRADE integration. As it relates to capital markets, boardroom confidence is rising and our calendar is building. We approach 2024 with optimism, keenly aware of the dynamic environment we operate in, as we continue to drive towards our performance goals. With that, we will now open the line up to questions. Operator: [Operator Instructions] We'll take our first question from Dan Fannon with Jefferies. Your line is now open. Please go ahead. It looks like we lost Dan, we'll move to Glenn Schorr with Evercore. Glenn Schorr: Hi, thanks very much. I love how you laid out the picture on the wealth management margin potential. And I do like that sweeps have settled in. So I'm curious, in the big picture, has FA and client behavior changed a bunch on the cash management front such that, that's a potential driver of margin potential and why you're leaning towards that mid-20s near term versus the 30% where”