“We believe that the revenue mix will toggle around. There could be periods like in 2020 or '21, where the investment bank is really firing on all cylinders. Again, early economy type of activity, and that could grow again towards 50%.”

In context

“over the next three to five years. I was wondering if you can help fill in the blanks around strategically, I mean M&A has been a key pillar of this transformation as we think about both organic and inorganic one on the M&A side, give us a sense of just where you see deal making happening over the next few years. We saw a big private asset deal being announced on Friday. And so would love some perspective there. And then I think the second thing you mentioned in terms of wallet share on the investment banking side, if we can unpack that a little bit in terms of how you expect to achieve a greater wallet share. Thank you. Ted Pick: Thanks. Good to talk to you -- with you. It's an interesting question. You're effectively asking what will over the slide look like three, four years from now. We believe that the revenue mix will toggle around. There could be periods like in 2020 or '21, where the investment bank is really firing on all cylinders. Again, early economy type of activity, and that could grow again towards 50%. And we could have other periods where as we continue to invest in the wealth and investment management piece of the firm, that could expand further. I think where we are right now is a revenue and profitability matter where 60% of the firm is in wealth and investment management is not a bad place to start. I think the main message I want to convey today is that while there is a change in leadership after 14 years of James stewardship, there's not a change in strategy. We have undertaken and integrated, if you really go back into time and then include Mesa West five different acquisitions. And I think the view inside the house is that's good for now. We can execute our business with the growth plans in front of us and it feels organic. Now that having been said, there are ideas that come a”