“I would add if, in fact, the Basel III end game outcome is more favorable than perhaps the Street expects. We will adjust accordingly, but we have tools.”

In context

“'ve met some of these folks are so-called integrated investment bank. What is differentiated about this place is that we have bankers, equities people and fixed income folks who work together. They work together on client solutions. What I'm proposing on our behalf is now we extend that proposition to the firm. We're at -- in the wealth business, the investment management business and inside the investment bank, we can work together around clients ultimately to generate operating leverage and returns. And that is for me, the most exciting part of the next chapter, which is we got the team, we've got the excess capital. But again, I like the excess capital because it's part of what has differentiated us from the group and allows us to weather whatever comes through on a Basel III end game. I would add if, in fact, the Basel III end game outcome is more favorable than perhaps the Street expects. We will adjust accordingly, but we have tools. And part of that is dividend or that's investing in the business. Part of that, obviously, is buying stock back. But ultimately, having a real capital cushion is something that shareholders have come to expect from James, and that's something they should continue to expect for me. Christian Bolu: Awesome. Very clear, and then maybe another one on Wealth Management margins, unfortunately, maybe for Sharon. I can hear you Sharon very clearly that you think higher revenues will drive margins over time. I guess, but if I guess if I look at the business, 2019 versus today, wealth management revenues are up 50%. This is where they were in 2019, where your margins have compressed. And again, I know there's onetime items in the quarter, on the year, but it doesn't seem to me like bigger revenues”