“We will hit 30% pretax margins in wealth, 70% efficiency ratio for the firm and 20% ROTCE.”

In context

“ecific and that we needed to hit them. And then finally, with respect to returns on capital, this gets to the importance of our being stewards of that capital, what we pay out in the form of dividends, what we buy back and durably how we run the place. So we thought that 20% ROTCE which is something we hit during the COVID years. But of course, those were against macroeconomic conditions, which were unusual and highly favorable that we can do 20% in a normalized environment. So this may be on the margin and James liked it too, when we talked about it, stylistically, my view was and the team shares it that 10 trillion of client assets, we should get there and just keep on going. But the other three, effectively in removing the pluses, it's simply reaffirming that those numbers will be hit. We will hit 30% pretax margins in wealth, 70% efficiency ratio for the firm and 20% ROTCE. It will take time. It will be the challenges you would expect in making that happen. And of course, we need economic conditions to line up in a favorable way. But over time, those are the firm-wide goals, and we wanted to be very specific about that for you. Operator: We'll take our last question from Mike Mayo with Wells Fargo Securities. Please go ahead. Your line is now open. Mike Mayo: Okay. Well, it looks like you have a heavy lift after following James [indiscernible]. What is your message to the wealth managers and investment managers at half of the company that you haven't run in the past. So you've proven yourself in half the company, that's clearly capital markets and Wall Street banking. But what's your message to the other half of the company at a time when they've had a step”