“And as you hear from our bullish commentary with respect to overall corporate finance activity in the investment bank, that will bleed through over time to the transactional line.”

In context

“of when we get there? And when we get there, should that be a sustainable pace for the business? Thanks. Ted Pick: Thanks, Ebrahim. Confidence level, high. If you take a step back, there are three pieces to the Wealth Management line; asset management, transactional, net interest income, as you know. In the asset management context, those are fees that are going to fee-based accounts, advisory-led. Those figures are up 4% sequentially and 16% year-over-year. That is fee-paying advice. Last quarter, the net new assets into that category was $26 billion. So fee-based flows -- that continues to be a growth piece of the Wealth Management store. The second cylinder is transactional. Transactional has been relatively weak, which is a link to general weakness in overall capital markets activity. And as you hear from our bullish commentary with respect to overall corporate finance activity in the investment bank, that will bleed through over time to the transactional line. And then third, the net interest income line. And as Sharon said, that will inflect and should inflect over the next year. You put those together, the scale of the business, the funnel, and the processing of $100 million of revenues a day that continue to grow, we are going to continue to achieve operating leverage. It's that simple. We're investing in E*TRADE. We're investing in the traditional advisor, and we're spending a lot of time top of house focused on workplace, which we think is an enormous opportunity across our corporate and sponsor base. In January, I had said 30% was the goal. We were in the mid-20s. We just printed 27% GAAP, 28% [Ex-CPE] (ph). It's a core stated objective. It will take some quarters to get there, but we intend on achieving it over time as we continue to gro”