“And then connecting to Investment Banking, I think that business has too hit an inflection point again where they can continue to prosecute high-margin business through the cycle.”

In context

“have its strongest quarter, street-wide in the first quarter, Investment Banking typically in the fourth quarter. That's not every year, but that's typically out shakes out. Third quarter tends to be weaker in the summer months, and then it's sort of all about September. And obviously, this September will be one that will be driven in part by sentiment around the upcoming elections. So that's kind of the seasonality piece. The other is just the scale within the businesses, I'd be remiss again, not to sort of underscore the importance of having reached $3 billion in the equities business. This has been a leading business where we have been Number 1 and Number 2 for the last dozen years. And we see the clients are much in demand of our services across cash, derivatives and prime brokerage. And then connecting to Investment Banking, I think that business has too hit an inflection point again where they can continue to prosecute high-margin business through the cycle. All of this, of course is dependent on the economy holding up and general asset price levels. But given where we are right now, we are feeling good about that, too. Steven Chubak: Thanks for that perspective. And just a follow-up on the deposit discussion. Both you and your wirehouse peers announced similar actions on deposits, which you noted, Sharon. You mentioned it was informed by competitive dynamics. But I wanted to better understand if there's any feedback you or your peers had received from regulators that prompted the decision? Because from our vantage point, the timing of these pricing actions at this stage of the rate cycle is simply difficult to reconcile? Sharon Yeshaya: I'm sorry, Steve, we don't comment, as you know on regular matters. Steven Chubak : Okay, fair enough. [I”