“We'll be buying back $3 billion-plus this year, as that's an ongoing lever that we're going to pull.”

In context

“s businesses, but you also saw it in Wealth Management, some of the technology spend that Sharon described. In the sort of forced hierarchy of what we would wish to do at any given moment around capital allocation, as we said before, it's the dividend first that is sacrosanct and we continue to grow it. Second here, because of the secular growth and where we are in the cycle, as Sharon just described, there is a good cause to be investing in all three segments, Wealth Management, Investment Management and the Investment Bank, and to do so across the world. We're clearly seeing rates of equitization increasing in places like Japan and India and on the continent. So, having a global franchise and investing in that, we think is existentially important. And then, the buyback is opportunistic. We'll be buying back $3 billion-plus this year, as that's an ongoing lever that we're going to pull. Of course, the Basel uncertainty likely lasts through the election and we have our points of advocacy that are aligned with the industry, but also those things that matter very much to Morgan Stanley specifically. And we're going to continue to make our case concertedly, respectfully, and we'll see how it plays out after the election. But as it stands now, 160 basis points of buffer on CET1, 5.5% SLR, we are investing in the business, we're achieving operating leverage. So, these things are always a movable feast, but we are keeping a very close eye on it and we're happy with how we're optimizing the allocation. Ebrahim Poonawala: Got it. And one quick follow-up for you, Sharon, on sweep deposits, NII, all that good stuff. Just as we think about rate cuts, clients kind of -- maybe serving”