“The pipeline is very strong, depending on how you measure it, the strongest it's been in five years to 10 years, maybe even longer, and we are excited about pushing that through to the rest of the investment bank.”

In context

“brilliant job, really running a durable business with a lot of annuitized revenue around well considered financing, structuring, lending businesses that look quite like the businesses we have in classic underwriting such that when we now go into this investment banking cycle where we do think there is going to be an acceleration of classic primary and secondary offerings we're already doing business that looks like that inside of sales and trading, our lending businesses, client advice, and of course, there is real collegiality across the investment bank. The last piece of this is what we've been waiting for, which are M&A tickets, which as you know are the top of the waterfall, the highest margin product that then have multiplier effect through the whole organization and that has begun. The pipeline is very strong, depending on how you measure it, the strongest it's been in five years to 10 years, maybe even longer, and we are excited about pushing that through to the rest of the investment bank. What I've said and I would repeat here too, just to give a lengthy answer, Glenn, is that on ISG wallet share, we are clear that we want those share gains to be durable, which is why we didn't go with quantification. We want those gains to be ones that are not gains by reaching concentration risk, counterparty risk, but the clients know we are serious about bringing ISG to the fore and that the integrated firm now is bringing together these world class wealth and investment management businesses with our investment bank. And the proof is in the pudding, this past year 100 basis point gain, plus or minus in the investment bank to roughly a 15% wallet in a growing denominator. And as you can tell, given we've been quite disciplined on RWA growth against that and you see the operating levera”