“When the environment stabilizes a bit, we are one-pronged through the 3-pronged administration effort, we would expect areas like the M&A business and underwriting business to pick up.”

In context

“a record of integration that is a good one. But we have humility around what it takes to make integrations work. And so the bar with the management team is a high one. But we look at those integrations, those potential tuck-ins in the context of what the core strategy affords. Are they acquisitions that actually are near the bull's eye or better on the bull's eye, that would actually help grow the core strategy across wealth and investment management and the investment bank such that we can continue to grow capacity that way? So you're hearing, Ebrahim, both organic and inorganic. But the specific answer to your question on the organic opportunity is that the first half affords an example of the operating leverage that the Firm is able to demonstrate where the environment has been murky. When the environment stabilizes a bit, we are one-pronged through the 3-pronged administration effort, we would expect areas like the M&A business and underwriting business to pick up. And that will continue to afford us additional operating leverage. So we are contributing to that. The dividend is number one and will continue to be paramount. The cadence and the increase of the dividend dating back to when it was script all the way to now $1 a share and a 2.8% yield at current prices, is one that we will continue to put at the top of the list for its durability and something that our core investors have come to expect as a key signpost of the core strategy itself. And then finally, the buyback. We are at a $4 billion pace per annum. That is obviously a lever that we will use tactically and accordingly. So that is some detail. But clearly, you're hearing that we're giving this quite a bit of thought because, as you rightly point out, we printed 15% CET1, we are at 13% w”