“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.”

In context

“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% with clearly indications that you see from the most recent that the numbers are going in our direction on the back of continued regulatory reform. So that kind of buffer, we should be thinking about this and taking steps, and we are as we speak. Ebrahim Poonawala: That was very comprehensive. One quick follow-up. I think both Sharon and you implied there's a higher tolerance across boardrooms for the macro volatility. We are seeing some pickup in rhetoric around tariffs. Do you think this is different than what we saw in March and April where there's a huge hit to corporate sentiment around deal activity that is unlikely or”