“I think the ability for the highly capitalized, global investment banks... we'll be able to get back after that core share around corporate product.”

In context

“s an interesting one, Mike. I do think you're touching on -- we have to see how the regulatory environment plays out, but I think we sort of sense that the 15-year dam is breaking and that reform is in the offing. We've seen indications of that in SLR, as you know, and recent strong results from the group in this recent CCAR exam. I do think that some of the share that we ceded as an industry group at the top, the big banks writ large, the 6 of us, that, in part, was a function of regulatory limitation broadly. And that regulatory limitation may well be normalizing. And that will not so much dollar for dollar take share back from the private lending group because I think the private credit product has found its place. It is institutionalized. As you know, it's $2 trillion and growing. But I think the ability for the highly capitalized, global investment banks, especially if they have something special along with it, in our case, as you know, world-class Wealth and Investment Management businesses, we'll be able to get back after that core share around corporate product. In the mid-cap space, with corporate derivatives, to unsecured, but high-quality borrowers where perhaps we've been [ competed ] out to be more soup-to-nuts on acquisitions and complex events. There will still be a role for others to continue to flourish in the boutique space. The winners will continue to be winners. And there will be clearly a role for the sponsor community to do its thing. But I think the, I don't want to say, the vulcanization, of some of our core activities, inside of the securities business and corporate investment bank amongst the big group, I think you may begin to see, and you've indicated this, the tide may begin to shift where”