“And we do believe that in the investment banking and capital markets new issue arena, we are gaining share. We would be seeking to do that. Globally over the next year or two years.”

In context

“ssential one, two, three partner to the largest asset managers with whom we are wedded to and that we are doing business that we think is right in line with advising our clients. That we you see it, the VAR ticks up, but not dramatically. That the use of capital is is prudent, but that we are connecting not just inside of equities, but across fixed income I'd call out, by the way, that the performance of the fixed income business for the last whole bunch of quarters has been remarkably stable. That speaks to the management of that business. As a part of a durable narrative inside of the investment bank, but then across the firm. The investment banking flywheel, again, is also activity based and economically sensitive. But we do think that the pent up supply there is going to have to come. And we do believe that in the investment banking and capital markets new issue arena, we are gaining share. We would be seeking to do that. Globally over the next year or two years. And then as it relates to the Markets business, I. E, sales and trading of stocks and bonds, we want to do it prudently. We're not looking to overreach We are well aware of what the underlying valuation narrative is for Morgan Stanley. We want to serve our clients. We want to help fill capacity and capability for them. But we are going to continue to have a high bar on what new business we take on. And how it generates incremental margin. Operator: Ladies and gentlemen, this concludes today's conference call. Thank you everyone for participating. You may now disconnect. And have a great day.”