“It is the case, though, that with the compounding of earnings and the continued growth of these businesses, it is quite possible that we are going to be moving right through these firm-wide goals. By definition, the math should take us through the $10 trillion.”

In context

“st now have the kind of confidence where we can start talking about what it would be like if there was a more challenging environment and our ability to still generate 17 and a half percent returns on tangible with an environment where earnings could be below $8. We don't have that in the plan. But it is an important ballast when we think about the, earnings multiple that you put on the currency that there's a view that we can continue to generate real leverage, operating leverage through performance in tougher periods. That is a tough is a tough thing to tell the market you have confidence in unless you've done eight quarters as we have in these sort of mini macro uncertain periods where we've been able to see performance driven by the the two major segments separately and then together. It is the case, though, that with the compounding of earnings and the continued growth of these businesses, it is quite possible that we are going to be moving right through these firm-wide goals. By definition, the math should take us through the $10 trillion. It's, you know, it's compounding math. And, you've seen our performance on that score over the last several years. And we printed wealth margins that were in fact above 30% We continue to gain share inside the investment bank. As Sharon went through, we had margins for the enterprise, i.e., ratio that was below 70%, and our ROTCE was 21, 22. So we demonstrated it. It's just not in our prudent kinda long-term thinking that is the Morgan Stanley of today, that we should just move the targets higher because we've had a couple good years. I think the view is Ted Pick: we are going to continue Sharon Yeshaya: to compound earnings We are going to Ted Pick: not push on robust objectives. When, in fact, 20% returns Sharon Yeshaya: are pretty darn good if we're continuing to, gain wallet Ted Pick:”