“We continue to see opportunities to expand our margins over time, really in all of the businesses.”

In context

“gan has been sticking to 17% Roxy through the cycle despite outperforming it. So maybe just approach it a different way, Ted, and Sharon. You know, you mentioned 320 basis points of excess capital. You know, clearly, the regulators are keen to redefine that. As you think about the forward and achieving higher highs and higher lows, you know, where are you investing back in the business in terms of trying to build moats? And, also, you know, given Sharon's response earlier on the wealth management pretax margin, You know, markets aside, there seems to continue to be structural to improve that underneath the surface. And I just wanted to make sure that we were taking away the right conclusion from that response. Sharon Yeshaya: Absolutely. Operator: You are taking away the right conclusion. We continue to see opportunities to expand our margins over time, really in all of the businesses. We get a lot of questions around, to your point, Erica, are there still opportunities to invest that are ROE accretive inside the building? And the answer is absolutely yes. You can see that in the results, particularly in the investment banking franchise. We have been adding talent and with additional talent resources capital resources, to help service a broadening and a widening out of a corporate portfolio and different corporate clients that we cover. That has helped us gain share and gain durable share in the investment banking, the advisory side, the ECM side, and the DCM side. So that's a a very clear place where we've been putting capital work. You can it in the loans and lending commitments in terms of the growth and balances. And then the the outcome is evident in the results th”