“If you take all of that together, we would expect that we're modestly up here, either where we are today from capital neutral to modestly positive in terms of the overall amount of capital that we should have.”

In context

“models that obviously, we've put comments in II Basel and III G-SIB. So first, taking G-SIB and [indiscernible], that's the most obvious quantitative metric. If you look at the 3.5% G-SIB bucket buffer that we were in at the end of the fourth quarter. That number in the new framework, as proposed currently would be 2.2%, and that gives you a sense of just the base in terms of the rebates from where you would be from G-SIB. But as you know, very well, Steve, you'd also be in a position that you'd see RWA inflation associated with the Basel proposal. And we would hope that there will also be some comments taken from the stress testing models in terms of PPNR and the way you think about income-based modeling sort of for fee-based assets and the wealth management business as well as expenses. If you take all of that together, we would expect that we're modestly up here, either where we are today from capital neutral to modestly positive in terms of the overall amount of capital that we should have. But we'll have to see to quantify that, really where all 3 of those land and the interplay between them. In terms of the actual CET1 metric, you'll see that we are using excess capital. We did see Specifically, we had the relaxation or the change, I should say, the overall change of SLR. We deployed SLR and leverage-based capital over the course of the quarter, and we continue to increase our RWAs to support our client base. Ted Pick: Yes. The only thing I would add is that the firm view is that we hope to work well with the regulator, along with the rest of the group to get Basel finalized. We have a window here and the big picture is let's put the puck on the ice once and for all. And not everyone is going to get everything they want that's, by definition, the way these things would be.”