“Thanks, Rich, for your question. So yes, we still do think that 8% to 12% decline in interest-earning assets is the right way to think about it.”

In context

“ich Repetto: Walt and Peter, and first, thank you for doing the timely call. And at least I hope you consider this format going forward. But I guess my question is sort of related to the first question. There was -- we calculate $44 billion, I guess, in declining balance sheet, cut cash or uninvested sweep cash. So -- and helped by organic close in March that you talked about. But my question is, your terminology has changed a little bit, I think. But anyway, do we still expect 8% to 12% decline in the average interest-earning assets, Peter? And that's factoring in sort of this protection of AOCI. Does that factor in it if you're even at all trying to keep aware of that or manage that risk. So the 8% to 12% average interest-earning asset declined by December 1 -- December? Peter Crawford: Thanks, Rich, for your question. So yes, we still do think that 8% to 12% decline in interest-earning assets is the right way to think about it. The way that we fund those assets may be a bit different than what we had anticipated when we shared at the winter business update, but the overall asset decline is a function of the assets rolling off and that sort of the gradual roll off of our securities portfolio. Operator: The next question is from Alex Blostein with Goldman Sachs. Alex Blostein: I was hoping we can double-click on some of your capital management comments. It sounds like if you were to start to include AOCI changes in capital, you expect it to be a bit of an organic build, and you provided some sort of stats around it. Why not sell a significant chunk of the securities portfolio? I understand it will crystallize the loss, but your Tier 1 leverage actually will not move significantly when you do that. So help us think”