“our expectation is that you’ll see over the long-term our growth in the range that you’ve seen it at Schwab.”

In context

“hat we see from our Schwab clients. So, we do expect that our long-term growth trajectory will continue. We expect our Ameritrade clients to continue to grow their net new assets at the firm as they’ve done the last 2 quarters. And importantly, all signs that we’re seeing with our Ameritrade clients suggest that our relationship model is working. And if you look at our record flows into our wealth area, a significant portion over a third of the flows are coming from former Ameritrade clients. And if you look at our lending capabilities, half of new originations in our pledged asset line, half of the growth came from former Ameritrade clients. So, the push to put our arms around these Ameritrade clients, help them in their financial life just as we’ve done for Schwab clients is working and our expectation is that you’ll see over the long-term our growth in the range that you’ve seen it at Schwab. Operator: Thank you. Our next question comes from Kyle Voigt from KBW. Please go ahead. Kyle Voigt: Hi, good morning. So, you seem to be on-track to be at the high end or even above your tier one leverage target by year-end. However, you reiterated this quarter that you want to make more progress on the repayment of supplemental borrowing before restarting share repurchases. I’m just wondering if you could provide more color as to whether there’s a certain level of supplemental borrowing at which you feel comfortable executing on buybacks or if there’s a certain level of tier one leverage above your target where you would be comfortable executing on buybacks even without substantially making more progress on repayment of supplemental borrowings. Michael Verdeschi: So, just to reiterate an”