“It would not be our expectation that we would need to do a bolt-on on capital markets.”

In context

“Gunjan Kedia: Ebrahim, on your second question, are there other BTIGs? We do steadily look at a lot of smaller bolt-on deals. It would not be our expectation that we would need to do a bolt-on on capital markets. BTIG brought equity trading and advisory businesses to complement our FIC business. We have a complete offering now. It's about 7% of our total revenue. That puts us roughly in line with our regional peers, but with a lot of headroom relative to G-SIBs. We think we have a nice platform to grow organically and get to the 10% revenue, which would really give us sort of the right portfolio mix. The broader question on the bolt-on, our thought process always is to create a very accretive, financially attractive way of creating localized scale in one or two of our products. We do look at those, and again, I think of them very much as organic growth because these are sort of tuck-in deals. I hope that answers your question.”