“we'll be managing somewhere in the 100, plus or minus, a little basis point range.”

In context

“sort of a sense for sort of magnitude and maybe just an even higher level, sort of how you get comfortable repurchasing in the face of what same sort of still uncertain rules out there. Mike Santomassimo : Well, I would start with where our CET1 ratio is at the end of the year at 10.6%. So, we're well above our current regulatory minimum and the buffers that are included there. So, we have plenty of flexibility regardless of any outcome that comes out of the new rules that will be proposed. And keep in mind, that will take some time to come out and get implemented and phase in. And so, there's -- it's not going to happen in a day. And I think we'll go back to what we've been saying the last number of quarters as we think about the buffer that we'll put on the reg minimum, buffers of 9.2%, we'll be managing somewhere in the 100, plus or minus, a little basis point range. And depending on what happens with loan growth and RWA growth that we see in the quarter, that will help guide the share repurchases. Operator: The next question comes from John McDonald of Autonomous Research. Your line is open. John McDonald : Hey, Mike, I wanted to clarify your answer to Ken, about the first quarter NII. I think you said you do not expect a big step down in the first quarter. Maybe you could just frame first quarter NII a little bit for us relative to the 13.4. What are some of the headwinds, tailwinds? And what might you expect at this point? Mike Santomassimo : Yes. Thanks, John. Well, first, you have to normalize for a couple less days in the quarter. So, that's going to be a step down of, call it, 150 million to 200 million step down just there from the flex days.”