“We'll be able to handle with whatever comes out of Basel III quite easily with where we are today, gives us the ability to be there and invest as we've got opportunities with clients.”

In context

“erica. Your line is open, sir. Ebrahim Poonawala: Hey, good morning. I guess just following up on that, as we think about Basel, your capital levels, even with 100 basis points above, you probably have $12 billion of excess capital. Given what we saw in 1Q and I heard you Mike, year-over-year you're going to be higher, but that doesn't give enough color. I'm just wondering should we expect the pace of buybacks to continue given that where the stock’s trading which is still fairly effective valuations? Mike Santomassimo: Yeah, thanks. It’s Mike, thanks for the question. As you look at the pacing, we're really not going to provide specific guidance on, like, what we'll do quarter to quarter. I think, obviously, as you pointed out, we've got significant excess capital to where we need to be. We'll be able to handle with whatever comes out of Basel III quite easily with where we are today, gives us the ability to be there and invest as we've got opportunities with clients. And so we've got lots of flexibility. And each quarter, we'll go through the same process we go through every quarter, which is thinking about sort of where the capital requirements are going to go, looking at all the different risks that are out there across the spectrum, whether it's rates or other, and then looking at what we're seeing from client activity, and then we'll make a decision on the pacing of it. But as you say, we're still very confident we'll do more than we did last year, but pacing we’ll kind of leave to -- we'll cover that each quarter after we report. Ebrahim Poonawala: Got it. And I guess just separately, I think there's a lot of focus on market share opportunity for Wells, be it in capital markets, IB, corporate lending, and I think Charlie referenced the hiring of”