“So, expect us to have a different equation, which is we'll still pay out dividends around up to 30%, like we said. We used to say the other 70% would come back to you. Now, there'll be some for organic growth if in fact we get down to the 10.5% levels and the rest we repurchased on a quarterly basis.”

In context

“n, for many years in our discussions, we've had excess capital despite the many ways that the capital process increased the capital requirements for large companies like ours, including the introduction of the G-SIFI buffer, et cetera, et cetera, and then the stress testing in SLR, et cetera. So, we've always said we'd maintain 50 basis points to 100 basis points of cushion. We're now getting closer to that. But the reality is that we are seeing the kind of organic growth that is what you want us to see investing in the client franchise, whether it's in the markets business, having 20%, 25% more balance sheet deployed in seeing that pick up and having a amount of revenues, whether it's the deposit growth that we're now $2 trillion deposits and $1 trillion in loans and that's growing well. So, expect us to have a different equation, which is we'll still pay out dividends around up to 30%, like we said. We used to say the other 70% would come back to you. Now, there'll be some for organic growth if in fact we get down to the 10.5% levels and the rest we repurchased on a quarterly basis. But at an earnings rate of $7 billion, there's a lot of capital deployment even embedded in there. Operator: We'll go next to Mike Mayo with Wells Fargo. Mike Mayo: Hi. I guess, first, Brian and then Alastair. You talked about the benefit of higher rates. But I think for you and the industry, it's the benefit of better relationships to the extent that relationships are sticky as rates increase. So, if you can just give some metrics around retention? And then specifically, as -- last year, you gave an NII guide of $1 billion higher. Can you give us some sense where you expect NII to be from 4Q '21 to 4Q '22? Thanks. Brian Moynihan: I think, on your very last point, Alastair gave you the starting point and gave you a robust, strong enough, because it depends a little bit on the path forward”