“I think Brian pointed out to you that we're going to build capital over the course of the next couple of years by about 50 basis points.”

In context

“me, it sounds like you may be going to manage up to around 11 over the next year. Maybe you could just give us some of the dynamics there and how that plays into the ability to do some buybacks through the rest of the year? Thanks. Alastair Borthwick: Yes. So, no change to our approach, John, relative to prior years. I think the waterfall that we laid out on slide six is pretty constructive. First priority for us will remain just invest in growth. We'll support our clients and let them get after -- and the teams get after the loans to help our clients there. Secondly, we'll make the dividend payments. And then we'll have capital left over for share buyback as we have had in the past. And we'll make those decisions in the context of future rate environments and future capital requirements. I think Brian pointed out to you that we're going to build capital over the course of the next couple of years by about 50 basis points. We've got seven quarters. So, it's a small amount every quarter that we'll be doing. Brian Moynihan: And John, just you said operating leverage. I'm proud of the team. We have three straight quarters of operating leverage. PPNR growth was strong. That's different than what we've seen out there generally. But remember, during the -- as the rates rose in the pre-pandemic softening and hard landing and inherently ways in everybody's mind, the simple fact is we had 20 straight quarters of operating leverage, and we're starting to see that come through. And if you look at the consumer efficiency from the first quarter last year, this quarter, your point in efficiency ratio, this has all come through NII and it all falls to the bottom-line. And therefore, you end up with a fairly significant im”