“And with stability in rates, you'd expect that to kick back up. We typically are running about $1.5 billion before the added activity because of the rate falling and pandemic a quarter. We're now billion $1 billion, $1.2 billion. You expect it to move back in those levels.”

In context

“ok like. We'll get a much better feel for that four, five, six weeks from now. But I think you can use the '23 numbers as a baseline starting point. And then the first quarter, I just applied sort of a typical kind of seasonality. Q1 tends to be a very good quarter for us, Q4 less so just with the client activity. And then just recognize that we're starting from a Q4 record. So that's the only thing I would consider. Matt O’Connor: Okay, thank you very much. Brian Moynihan: And then actually you mentioned investment banking. Matthew and the team exceeded what we thought in the quarter and seemed to perform better than industry. And actually we're up a little bit year-over-year, but there's a full pipeline. The question is sort of when is the clarity? And you're seeing some stuff get done. And with stability in rates, you'd expect that to kick back up. We typically are running about $1.5 billion before the added activity because of the rate falling and pandemic a quarter. We're now billion $1 billion, $1.2 billion. You expect it to move back in those levels. And we have actually been gaining share over the last few quarters as the markets gone down around as we held our relative position and grew it. So I think Matthew and the team is in good shape and this middle market execution has added a lot of throughput to the team and is building up over time. Operator: We'll take our next question from Glenn Schorr of Evercore. Glenn Schorr: Hello, there. Good morning. First question is on the deposits. And I like the path that we've seen in terms of all the stimulus comes, all the deposits come in, you get some spending, you get some migration, you get some rich people buying treasuries. It's great. To see the stability in the fourth quarter and hear your comments about 2024 for deposits is a little encouraging. We'd always want more, but it's a lit”