David Solomon

I think the world is set up at the moment to be incredibly constructive in 2026 for M&A and capital markets activity.

And I think the likely scenario is it is a very, very good year for M&A and capital markets activity.

I think the world is set up at the moment to be incredibly constructive in 2026 for M&A and capital markets activity.

And I think the likely scenario is it is a very, very good year for M&A and capital markets activity.

We have $32 billion of remaining buyback capacity under our current share repurchase authorization.

And while we are mindful of our current stock price, we will remain dynamic in executing repurchases.

While the bar for transformational M&A remains very high, we will continue to look for ways

to accelerate growth in asset and wealth management.