David Solomon

OK, how much more productive are they?

Now, one measure is I can look at the revenues we have in investment banking and the earnings in investment banking and the number of investment bankers we have and the amount of capital we allocate to that business over the last 10 years.

And you know what?

Our people are more productive because we're making on a per person basis more revenue, more profit.

Mm hmm.

on a per person basis, but we definitely are allocating more capital to the business and the capital is helping in creating leverage, but there's no question they have better tools.

They can do more.

We've found ways for them to do more.

We also have collaborative power going on inside the firm in the context of 1GS, 1.0 and 2.0 that are adding to revenue growth.

It's very hard to pull it apart.

But I think every five years, we can directionally say, is it more productive?

Yes, it is.

Because you go back.

When the firm went public, the firm had $6 billion of capital, I believe.

And we had 16,000 people, something like that, order of magnitude.

Today, we have 45,000 people and $110 billion of capital.

The firm is much more productive against producing reasonable returns on that capital than it was 27 years ago.

I mean, that's clear.

But that's a 27-year look, not a year-to-year-to-year look.

Well, it's an insightful question.