David Solomon

We've grown the earnings of the firm about 140 to 145 percent.

And what do you know?

The stocks reacted really well.

And we've gotten a little bit of a better multiple because it's a much bigger, more diverse, durable business.

The durable revenue nature of the business is better.

So we're getting a better multiple on what we're doing.

But

I'm super excited because I now look ahead for the next five to ten years and I look at this technology and our ability to remake operating processes and take the most productive people and have them spend more time with clients and broaden our client footprint in areas like wealth management, et cetera.

like wow we can really grow the firm we can really grow the firm and grow the earnings further because we're going to have more capacity to invest in growth and so that's super exciting and so it's been a journey i mean when i started the stock was around 200 and you know now the stock's over a thousand by the way it could go back but it's not going back to 200 but you know the stock can back off the multiple come down our earnings could slow if we went into a tough economic environment but fundamentally the firm is bigger broader more diverse more durable

And I think on a super course for more earnings growth and more performance for our shareholders over the next five years.

Absolutely.

The important thing, and I know you know this, Joe, the important thing is to look at the relative performance.

And the relative performance over the time we're talking about is top of the heap.

Totally.

And we're going to keep driving to try to deliver that.

Well, there are a couple of things to think about here.

But first of all, I know a little bit about this.

There's some things I can talk about and some things I can't.

But I think you know that the firm ran this whole process.

And the firm was the only bank that was involved in this for the last five months up until a couple of days ago when other banks were brought in to participate.