David Solomon

You had the Russian invasion of Ukraine, big markdowns in asset prices.

It was a slower year for the firm.

The firm did just fine.

It made 10% on its equity capital in 2022, which is, you know, it's not, you know, it's not a blowout year, but it's not, you know, poor, poor performance.

But, you know, I think we had a little bit of internal agitation given the structural changes we were making.

and that created a lot of noise in the media.

The media gobbled it up, and it became very noisy.

We stuck to our knitting.

We kept our head down.

We knew the changes and the investments we were making were right, and really over the last few years, you know, that's panned out correctly.

Ultimately, performance and execution matter, but change and growth take time.

You can't do it instantaneously, and I would say that was, you know, kind of a bumpy, noisy period for the firm, but the firm's on really good forward footing at the moment.

Yeah, I don't think over the next five years that we'll fundamentally be in a big new business.

We're going to continue to focus on our core business of investment banking and markets, where we're a clear leader.

You know, I think in investment banking, the undisputed leader, you know, in markets, you know, one of the clear leaders and the kind of the combination of those two businesses, global banking and markets, I wouldn't take anybody's mix.

I prefer our mix to anybody else's mix.

I think one of the things that's been surprising, Scott, over the last five years is that business has grown much better than I think we or the market would have expected it to grow.

I think the things we did where we outperformed and we took share during that period, but the overall business has had better growth for a very, very large, mature business than I think the market expected.

I think the world's set up where that can continue.

I think the more interesting thing for us is what we're doing in asset and wealth management.