David Solomon

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.

And I think there's very, very strong secular growth in asset and wealth management, particularly around our positioning, which on the wealth side is for the ultra wealthy.

You know, obviously, as asset prices, you know, continue to appreciate, you think about the generational wealth transfer from the baby boom generation that's going to go on.

to the younger generation, my kids' generation.

There's some powerful dynamics there, and I just think we're very well positioned in that business.

So we have a wealth business that grows nicely double digits.

We have an asset and wealth management business collectively where we've said we think we can grow the fee-based durable revenue high single digits, but we're growing better than that right now.

And so I really think that we're in a long, secular upswing opportunity in wealth and in asset management.

There'll be some bumps maybe along the way, but I just think we're very well positioned when you look at our portfolio there.