David Solomon

And I prefer a lens that says there are obviously things where we're going to have a lot fewer people, but I'd love to have the capacity to go get more people to spend time with clients.

I'd love to have the capacity to invest in new businesses where I think we can affect clients and we need people to do those things.

So it's a give and take and nobody stands still.

You know, an AI bubble.

I think that there will be a lot of capital that's deployed that will turn out to not deliver returns.

And when that happens, people won't feel good.

I'm not going to use the word bubble because I don't know.

I don't know what the path will be.

But I do know people are out on the risk curve because they're excited.

And when they're excited, they tend to think about the good things that can go right and they diminish

the things you should be skeptical about that can go wrong.

We're in one of those environments where people are out on the risk curve, and there'll be a reset, there'll be a check at some point, there'll be a drawdown.

The extent of that will depend on how long this goes.

By the way, if we were having this conversation in 1988, you would have been asking the same question, yet the environment went on for another three years.

until there was then a significant check in 2001 and 2002.

So I'm not smart enough to know.

I think it's going to go on for a while.

I think the opportunities are great.

I think they're very exciting.

But I also see complacency around risk-taking.