MS
#Why don't I try.
I think you know ---+ we obviously, as you said, underwent a pretty radical restructuring both in terms of personnel expenses with targets on our RWAs in the size of that business in light of what we thought the revenue opportunity in the wallet was going to be.
We wanted to put together a credible and critically sized business.
We wanted to be relevant to our clients.
We wanted to support our areas of strength within our ISG business.
I think the early returns on that have been reasonably positive.
We set out some revenue targets.
We hit those two out of three quarters.
To your point, we have to do it much more consistently.
The fact that we are three quarters through the year and we're at $3.6 billion of revenue and we said we wanted to maintain the revenue footprint that we've seen over the last couple of years.
We feel pretty good about the progress and we're on track to meet that goal.
As you know, success begets success.
I think the consonance of the team is improving.
I think it's gelling together.
We made a lot of changes and people are starting to get into the rhythm of working together and working differently than we have in the past.
As I said, we're pleased with the early progress but we have to do it quarter after quarter.
I mean that's a tough question, as you know.
Listen, I think what we have tried to do ---+ looking at any individual quarter, month, even two quarters, is sort of very challenging to come up with somatic trends that are sort of long-term.
We've seen lots of volatility over the last couple years.
So what we've tried to do is put together a business model and a size of a business where we think long term the size of this market is.
We obviously have seen the size of the wallet for fixed income and fixed-income products come down dramatically over the last couple of quarters.
It looks like it's stabilized.
We think we're right-sized for what we think the opportunity is.
Thank you very much.
