And we’ve said over the course of the last few years and there have been lots of questions on it, are those wallet shares sticky? I think the wallet shares are. What I can’t tell you for sure is what the opportunity set is on every quarter-to-quarter. But when you look at the breadth, the leadership position, the global nature of these businesses and you look at the whole package, these are durable businesses that produce accretive returns where we’re very well-positioned. And we continue to focus on executing and enhancing that position.
Glenn Schorr: I definitely appreciate all that. Can we talk just follow up on just the non-comp piece and talk — you had some big drops in amortization and depreciation and some marketing and stuff. So are those at actually run-rate levels now going forward also because that was a nice positive surprise?
Denis Coleman: Good morning, Glenn. It’s Dennis. As we’ve said over the last number of quarters, we’ve been very, very focused on non-comp and containing the growth of non-comp. There clearly are inflationary pressures that impact a number of items in our non-comp expense. The sharp decrease sequentially we’re pleased with, as well as the year-over-year decrease, but there were a number of items over the course of last year that we didn’t necessarily expect to repeat. And so it’s good to get on to a more normalized operating trajectory with respect to our non-comp expense base, but it’s something we’re going to remain very, very focused on managing in a disciplined fashion. But I think this quarter is a much more normal quarter than some of the preceding quarters.
Operator: Thank you. We’ll go next to Ebrahim Poonawala with Bank of America.
Ebrahim Poonawala: Good morning. I guess I just wanted to follow up, David. You mentioned AI and would love this — it’s hard in our seats to figure out what’s hype, what’s real. If you can double-click on some of the comments you made around comparing what’s going on with AI today versus maybe the dotcom bubble around the runway this might create for capital markets, IB, not just for this year, but beyond? And then also the other side around, is there line-of-sight of how much more efficient Goldman itself can get by deploying AI? Thank you.
David Solomon: Sure. So, I mean, big picture and look, I’m not a stock picker, so I’m not going to comment when you make a comparison to the Internet explosion in 1999, 2000, 2001, I’m not going to comment around that. I think we have — we’ve got a lot of stock market capitalization that’s being driven by big platforms that I think have an enormous competitive advantage around the scaling of these technologies. But broadly speaking, these technologies require certain things, including infrastructure, power, and these things require financing to drive the scale that’s going to be necessary for people to execute on the investments that they see as important to keep their businesses competitive at pace. And that is creating an ecosystem of activity in our investment banking and markets business that we’ve seen in the context of other areas of significant shift or macro expansion over a long period of time.
So I actually think there’s a very, very constructive runway of opportunity set for us with our clients as people reposition their businesses, and we’re talking about a level of scale that is — that is candidly unprecedented. And so I think that opportunity is something over the course, this is not a quarter-to-quarter thing, this is over the next five to 10 years and we’re very, very focused on it and very engaged. And by the way, it’s not just companies, it’s governments, obviously that are making enormous investments in bringing infrastructure into their locale. And so all of this is something that we’re very strategically focused on. Double-clicking and getting more narrowly focused on Goldman Sachs, I would just say we see enormous opportunities for productivity gains and also opportunities for efficiency.
Our use cases that we’re testing and that we’re implementing focus on those two areas. But I’d really like the focus to be more on productivity and the ability to scale our smartest people to do more with our clients rather than expecting an efficiency gain that becomes very cost accretive. I think one of the most important things for this firm and the success of this firm is the time our people spend with clients, serving our clients, executing for our clients, and these tools give us more productivity, and also when we look at our datasets and what we have internally and ability to deliver them a value-added package of information, thought process that we think can be differentiated. And so we’re very focused on the productivity side, although, of course, we have analog systems and processes where there will be efficiency and we’re also focused on bringing those to bear when we look at our overall cost structure.
Ebrahim Poonawala: That’s good color. Thank you. And just separately, for the Goldman stock, right, I think from an investor standpoint, a lot of focus on how quickly we can grow the share of Asset Management. You’ve talked about the HPIs coming down, alt assets going up. Is — how else should shareholders and prospective investors think about strategy around growing the Asset Management revenues and is inorganic growth at all part of the strategy and in terms of how management is thinking about things today? Thank you.
David Solomon: So we — in January, we said to you, we thought high single-digit growth with margin improvement and less capital density over time. We’re executing on that. We are very focused at the moment on our organic execution. Firm obviously generates a lot of capital. There could be a time in the future where something might come up that could be interesting and could accelerate that pace in the overall mix. But at the moment, our focus is on the execution of what we have in front of us and we are making good progress. But I think we put out a handful of metrics, both in terms of top-line growth, our ability to continue to fundraise, you saw that we highlighted $15 billion of fundraising in Alternatives in the first quarter.
