We saw elevated margin calls in the quarter with limited losses. I know we got to deal with lower rates and lower asset levels going down, but I'm just trying to get the right context. At year-end, we disclosed that 100 basis point instantaneous shock to interest rates would reduce NII for the U.S. banks by approximately $640 million over the next 12 months. But Steven, to your question, is it possible? First quarter PBT was $2.1 billion and EPS was $1.01, resulting in an ROTCE of 9.7%. Your line is now open. There is a lot of policy debate going on. Transcripts will not be released to students with any financial obligation to the University. Rev › Blog › Transcripts › Financial Transcripts › Morgan Stanley MS Q3 FY20 Earnings Call Transcript Full transcript of Morgan Stanley (symbol MS) Q3 FY20 earnings call on October 15, 2020. So, could you speak a bit maybe -- Jon, you gave some color on the $49 billion HFI portfolio, which is helpful, thanks. Yes. Great. Our smallest portfolio, the $14 billion tailor book is also performing well with just a handful of special mentioned loans. I think it's our side. I'm just trying to find the line. Now to security. Today's presentation may include forward-looking statements that are subject to risks and uncertainties that may cause actual results to differ materially. Wall Street moves a little closer to Main Street with Morgan Stanley's acquisition of discount brokerage E*Trade. I mean, how do you think the economy could come back online? Press J to jump to the feed.