We Had an Unusually Disappointing Quarter to End 2022

Goldman Sachs had an unusually disappointing quarter to end 2022 relative to our peers. We have a mix of businesses that is very capital markets heavy. The war in Ukraine started in early 22, and we quickly closed those activities down. That was a big headwind. It was a significant markdown of our activities in Russia. And then third, and this gets a lot of attention, is that we've been building consumer platforms with higher provision for credit losses as we're scaling them.