The Bank of New York Mellon Corporation (BK) 17 Oct 232023 Q3 Earnings call transcript

Good morning, and welcome to the 2023 Third Quarter Earnings Conference Call hosted by BNY Mellon. [Operator Instructions] Please note that this conference call and webcast will be recorded and will consist of copyrighted material.

You may not record or rebroadcast these materials without BNY Mellon's consent. I will now turn the call over to Marius Merz, BNY Mellon's Head of Investor Relations. Please go ahead.

operator. you, Thank thank earnings and for our joining Good you quarter call. third morning, all

we earnings financial our remarks of take As can reference Officer; with Robin will always, our introductory Chief and Officer. presentation. on bnymellon.com. joined through Executive Investor you Robin Vince, at start President be Dermot highlights will the Relations Financial website before page McDonogh, Dermot our and I'm the by Chief found which presentation, will

be a will session. Following there their Q&A remarks,

we Information and remarks the non-GAAP are website. Before on supplement note forward-looking include available Investor our in all financial the begin, that our about please Relations and statements and presentation, of financial earnings available non-GAAP measures. press release, statements highlights these measures page

call as XX, only made Forward-looking of be this statements and XXXX, on October updated. not will today, speak

over that, Robin. to turn will With I it

Marius. everyone, Thanks, morning, Good thank you us. joining for and

clients. earnings horrific in Israel like witness get I'd to to we surrounding region. deliver the and service the the unfold. the and we they been grateful who, to I'm through, We're heartbroken immensely despite address continue Before our have of human tragedy as continue on to call, ongoing in a everything attack employees our terrorist And that conflict to proud going Israel, uninterrupted

Our colleagues, region. and clients out heart to go community members the in

of overview financial on results our some our solid I'll quick continued the progress third strategic for Mellon Now of and transformation about the quarter then some financial brief of and a share will give priorities. company. performance comments steady delivered our BNY

$X.XX presentation, year. of we Slide quarter X on share the in reported versus the per earnings last third can highlights financial of $X.XX you see As of

increased primarily results, impacted notable by last $X.XX year's Excluding year-over-year. items, X% of EPS which

on of proactive prudent the once operating XX% liability margin $X.X asset quarter. We management return up amid XX% of the year-over-year and evolving equity our pretax a and in efficacy results again on tangible revenue, highlight of a X% rapidly billion generated third of a common These and environment.

year-over-year to interest rates. as of interest was Net we XX% the positive aspects maximize up continued revenue rising

liquidity investment strong And our our remained Our steepening despite unrealized securities well in allowed position to funding of wholesale portfolio footprint. the losses contained. the reduce curve, significant us

on macroeconomic together these allowed capital our liquidity us equity, with attractive return to shareholders a strengthening tangible deliver XX% further outcomes. continue ratios returns Our to common of to for range actions, be all of to capital wide prepared while our and

reflect As like what a XX breadth affirmed the for seat, rounded I've headed. step work reviews, reach strategic to Through Number my date where and our in one, back engagement. of moment assets. first on months and out to be have just our client series key take we our a and I'd to believe of a we we're

want from the clients all Our and top-tier trust world do regions more both us. to business with of

Number two, with our services diversification financial a unique and business our sets from our collection of that company broad-based competitors. us a market-leading And makes businesses. apart mix stronger. us We're balance

teamwork. culture And number our of three,

clients our up seek long-term company's people before, to rare hard performance replicate, it's of work acknowledged assets to Our record I financial together. out as exist hasn't track and collegial the franchise. the serve they to communities. and naturally opportunities and But are These this quality lived have together are that to

operating positive drive over pretax committed we've to result, higher growth, margin leverage our and a time. improve underlying As consistently deliver

to focus world: mark around X our our drive together strategic in. are day clients. we fundamentally changing and day X These how to power who and businesses to important the be more are pillars our two, they pillars Instead, recently better; the of where are and clarity operate three, an As for and we at run we employees for why, heading tie one, our communicated help clients; company we're our we not culture.

As we set a I've and it of a Actually words. lot. important matters doing ultimately, how it before, said do strategy but just is

While steady improvements this you on are to work X was be BNY we And of these confidence inside with seeing some that track gives a I'm are doing of want Mellon. the perspective just about quarter I will we multiyear of right optimistic each us that share that transformation, in pillars. with the this we're what the under

I'm making by BNY better-run encouraged towards pace of Mellon progress the First, a company.

We've to corporate of silos. clunky holding series a conglomerate businesses a thinking. This a historically run duplication has self-sufficient journeys, wasteful lack somewhat with led joined-up client owns a of and operated have Our largely company in that vertically like subsidiaries.

We more with investments how have further. our disciplined be and bureaucracy. we many to and reduce to we in opportunities to better so go efficiently business smart the run And spend our need company

I've And call underway. before about is it improvement ripe to Catalyst, items see our for about who Project we program, talked some comprising in initiative, and efficiency by well to ideas our we closely: developed early results. you This people. benefits our see often internally X,XXX those started clearly financial most

essentially set items growth recall, roughly X% to you excluding in out January, compared As in rate halve X% this XXXX. notable expense may growth year our to we to ex roughly currency

outperform in investments will that We while of over for target this than progress have X% the goal. billion good we self-funding growth year, this incremental made With confident X against we our left $X.X all expense less XXXX year. months are

execution. growth. XXXX, more we will efficient elevate be further. platform's are As we've more on focused to embracing things the determined technologies a well in working bend we And one adopt started us We're and so to which do the we're productive, can curve model, now to do budgeting place, operating help and new cost process overall for them

the employees to their for our jobs innovations, towards will and in which digitization AI brings energies it for firm channel operations new their work processes investment me of and across toward Automation do our being and subsequently our make easier clients. to more

And Against in was softness underlying of offset saw differentiating our cities. and This given tale well Our the in in Strength as X Collateral businesses. exchange the continued. continued quarter Management backdrop Asset backdrop. seasonally in we Clearance subdued growth again healthy fees Servicing. a months, saw in Investment in lower of Management summer by of financial revenue, the some as outperformance results we momentum and slower Pershing a once market tell solid

path higher to underlying growth Our is clear.

In at addition clients, job have always and hunt for new the do our deliver new to a adjacent to to being existing on products clients, the more better we ones. connecting develop

and hit same innovative across running has Officer the client Commercial with firm. the new forward the businesses. client operationalizing BNY Chief start to focus among we're that new Mellon pushing the organization solutions adjacencies ground as we commercial One the sharpen elevate experience our the time, leverage At our across Our

the client wins While still to a promising steadily signed, in quality prospective of start, initial solutions early couple client and Pershing architecture of days, several pipeline. our our encouraging. new as are pipelines a Wealth Management is open well growing including recently as agreements X's clients a launched platform, off with contracting Wove, already active

wealth we solutions nationwide example, of financial from our their With services and Mellon. across insurance an support over selected are platform network Integrity, X.X and As a with Wove also firm business. to a agents connecting Wove, advisers, management BNY million has

firms access and have specialist will through example, in clearing and our Investment and solutions For broker-dealer third-party solutions to Pershing. institutional-grade Management from Integrity custody models

selected on Lincoln the In long-standing solutions to financial its to another suite company example, platform business and provide custodial Pershing their professionals. of Investment self-clearing to with Pershing's Wove as expanded transitioned relationship their technology a

track to we of for keep onboard and information remainder clients trajectory you the disclosing indicators all additional to As the start are planning year. through at beginning growth of next leading we XXXX, financial of relevant Wove's

external first European buy-side a the signed client, for our G-SIB owned recently asset manager also We trading leading launched solutions.

to we growth over leaning the needle buy-side of businesses. into time. prominent more doubt, the all to client like our a Wove challenges But we expect on our and innovation Without solve solutions across evolving move trading are

Services, capabilities financial financial Treasury as live one to our instant we expand and corporations, were Federal and for provide nonbank for payment allows FedNow, For institutions provider, clients This banks their institutions fintechs. on example, payments, us service we instant go of to competitive customers. service are our new helping a first the access Reserve's the rail. best-in-class remain And in

banking of user cards experience open third-party as organizations example, credit debit and receive the a another settlement. to business that or As an consumer seamless an and the helps alternative platforms launch this with announced payment quarter, solution payment accounts payments Bankify, guaranteed bank from

clear. Let the me of objectives that are by front opportunity and we saying conclude are about in optimistic strategic us. our term long medium short, the And for

growth pushing and and our margin innovating while remaining are forward expansion. multiyear operating to leverage deliver all investments, positive disciplined on We pretax the

for said we I'm toward company making for As deliver year all deliver proud take unlock clients, a into our transforming are some on dedication to what track to and said appreciative along, be Mellon of our the consistently priorities. while progress the will at of the power company potential. more run high-performing But BNY path better people's our to BNY culture, and we collectively steady XXXX, Mellon's our time. I've beginning strategic we'd our to

With you, to that, over Dermot.

and good quarter. for I our the consolidated results everyone. will Thank of third financial on X Page morning, you, Robin, the with start presentation

year-over-year. and Total up was partially by offset driven was mix. billion primarily balance revenue was sheet interest interest X% Fee $X.X XX% higher size Net year-over-year revenue by revenue rates, of flat. up

weaker trillion the AUM market impact inflows, market exchange higher weaker and custody/administration of the assets business. the last under flows. favorable $XX.X was values, dollar reflecting dollar mix X% were by the lower and back of revenue of the net and Alcentra new values, divestiture business in Firm-wide on foreign Growth new higher quarter fourth client year-over-year, of net up year, offset a the

Alcentra year-over-year, offset other income dollar trillion in divestiture. and trading. of Assets $XXX values, continued management $X.X by in the fixed weaker million under was the X% strength and quarter, the higher reflecting market reflecting Investment revenue up partially were

on reflecting a down primarily our basis third quarter reported goodwill unit the year-over-year reporting in were with Investment year. Expenses XX% associated last Management impairment the

X% up were expenses year-over-year. items, notable Excluding

builds Provision for commercial low releases continued related of offset in the reserve on quarter was credit reflect for the losses impact the outlook $X financial reserve to institutions. estate by largely uncertainty remained million to as real at

earlier, reported $X.XX. share noted earnings Robin As per were

Excluding year-over-year. share representing X% were notable items, earnings growth $X.XX, per

delivered We positive operating leverage.

was equity pretax XX%, we of common generated tangible return XX%. Our on margin and a

share $XXX Page shareholders capital announced on the the our effective common third liquidity common Consistent repurchases. our million to to stockholders, X. $XXX quarter. capital dividends And of paid returned increase, our dividend reflecting through million we quarter, XX% to became approximately which with of we and in Turning previously prior

earnings Taken returned basis. of quarter the together, XX% in year-to-date a or we XXX% on to shareholders

to related leverage an generated capital roughly by increase through basis securities quarter. points buybacks Unrealized a decrease through Our the sequentially improved available-for-sale capital assets reflecting Tier average net capital in earnings ratio in and approximately returns dividends. driven X.X%, X losses to X in by remained and unchanged XX Tier of

ratio CETX an point The XX reflecting quarter, was assets lower the increase prior approximately with XX.X%, capital. representing in CETX an basis improvement and compared risk-weighted

ratios And our our net regulatory point quarter. requirements. well was liquidity was like strengthened coverage capital funding ratios, prior improvement our of the compared quarter. liquidity further The in XXX%, with the in consolidated Just a percentage ratio excess XXX%, regulatory X ratio consolidated stable the

Page down balance interest Next, higher changes trends, sheet Net X% further partially revenue rates. interest mix, will $X and sheet in balance by billion offset X, sequential revenue by interest terms. in driven net which was underlying of on describe and details I size the quarter-over-quarter on

balances And in the along expected, July. we left decreased ceiling X% August, debt with the average in impasse quarter deposits to temporary for by quarter related sequentially. the As in low deposits seasonally second

were with were line interest-bearing down expectations, down our In deposits noninterest-bearing X%, and deposits XX%.

in moderate of this second approximately year, will to deposits that with earnings the from of our expected calls we mix quarter. deposits You XX% total in which third the half consistent is to noninterest-bearing prior remember deposit

modest Following quarter-over-quarter. while pickup and wholesale the XX%, weeks actively balances in we by first Average reduction X in in average repo reduced assets cash September seasonal some and August, the growth in in reverse saw This were of reflects by funding. October. down troughs monthly anticipated we again, X% interest-earning a

were balances up portfolio Our X%, was investment X%. down loan securities and

X. on inflation, for divestiture. were savings expenses, weaker a offset X% increase basis reported Expenses was to of and as and items. impact by efficiency notable revenue-related by on expenses the unfavorable driven as year-over-year Alcentra the Moving well the year-over-year higher excluding dollar partially and the This down up XX% Page investment quarter

highlighting about that more expenses a earlier, we of in outlook are self-fund talk savings. over through worth it mentioned moment. But $X.X incremental Robin as XXXX, billion I'll investments fully to is our for for efficiency expecting

on Turning business to with X. starting Securities our segments Services Page

and I our will line release earnings in Wealth our Securities Services Market of financial fees discussed supplement. the on performance segment, business each Services comment press Services for the and As I the and of described Investment

offset X% XX%. revenue of XX% was billion, Net on a in back total the Services up volumes. reported growth decline Investment volatility foreign flat. and year-over-year. up lower revenue X% revenue Services exchange of $X.X Securities interest was by was fees The revenue in

and Investment higher by our as the persistently Servicing, client new sheet depth of that clear dollar, Services Asset market fees well of well confronted balance In competitive up values, by business clients and weaker evolving challenging lower The strength with net offset and as landscape. an breadth position activity. remain our partially driven market healthy were stability, X% us a environment solutions a differentiators transaction with

all, continued In to in having past over assets number the despite custody/administration percentage For at of range example, year. XX% of fees under significantly both over and serviced the healthy platform Investment on related funds under a custody/administration the launches year-over-year, up and clip. our Services grow fund mid-single-digit grew the number ETF slowed assets were

With were down year. third more business Services the and Receipt elevated Investment cancellation than was new initial the X%. from Depositary last offset in of [indiscernible], by from of absence fees Trust activity the fees quarter Growth Corporate net

Next, total was revenue Wealth net Services on Services revenue and X%, X. Fee reported up interest Market Page X%. and X% of up Market billion, $X.X and by Wealth increased year-over-year. revenue

$XX Despite with sweep higher lost the Investment the the equity fees deconversion from volumes U.S. Pershing, In ongoing on the by up regional Services partially of of Pershing the new highlighted the assets the bank fees of business. momentum decline positive quarter, saw in exchange underlying and X%, second volumes. offset client quarter, this the lower were billion transaction reflecting in on headwind consistent net continued platform business impact balances, reflecting in

with earlier, both clients. Robin momentum and existing is the Wove building As mentioned around new

on time, Pershing of same ongoing pace the enhance to investments RIA us to in change the and experience platform the core positioned lead well the innovative at capitalize have While with in adviser solutions community. heightened

client growth In Management, decreased Clearance higher X% by XX%, across fees by deposit Treasury were Services, activity Services balances. Investment for and Clearance reflecting was from In credits international Collateral U.S. Collateral and earnings offset Investment broad-based up fees growth Services noninterest-bearing Management. as higher and

requirements monetary volatility, continued In management of balances. volatility further repo migration in heightened particular, tri-party as and as clearance elevated the including our tri-party U.S. domestic Fed's in reverse volumes, associated activity we from trends, policy regulatory to saw strength facility and macro reflecting recent well issuance consolidation traditional collateral service. management treasury and capital uncertainty banking the with bank's the sector value reinforce collateral the Recent

to innovate continue addition and clients to collateral. our solutions in the internationally, U.S. both platform expanding their to utilize for our new we In better

declined down reported Investment to of revenue Investment year-over-year. XX% year-over-year. on Management Wealth interest revenue down million, $XXX Turning and X. Management revenue and X% Page was Fee Wealth and total net X%,

Assets under $X.X year-over-year. X% increased of by management trillion

market the Alcentra partially dollar this values, As the offset increase earlier, divestiture. higher and weaker I mentioned reflects by

strategies, and inflows by quarter, billion and client strategies we net of short-term [indiscernible] $XX our $X complex. billion market of by long-term saw fund derisking rebalancing led from driven the outflows net In money into

was values revenue as the weaker down Management, market fees the of AUM partially dollar. Investment X% offset the divestiture primarily by of Alcentra year-over-year, In and and higher well flows, higher mix as performance the impact reflecting

net driven and increased revenue year-over-year, values. by X% lower higher offset XX% assets changes values by revenue product inflows. and mix, cumulative Client billion in partially by Wealth our reflecting equity Management $XXX market business, by In decreased net market of interest higher

of the with of of end the XX interest for outlook for close the net current last the our year rest year-over-year. full market-implied outlook segment. remains our Based revenue interest at forward I year. 'XX the Page rates growth on month, for results Other the shows XX% will unchanged

expenses. to Moving

while We good on to curve deliver protecting important are progress making client investments cost superior bending and accelerate our growth experiences. the

in excluding notable reflects X% X% discrete 'XX. and communicated that notable Where in for target to to well quarter a excluding the confident we rate with expense for services am determined of as drive for business year we down in the that growth, development remain January. increases step-up growth as sit items, full occupancy. higher we today, expectation seasonally sequential we the expenses expenses, our will outperform This fourth And items, that I professional

a continue relating more the over to consistent to And buybacks maintaining finally, 'XX significant of we return while the expect with year at the uncertainties to or quarter. pace ratios, operating of stock line course mindful second environment. and earnings with third XXX% the our is of to in strong capital full our shareholders This outlook

effectiveness results scalability. of journey higher on this management highlight financial operational balance tangible and quarter towards our our progress and the our conclusion, efficiency In sheet

our While growth time. new client world solutions more we confidence have over gives teams our bringing are will around work to of embracing to the change. market the pace innovative do, us revenue And follow that

for operator, the that, you With can open please Q&A? line

Instructions] comes first [Operator Research. from Our the line Wolfe Steven with Chubak of question

outlook. question thoughts to as the XX% and Fed for you out if I [indiscernible] of higher the given start a NIBs are some you the in And hoping rates where was at settle we're a just lower ultimately trajectory off expect Wanted NII percentage QT. give with to deposits. longer that continues to on could that deposit for engage on

take Sure, Steven. that. I'll

NII reconfirm answer call we've January gave where So the that today I start question been year. growth market XX% the we for the with for consistent And guess the the of I'd and guidance for we to way XX% the guidance to of is since then, kind that kind the year. to like just with of on full

the in debt us use And hand the and impasse had during different time, in to the benefited that we us March, us. over summer. turmoil had since surges a has clients port kind the ceiling Now kind storm as course of played over the of We in and a so bank we and that the deposits, January. world year of the saw

over flow Now an versus our deposits we leave. point takes those the organic see kind course natural between we've and deposits puts the of reached inflection of And we summer, feel surge leaving. the

seen the September October. hit pickup decline and deposits August, like into in So we slowed. we has We modest trough we've in in feel and pace the feel of a

down, asset rolling So that's side know the a take gives have we side asset of of and to outlook the of kind which what our to the sheet XXX balance we into overall, of confidence XXX 'XX. roll pickup you on yield when continues as that in a liquid and to points, year might balance basis of and how sheet kind the how and want that for the you are down, lot us estimate

XX% NIBs, As relates XX% cycle. to we in has going and be the to code. XX% happened to months the The stayed was that trough the it ZIP it always summer during through said

good So feel in we as overall being about total of the pretty a XX% deposits percentage NIBs range.

for Very the follow-up helpful. And just expense my on outlook.

to spoken operating margins. about the commitment improve You've

of across You to number platform. Robin, efforts, efficiencies cited the a deliver

given embedded ability As year, lower plans I next how the in to your is drive to exit first sense a to some industry you peers, in of we a challenging your backdrop. want revenue relative lower potentially rate expense flexibility a expenses and and to your more NII much get look out to for for half

start. I'll Steven,

attacking cost and bending important execution in And objective every blocking very said a of a day continuous And firm. curve in, we've ways. that structural out, on just this the So the day strategic that's expenses tackling. we're number year different look, call is for

closer determined tackling all we're outperform have number that guidance that X% The we caused in result and blocking push us the X%. to of to that to gave and January, to

year leverage. and of we're the While continue we operating over the this determined we middle is to the are positive to believe and year budget now deliver and season, into to bend curve cost don't in work next that

on biggest locations, headcount how to we ways: our that. year. vendors, And And we and our build double in kind remixing of ever, campus it number kind last of a year hire. of go we'll continue at This rationalizing was class different rationalizing

give are we'll confidence happening able that there a curve to underneath lot that bend 'XX us continue of of a cost beyond. things the degree the and high So to hood be into

of Our America. question Poonawala comes Bank of Ebrahim with from line next the

around to on -- maybe Just following the up deposits. discussion

multiple I times. think the trough used Dermot, you word

or terms just Just sense called us you've give about you come is you've us a it where a that out. of things or confidence there there's cuts, of that obviously, was the for are And next because it a we trough? But surprise seen how have higher of mix the sense behavior does are year rate deposits -- is client what this of right if played it give period saw through a granularity in of longer, year any? negative if gives you XX% in the in that August like no it's from, your

for the question. Thanks

way view So quite sheet journey beginning last has a the was we Fed the been of the last at to position look, balance a to significantly months. that. and position We XX this going to for in the a do that took hike year --

when so talk both balance it's to the kind I same side. about deposits, of we important on very how of at sheet terms the asset we're think in sides time of positioned at look the And

interest cash, the rates. benefits from the sheet We have balance of higher a in which lot

the rate fixed down over fixed roll -- securities. going securities of Our the to next decent are amount a

the roll quarter down think a year years. next couple I of it's a over

-- XXX basis a of and XXX us that So to pickup gets points.

mid-single-digit They decline us clients important in deposits analysis. just with also, and And for did BNY at we Mellon of it's not kind to a deposits. that the beginning come our forecast of of kind that ecosystem. the are into bottoms-up of year, And remember

in a of reasons. portfolio come a And we that give and us It's different deposit just for of businesses variety our a remember, ecosystem makeup. cash it's have, that they trillion $X.X

a at base. lot we of confidence deposit portfolio the a look the level, around So stability at we of when get it

impasse, higher-yielding those left bank kind through And opportunities. and the which this And look, have of there were benefited moderated. takes deposits March that's lot for a turmoil and year ceiling us, in debt and of gives

experienced August very talking we team, are the deposit like we slowdown seasonal here number, should we that's and deposit kind conversations which and over that summer we where our us the you confidence feel balance But think to in about now good the the know happened that the September in whole that and gives to good is have slowdown, today on in we been of XX% pickup and our be I that the October. year. NII guys the for good And that a we've consistent approach say feel to

That's go means $X.X either from forward. we, try something I that to I that billion And X% Just expense helpful. Is guess that billion, that think growth about wondering are that investments what That's could investment as self-fund incremental year? that your maybe could through need the base. relevance think to out if you I'm figure you $X.X I we correctly, self-funded. of should heard look of you outside, expense investments going in number. that sort $X.X of like mentioned billion spend Is next about forward the and of you efficiencies what if contextualize just

revenue that opportunities. the we've the billion So X% deliver self-fund about half will to I the to a had be -- discipline And message rates, like investments towards we of with that and in that are within that growth, ahead gives give confident will growth and $X.X discipline further that it able in efficiency we're we years to financial X%. think message would kind the you is way of I going that of

year we top into powering both line do kind and and So the to this efficiency. that automating to continue driving and look season of next the budget it's year. And further

achieved like year, that up. that's bottoms past And And the this both we saves typically we have years. efficiency doubled in

in the doing it and I that that project roughly opportunities And is think we way kind XX% have in, of we quarters harvest in catalyst we're us growth mentioned that is the delivering through. that down we're day will driving out for the day come. remarks, work to prepared expense both our real

One, that deliberate to level fee rather but not problem both we things we've seeds about to that. for necessary but Ebrahim, fundamental a I'd pretty very leverage, cutting the want expenses of our couple way and the can we to at future achieve add operating our efficiencies been a working which future for manage growth. just sowing also so glory, the

the And which so really way that's in thinking it. we're about

comes next line question Usdin from of Jefferies. the Ken Our with

follow-up. more one Just

yes, there, at things And obviously, year quarter want it's book to forward where see the from understand moving for reiterated. see versus exit. XX% lower that as a more implies up. in fourth But stability great some So of discussed, to and the I importantly front can the to could point continue that costs what side deposit you go the going terms helping on the of parts

understand you get at we're a to trying to a Just point early if year path DDAs, can stable? that next let NII stable see And just me start there.

guidance give I today, Ken. for really to year want don't So next

a questions Barclays got We at about that January. of do that I as lot in will well.

area. about years pivot we good of XX%. calls all strategic the kind our one deposit We've our of have. deposit pipeline ago where a feel about talked centralized I feel about So businesses on previous the in we earnings I that good couple

I deposits, very we're deposits. how about managing we're the the pricing feel so how And good

-- little have different in a bit We're our that are institutions clients to we other sophisticated.

materially from and the cumulative on code, So quarter. basis the not are in passed XX% rates. we've changed last They're ZIP

catch it's to material So to up pricing that no lag here. note there's I important think

kind And for level so good pretty deposits about We of good. of the year. is our outlook the of rest we feel absolute feel very the

who today. comes in we 'XX, And we'll are detailed more for very world knows the look, what good where uncertain. you guidance about January. And give like tomorrow. feel But is But pretty I

I'll Ken, just to that. And add Yes.

when out turned is things. course Just the of one to of X draw and for the gave year really the the differently. the year, guidance emphasize Number your over growth has attention NII to year started we clearly, off XX% we

complacent liquidity I can sort But team of this that with prove agile bit of little think been the solutions world be be I a the power don't space, irrespective that has environment. together global really change. want we've of the in to because, clearly, put to the to ability comment able our

the things quarters we a X lot over of But the of of the course year. saw first

team those the consistency. think I has adapting good to very done and job maintaining the a

a the you'll comments is always higher would later in fine And to thought, Dermot's we this obviously, but remember little with just It we've be. than them them year, we level. earlier to we've we essentially expected which expected were than hanging been have And thought to happened come in down NIBs a little that.

of to it comment is one remembering deposit drives Trust, critical the which business terms We've inputs of set our the the Services in really Issuer inputs then earlier, their is Corporate Dermot with the on deposits but algorithm. got it to second And franchise. diversification, said

got a our Treasury our well. different of a yet which different set business, management and clearing got collateral of Services Asset drivers. have We've And business, set we has course, has of as We've drivers. a Servicing which business

over diversification breadth And creates So you've of course outcomes. different that for and that I the just year. seen think this

to NII a you not fourth think giving place pretty about probably we're So as world. next sitting year, here decent but start the quarter guidance for today the is

you wave to Got And on start question one just see commentary it. momentum. Okay. good Pershing. and the about great have the the It's

the coming going deconversion that to in client still out was yet as result? Just that pending know be to that there Did wondering, we is quarter see well. we of happen? a that a third Or

several quarters, So Ken. that we to expect happen over

quarters. important over the happened it -- I think so point both

bit several than more way quarter, its next the quarters. quarter we that the third do to think work a was little over through but I expect second

strength the you really added I net Pershing space provide business to the And clients is with the think new of is the our in to the important $XX quarter. to underlying that development leave the we on ability to solutions fact Wove and that in in our of billion assets see. terrific point I'd addition really,

Yes. And I'm for can at. hoping that's getting what that you the growth. I'm That's with what offset organic that

Yes. over confidence out quarters. our the We have several earn the believe next of we that way to

Mayo of next the Mike Our comes Wells from with question line Securities. Fargo

-- opening comments pushing about silos breaking I guys stronger and you're bending those to you a faster. conglomerate Robin, certainly meantime, the slog. have as to in of bunch you say. growth, certainly I a think are down, a growing a your key that's cost and with revenue guess, is for the But been curve fee

the like among now? Or you integration horizontal proof or Like this plan? can to points a down [indiscernible]? have by these X- X-year How is and breaking do actually you more any evidence businesses implement

Sure, Mike.

is internal of So run approach of in critical company the this of the our de-siloing company under look, our conversations. the terms heading of clearly better and we one that put pillars,

And things we're are doing. many that so there

what capabilities. at the do We're company that where like really we looking it we across have is

our the business So is we had our Collateral in an of examples that did A and recent on actually we have we Management and clearing clearing side. product in have also that Clearance business, example settlement institutional we some institutional but Pershing business.

business. moved and into Clearance we've our Collateral from So the Management Pershing piece

in be terms So on all give more And joined end approach examples you clients. now could front to up how the pieces rearranging business be like it's together. just I us X of that to the that able are other we of company inside

And sure consistent truly we platforms so we're of client-facing essentially making doing terms that in business. how that is have

the et company organization, manager, company custodian business, the lending if these platforms, security our the think largest world, cetera. about largest largest collateral like AUC, supporting and we platforms Then cetera, of side with a you a world-leading et in little the all the asset have on the servicing bit

done run actually company we way like adapted the hadn't we is to the What that. look

more provide we So that taking duplication. of -- that in we've our this that terms businesses operating decided we're adopt model, and to platforms-like for support where we the things reducing

So example. give an you I'll

we centers providing X were a On call service each respective the call centers. to their have essentially to X Those center call used businesses. side,

that. and moving in that to beginning, capability those center a even of center with X can contact single all the do our way, word call cheaper providing moving benefit service contact a provide a in client but we're consistent though the the the businesses towards there's more at frankly, is center clients, versus better, which Now to difference it associated because

the it this improve how we company. think client very our beginning model own but should thing, and employees. at the work, is for operating we're a employ simplify of we fit experience really And our look, for So purpose platforms

That the as a we think outcomes other consistent solutions. is a about got approach describing company. better across deposits. liquidity implementing we've proof points. we've Dermot that global of And deposit was talked had result the We

used in an have do our a to KYC to of platform. got well. that We're example We as each We've businesses. together as bringing KYC KYC

proof we've for that specifically we platforms a lot pilots that model. development here So in operating stages there a points of are of got in various to did actual addition the

positive it [indiscernible] expect you And have fee at how operating you said confidence stage? to operating Is can add all this have leverage? you next So together, a that leverage. when positive such year, you

operating committed CEO second be where I And we don't we're leverage positive look, over want my year operating have as leverage. to negative time. So one to

your leverage focused leverage year. are That's operating next positive answer we on question. So operating to aggregate

of the have medium- but Dermot the I long-term done the the we've in medium- platforms why that's the through we've went expense confidence conversation investing an we haven't side the one and investment been that yet. in of gave revenue answer any and efficiencies. things on short-, to benefit really that is on And in because seen just both And specifically perspective. just that a XXXX, for reasons few and and of we long-term you, the side

on thing revenue true the And the same side. is

Mellon, Chief we've Officer that really we've moving business, of One benefits, that opportunity. things done prior the our and shorter-term around operationalizing the referrals and the enthusiasm are Mellon, that's had BNY that of the more about we've to One getting now longer-term to talked But Some Commercial in benefit a medium- her medium-term the we're BNY the quarters. and approach which across

harnessing made investments we've things really buy-side like of And and long with that these the term, benefits product Wove trading. then

the expense been as try and and for we've leverage side the operating manage time. side, long over on short, to So this term medium seeding we revenue

question next Goldman Our comes Alex from of Sachs. the Blostein line with

was of gears a bit. on to capital. to the the shift minute capital over Maybe Nice ratios hoping spend quarter. the a course see little build I

forward maybe bit given little next been it's are a about X as And quarters thinking much the from so? over that capital a on how you guess quarters, couple a XX reminder buyback or call to months? do of expect terms your capital you're on basis, in that thinking I back next, So how the lighter over ratios last it, over securities the maturing to of accrete just the you

Alex. So I'll one, take that

say quarters. next couple for really the buyback. going So quarter, the I It's change of with would the in no to last be consistent

Going of back we more earnings the back shareholders and the returning to our XXX% of of things track of do one buying over to that. to said in January, earnings committed of buybacks we X XXX% And was those. more -- that on of to course year, the X we're

to today, the I out would very was it's say as different where in January. world we it look in

You it still in points the like huge uncertain The the volatility basis XXX QX. very kind are geopolitics have moment. at of was environment, in rate the

but to got So of -- and least, then going kind not what's you've Basel advocacy last happen there. and

on there the And to things to a at stage, the So need no short see buybacks be real are things in term. be we'd of cautious rather our and of worried stance lot about. this on end change

XX we into losses we half over question, specific portfolio, the have back your to of our relates it come about in billion and capital expect that AFS of to next months. As unrealized $X.X about

she good time, we but is position. we steady for our at right from communicate We about continue we'll healthy. on very here sit So are And that, change now, goes. Liquidity where to the capital stance a feel capital. build healthy. today, as Ratios in

that Clearance there hoping kind click for I into, of good seen growth several and now. quarters Great. double really the Management. And then is last there's was Collateral to one We've which business

I think last versus it's up year. XX% year-to-date

sources treasuries between what's help this kind we're been baseline? more off of been about sort that growth thinking really that's sort baseline of the market us Can elevated you maybe some and of of as everything versus of building growth volumes, given in in business somewhat that unpack the maybe going of on

So very year, of volumes, all Clearance things. kind say the lot helps us. Collateral in lots of look, business. of and this big couple issuance, business CCM, market of I that of -- would A is Management, for that a significant treasury volatility

internationally. I continue think innovate we as well to

that spent we time U.S., international the with a feel in lot clients space. lot road so on strength our of And Because have a to overseas. of the we we've in add the value of

we so look our And to kind build business from of international here.

in term, that given happening to think of the and the see continuing market. still of medium treasury issuance business grow, in what's kind the level we I

growth. the So about we underlying kind of feel good

with But say have of balance the hood do a under lot sheets very I we solutions optimize of very, they that to and serving clients' a how can think our new amount it steady on people respective of fund terms of of might platform as Also, pleasing to it the business. is needs type in our their kind see. eddy and innovation

trajectory feel very from and about So of good the we business here. state the the

comes Our line UBS. of the next question Brennan from Hawken with

on start higher we're headwinds to love balances, maybe firms on what I know revenues. you wealth seeing flagging drove you in there. on Pershing if fees strength give a could management I'm I'd sweep Pershing. curious little flagged but the other color

or for not resilience what's the on whether Pershing. about curious and can So you provide driving some color that

quarters should sense see know headwind of give that referenced. it's that you decommissioning we before we for And Any that expect? to be can the you several then I going that size

guidance lumps and the earn and of And to the things have expect deconversions. wouldn't we as our always business, we and the question your you're way out the that. to give feel earlier on and an look, specific feel that on first, I that happen don't said you the we the underlying and on strategy last So happen. we question, confidence strength going take really the the But products of people the ability to

our particular. us. strong good the in feel most and So for wealth Pershing Pershing is it's markets business we profitable -- very margin of segment And solutions. in It's a of about very segment, a and very that

up question, asset-based your coming are fees original double-clicking to correlated levels of on and which is that Just They're the make Pershing. of kind on kind are many based that balance-based. volumes, exchange equity there into U.S. market things transactional,

that fees leads the when -- again, for we're onboarding, the a have you kind different with to that you outcome so that composition And nice, portfolio of business that then kind our the we business good and amount fee take clients of of of overall. the and approach the

broker-dealers. We're so community. the We're RIA is market-leading. very look, And important with Pershing #X to

lot a around excitement product. the our of in have Wove We marketplace

our that new be adding we have so And as more us as that than clients we'll to a by player today. meaningful that products, able well are clients system we to existing belief who gives platform existing And that's -- new excited are be our about to attracting product.

one add And Brennan, thing. just I'll

been term changes have on the If the me, true think and in did maybe self-clearing with used asked call it's this momentum, could You ago, that we probably think, going. were underlying that we've someone business. I I the compete very year would a

and we in remember about the puts the different various of conversations had the flows I market. takes these

investor This because and we our quarter, we announced of capabilities economies that that the we as an Lincoln, opportunity set classic course, the to scale of see who of of was eye to provide platform Wove that adviser way have with just the in to and Pershing be provide, can able solutions. the the same then, self-clearing, joining platform really the they of benefits solutions provides set the

of we feedback business some And sales have appreciate about this large terms fact feel our our that as running that. we force own getting. we quite model we're in And remember unconflicted relatively not next we're So well that the that RIA the clients that our to really of good think business.

That's to the noninterest-bearing. like helpful ask question color. on very follow-up then I'd all And Yes. a

quantify that kind growth also trend the base seeing rough give growth you deposit And you the in quarter-to-date. to of flagged it there some NIBs? we'd idea corresponding about? what with possible Is be overall a was talking the So along are or in growth us about

ceiling word takes September we've of activity used I and And used lows. think for impasse. feel puts I deposits. kind inflection of off also We kind in modest result reached the I the of level point as the my between the remarks of So debt March for the more prepared with word level natural seasonal a the and a

And the deposit if kind digits the of were the year. -- kind January, of in declined in we you of of from where kind remarks of went at go to the base back mid-single we beginning

of year. it's largely really played was to thought at zigzag we to going out that's so how a the what beginning different the And with albeit be

from that's different with of the And we're ton that feel the up of on guidance to side. on giving away made with today repricing the thing the confident we XX%. And factors side a important deposit the and look, outlook the the on and of both walk is call asset

where X we're up feel we don't think as but interlinked at. specific and of to good pretty of the So about we and very want kind joined numbers, get into really

Okay. And are deposit as those trends applying both -- to base the the NIBs just... broad well as

to I Yes. say that. it's Yes, fair think

Our comes next with question Research. Autonomous the from Wildhack line of Rob

that priorities. on that? appreciate organic the uptick anything there from update seeing the progress more and revenue front. the itself on Are do I'm think could operating strategic clients the obvious business I leverage the follow-on whether you for And wins, curious like How growth or you in and see you've manifest do more broadly? expect making far? that is an so is growth, progress manifested itself when to made are then we see there new

Yes, it's question, an important Rob.

few in a different the is out be for that more have So our we way clients internally threads. laid

us is first delivering you've more clients. to the from existing heard this. on And So before

So many solution. of business relationship our clients product, a have single with single us, a single

the connecting more opportunity, the with dots so have more our have by we clients. things offering them frankly, to just And current be do to able to us and

you give example. a I'll stylized

Asset us. you Servicing with do some you're client lending securities if today, probably an So

or not do some foreign may exchange You with may us.

some you those If margin with products you us, X wouldn't us? do with segregation why do

you us, you're more margin ecosystem, If with If collateral touch the cash with starting ecosystem. you're ecosystem, do why in to our us? you're segregation management collateral wouldn't in do you that

that, why of if the And have? be Services. you're so Treasury open cash And we you related solutions liquidity to touching wouldn't also to some you're adjacent

our of Services products? why also wouldn't so And interested some be you in Treasury

ours silos the that's so problem for businesses adjacent that we that company each other. with to haven't is are the done of exactly the a like because our manifestation ultimate pretty -- And fact

of a to focus. making It sort just the action very reality Officer all So internal operationalization company. new as our important in a to that opposed Commercial Chief to of that really of priority a the call is an is the drive of top

new second the different The connecting is inextricably solution. developing the products and and first a are potentially as so to each things the example, so sold related which could thread adjacent products be than X other --

If clients you is buy. into look there actually elsewhere pieces multiple industry, often in are bundled one technology which software of solution, the that what aggregate are

their much as done that company our been silos. strewn products the because haven't in have of across We respective

to think gather of more able a look by products horizontally, the world more the little the up get to along bit we solutions. about be lines to being able So and

are more of do for And clients these more you've we've opportunities Servicing our where done there some seen bundled us Asset that recently, bigger, more deals. with that. And

the then to and third share brand-new is market win more clients. opportunity And just

Now lot world, know of to the a are be we XX% the of global XX% do clients fair, Fortune in there that plus out XXX companies, of banks.

the of to biggest hunting opportunity we all but be So that's well. want them, not as in the business of

we'll as currently clients well. find actually them we don't those and go that And do so business engage with

for So under being there of clients. umbrella more are of lot whole that threads a

the next with Gerard Our from comes Cassidy of RBC. line question

what how and implications this touched goes system? one Can who throughout FedNow? live you're early it of the adopters the you are comments the You expand in your just on phase are upon once about test

And that large in along world. actually efficiency have of speed in come less in one payments are often and some is of don't remember the advanced other countries some you respects terms payments that to of immediate around overall opportunities versus disruption U.S. that So ecosystem. the the the those the

as client payment of pretty methods. we And installed this in classic some we well, large at the base that's look saying, so have a rooted

a a also creates that payments. which large card risk disruption we're are We of in approach business are unconflicted provider. clearer. have fee embracing in large pretty little you we credit the instant And bit not if because a really business, check We're payments a to

we've this opportunity and some want would identified be ago more we that's exactly would so in, an what we And years participate doing. this that been that to

We're while. clearinghouse live now payment a services Those live for the FedNow service. are to each on been competitor other. rails essentially the we've on instant So

required as really to going be be, rest are think focused, payment we now the instant But to I going be of industry adopt that's rails. these the the effect on will to network

midsized and access them And helping small so rails. to a we're to banks, provider the

are can payments rails. do there instant requests Request rails of it bunch great there. e-billing, a instant a that example, for that the with you payments. payment is opportunity new think some old things with the We control a met of There's for lot perfectly these of deliver do that really be to timed couldn't can with

opportunities. security number number account their billing-based ABA out solutions. wants credit their some Who to you're card when and with There's out and dealing also give various bank

that so important. is operationalizing of clients all our And with

We be a remarks. That Bankify prepared I consumers as use bit efficiently. just little to more allows these to mentioned rails launched in able my

And disruption, occur. when so I how days to to look, it's exactly and in going this early and don't want it's call

effect do of see more network we And cases over new feel live, value. these and a as we is But time, new this it start go provides technology. client lot good a to

do the end day, and that. I value to think want client is them so the we And at of win that out, to help to going

Bank in have faced on system and with as as your challenges deposits And reflected in a safe pointed looked some Great. the people's minds, you Dermot, at banking out. year. then that York the deposits you New touched earlier And this of was haven

on of Can kind you stays guys what with of the you that year, could us share impact XXXX? next thinking QT Fed the end deposits with throughout are that, if have through

kind reached to level, think as and you on kind of I me, to and of the given Gerard, But So 'XX debt normalized guidance for what's kind it's in early feel March give a that. said knows we who earlier, bit then happened we've from like ceiling going what too I a for of more happen of kind here.

positioned for sheet balance for higher longer. is our But

lot balance We cash. sheet in have of the a

to Our pickup XXX next fixed basis years. the roll quarter in from the XXX going a off points. are yield income few about over securities that a is And to year

of at guidance fund money and kind base them our not we NII and while. how very and complex balance together, about look in clients if B, we for we will feel January when more us look, products deposits, think we So the and using it when are how our to our give for be for we deposit for you good of want -- But market the be detailed 'XX. kind sheet about the our services. ecosystem they're with our in next

other the want we put We don't So into lose the products. can to cash cash.

pipeline franchise very of prepared I cetera. So about We good coming feel think are now. deposit where the way. longer is we who feel for good that's et et cetera, But managed the our knows? higher And and to very continued activity et a we QT, risk cetera, about

resilience comes is that's we ball to Gerard, think to And for -- just going avoided us. exactly a when have commercial it one add to to on it to trying markets. happen. to point rates the a We We've crystal is going that said what attribute

us the clients with And that refuge. on happy that in really resilience came as them obviously, to help as the of a year benefit safe highlighted You to very that. we're saw earlier we

what that might views means also that we happen. But have about

to we with how to position are sheet. these deal views eventualities. positioning of ultimately, any we our about But We balance have be able

a bottom on sat of period of the of of career. range for trading XX-year time. years kind over my of at end -- the the current level And was is rates desk XX the that I first

from absolutely basis there's since no the So It's here. moved the at XXX mid-July point. can't points XX-year why move further reason curve

our ratios adaptable And commented going to to on. on so however Dermot when the unfold. world that earlier be we capital to able And to came to is are ourselves positioning be it

there have out as that before, a exactly Now differently. played some other that little things are played out have things

Fed I trillion at the with as think down particular, bills job of has they have up very done issuance the ramped good in RRP. roll that the coordinating the has very worked in treasury essentially this point of of gracefully $X and the a with

significant there's over are between year. the between of out been us inputs. interplay course very issuance between market treasury, the all that foreign high treasury in of the our And reserves, coming this buying less the RRP, So these of actually shows the levels data

But there's going don't and supply have ways think that's be occur so to which the the to predict. to can you And could dynamic curve, I be further for out. play demand that out ready certainly going anybody different a

from Our line Bank. Brian next with of the comes Deutsche Bedell question

Maybe just a nuance on by interest the net revenue segment.

was business So Securities on just in the second like Services Wealth segment. and quarter. more versus NII pressure the the Market -- It versus Securities looked the Services there

Just more if talked that normalize is move as the that [indiscernible] that just and/or into I you And guess we Dermot, of wondering the fourth August? in terms think And might NIBs in if referenced, quarter? segment of you doing much over more growth that the accelerate time? Robin, internally are that you couple of NIR things in in initiatives a might about, rapidly the answers just that ago, you

me let deal question. with the first So

Issuer businesses: up Trust. different So Like Depositary noticeable as say of that Servicing, if our Services a segments. is is Corporate the by underneath I would Servicing, made there about that nothing and segment nuanced is you Asset really Asset hood X are think -- different Receipts

to been to QX level would the business. was Debt as more seasonally due muted. that Trust quieter attract NIBs Corporate issuance activity period a a tends that nature have a higher of of business. for business

So that would explain little a that. of bit

In are kind Asset of managed in like different. but roof, platform the as moment one ecosystem, Servicing, deposits out kind centrally of And noticeably that's behaving how us manage of how we I one wouldn't is that would about of kind it. kind the clients and anything we say our call just with under think I at really

growing just now quarters. that's line. Great. It's in and straight the one there actually investment revenue. -- Okay. quite sequentially the for follow-up been revenue other area the There's X then nicely on -- other trading other And -- a maybe just

that that continue size of for just this you if the drivers FX quarters, -- trading And whether wonder continuing. X talk the type is of growth the with see and if approaching now it revenues. that path you growth X your of type of you'll be or next about I

feature as really has income trading. year our key that fixed been quarter business this Look, strength all of been of of the the has it this

do there a of fee the in predominantly gains fixed as You have trading. little bit but capture well, it's income

big the of of have we scheme like there. very it overall what feel about we the the quarter things, of we So It's kind results. in in and good the number but a small scheme

the from comes question Glenn next Evercore of ISI. Our Schorr line with

And I the know know a I we touched so but can we've package. want on in this different I question, to -- put you touched brief, it on this throughout be

we've ability when things or you, on behavior lost seen the client of to all from lesser a predict peers some it deposits. not So to control comes

there's it attribution. And so if a give I the don't to know way

to related actually elsewhere. all But Do efforts the is mix have your base? you and business there much your don't to And inside consolidated what's think that trying is confidence to is so client I Just get -- how is moved seen most needle? deposit it [indiscernible] nonoperating depletion operating. relative now left of you anyway, what of know of know we've your

repetitive. if Sorry

to and and you is Servicing, Services, being that characteristics portfolio we different and of attract Treasury all Trust, do Clearance have X in they businesses dimensions One things answer, slightly them, both noninterest-bearing a Asset about ways. Glenn. primary Corporate the deposits. ones. They give Management Collateral will I interest-bearing that different have So

So feel you a diversified have portfolio kind you gives so like that you deposit of effect it a platform.

number that's important point think I one.

two the number manage is we deposits. price point and how Important

have deposits They Mellon different business. when deposits X outcomes would would have all in would If would standpoint. all came They that you the suboptimal BNY up lines ago, you of from up those clients to all have separately, aggregate years their Mellon's separately. with handled ended you their of priced BNY have and you

But and with of we manage solutions. global of consistently, a team, the one interfaces we Now line got we've pipeline as price of think have we one consistently, liquidity the that each firm. businesses. It's we

handle here. confidence business strategy line have the gives of add and we BNY that you you you to where from think And that and effect. effect, us a want all good I get deposit the our that together, you the get be One we effect Mellon franchise get on

Our line Morningstar. with from next the Rajiv Bhatia question of comes

Great.

betas deposit dollar betas your your I you calculations, a how And lines conversation. Asset your guess following rose mean, businesses in Pershing just deposit were payments? bit the across quarter. betas the as do and versus Servicing, differ quite issuer up my quarter? in what servicing, non-U.S. can comment I dollar by then So such deposit the on deposit on U.S. your of

thanks and -- XX book dollars, rest, the of euro, So for sterling guess I our the question. other. roughly roughly is XX XX XX

of As terms. it I about in relates kind think betas, beta to cumulative it

XX%, take respectively, quarter-over-quarter. I beta give dollar and that or of The hasn't materially I said cumulative about euros little around XX%, changed our think a are Sterling which is and earlier, book bit. XX%,

the kind it here. we And that But And from to we book on priced. it's have the is, may little higher it passing they about passed a come feel prices overall, of so relates bit as as the grind largely on through. where we are clients sophisticated, pretty pricing, where feel the good

happened it's catch-ups modest in where given You here the some lags may But we think or see there. what's market. it and overall, should be,

And Great. by of like deposit lines then business? your like betas

have don't detail of with that up can with I level follow off-line. me, we you so

from Jim Our with comes next Seaport line Mitchell Global. question of the

question. a Just

the organic been Investment Pershing, collateral little of left had have liability of that discussion. negative of in growth but Long-term flows of in improving last You been outside lot guys have has out success management, [indiscernible] Management year. things sort like a

growth Are how here? in So opportunity And do do organic that you business? see from investing an there? that organic improve you you growth

our last of are out fee out by year of lower a Thanks that have of a income. where for the margin happy of with We're There that the caused work feeding a it. this to into couple things clients bunch we year have business on calls equities fixed of paying passive, that Jim. the happened into Look, is are do. moment, strategies we remixing feel said question, into are kind that ago at have not we of that active which

number kind this we're and and hood, the One ways. inefficiencies. -- of about after it a a under today, that. attacking of to kind different on segment structural that's going We've no expense rebalancing being different there's is of lot So talked getting in that

attacking we're there. So it

back build take a do in organic way. that. products, to new going first-class We on out will of come rolling We're AUM, but to and kind think growth time the of that that's

BNY distribution of of we have very powerful a Inside kind Mellon, platform.

So managers. really we're coming very kind to of the made year, to this we've going quarters. leadership see changes And of platform and kind fruits in to focused there some boutique on of begin energizing support the asset we're that the distribution our

going it So a we're in at number kind different of ways. of

and of very some are performing management And with very boutiques we're well, happy asset them. the

We're in make And some active to trying of happen. to wishing we're them have not sitting very and it work on to it and idle do, it, focused happen. we're

Mayo our Wells the from of with Fargo Securities. And comes Mike question final line

Just as a follow-up.

You've know for do been way have you giving execute, NII I positioned for well, positive you're growth, but the shooting the you said year. you're cost a bending to operating lot optimism. of you're rates, pretty leverage investing you're curve, should next for

the to risks to are So think the extra you main need next what little micro? year, attention When the risk or to it's -- macro come you company good. pretty mind that it's to, sounds the over whether about you pay think all a that

I'll initial up the part set start, you with that way question. the just the of Mike, So

the potential the opportunities the businesses our have You're and and optimistic right, our are that that about afford we in franchise us. we company

the you talk But that is I potential. that lived to way about haven't potential. absolutely it up a do we this think, doable we we to is proposition Now detect inherent an in the have that because why unlock the optimism, that optimism reason

work. ton a it's Now of

that just have question, problem of that things is not As one doubled down be unlock we've different of answer angles really there. we're a said we our And the now in as Dermot work going to different all potential. these to order way to a that's we in to the to And have on able to team really wish through problem. the the leadership work maybe

cultural more the it power minutes you we forward few create that said what really board. to ago. take been change I to and it as a the company broadly the that a operate has culture, in otherwise need talked prepared remarks, allows just And to a next that there's and but take de-silo And my I in across us level, great to about

execute have We to to get done. it

to if respects not in from biggest mindset the critical follows done really point that then are de-silo and things. view in this towards risks the move potential, in those company So culture platform to us of getting it unlocking that, internal and to doing the an things our become evolving course, of some from execution

team, doing of respective laser-focused plays things, as moving the everybody a are coming together to that really company make that each for the we tracking sure forward. to we're So leadership holding on those those account the things leadership team other in in parts that and

that's also optimism that So the with the that's humility but get constant the done. execution the associated for the to fact the reason for it's going reason job

the tensions continuum terms world, of to world a there's world. in the ton outside in clearly We've geopolitical way right on going all of in the Now the got through now. a regions many war

economy. have still and inflation We the rates uncertainty the of of in all

creates the U.S., in that uncertainties. Here

this as need as to we what them that's best help for us environment adapt on can, predict things take the to prepare that to our And we things There's We them which We try pretend that, manage risk, clients to are occur. recognizing exactly possibly minds. are always always seriously. our going and it. cyber very we don't ever-present collectively how those from through to we

the your way both the of answer about question. sort internal to external that that's So think I and

any our question-and-answer And to closing today. with Robin with would or I call remarks. the to like that, that does conclude over session for hand now back additional

Thank you, BNY operator, and today. your everyone, interest thank Mellon in for you,

Be team. have IR reach and any to you well. please the out follow-up If Marius questions,

Thank available day. you. and This be Mellon conference Investor Have the this Relations today's will BNY does website a of A webcast conference p.m. webcast. at today. call Standard conclude Eastern on X Time replay and great