The Bank of New York Mellon Corporation (BK) 12 Jul 242024 Q2 Earnings call transcript

Good morning, and welcome to the 2024 Second Quarter Earnings Conference Call hosted by BNY.

[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's consent. I will now turn the call over to Marius Merz, BMI, Head of Investor Relations. ahead. go Please

Good us. operator. Chief and you Financial thank Officer; Thank here morning, with joining Officer. Chief our I'm Dermot and Robin for and you, McDonogh, everyone, Vince, Executive President

our non-GAAP all reference Information differ the may and are And non-GAAP materially forward-looking on page supplement I'll will in we projected the these that Relations press available page always, measures financial from the and presentation, remarks earnings the be Investor at which forward-looking website in our results statements Relations about our measures. highlights at note Actual found can and bny.com. statements contain As statements. our financial available those release, Investor website. of financial highlights on presentation, will

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

over With I turn that, will Robin. to it

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

discipline. reviews on Before another with remarks leverage expense regrowth to in to clients to few I'd detail, a positive In Dermot run more we our of we with quarter. continue progress the progress start solid financial performance our and be financials for the continued make of power improved short, our like about operating greater in quarter delivered path better company our the and our to on to culture. back tangible And

for in security, trading and the around million operating That and celebrated Last bank of in anniversary centuries, today our over X powers of across with many people XXX settlement, ahead overseas Even payments, believe clients company's of of more, markets around clients. roughly assets days XXXX, month, this that our remain collateral, in us. investments, our and history wealth, trillion $X.X across we with our I platforms capital world. with $XX rich XXX best

done and we January, strategy and year, financial get lay markets out need As which maps what Earlier heard changes the you it. to need so our do do in we. to world evolve, how us we global this out

company This Last BNY we the rebranding logo improve what introduced as do. XBNY. the market's to of our to the our to brand company changes potential modernized who and unlock doing month, to our we our with what substance to better aligns we're are and of perception we and full simplified familiarity

Now Total notable in services Page revenue margin per of referring pretax strength and of as highlights year-over-year. X $X.X solid in billion as [ share included growth items of management, X%. X% financial again X% asset back of year-over-year investment in the BNY $X.X and were fees as once growth revenue. foreign growth by were XX% Reported in ] quarter. share on to Expenses expansion interest Net led XX% delivered was second treasury exchange up was excluding per earnings X% decreased up as income $X.XX clearance well collateral This operating of the year-over-year. and servicing down leverage and the by continued ROTCE positive EPS well X%. services billion presentation. of $X.XX up

in for constructive investments our of rates, on notable further people the reported excluding we quarter, greater we relatively of pressures items. was easing the strongest policy continued shallow in realize gradual common a of environment. results confidence investor operating reflecting equity a also our XX%, XX% easing against inflation and return to calling And X%, up financial were backdrop seasonally and [indiscernible] is were growing. These market technology, expenses XX%. items, tangible what a and notable Excluding while efficiencies.

to dividend quarter. transition scenarios. shifts business clients released A of ago, further relationships couple one wealth to and security By the BNY's floor regulatory which in the of increased truly the a in their showcased to industry running and our critical better, support more quarter. Canadian on serve again gives bank On In trust lower across strengthening us resilient its seen our financial entire through market stress the in U.S., the starting T+X of quarterly average, the Mexican test increased of market capitalize settlement through equity changes represented investments And slightly Reserve has results markets weeks test role fixed starting our strength wealth opportunity X.X%. that Federal financial while our compared May, common to the income significant annual help of per market them. businesses values once life markets this clients in extreme deepening the structure the with effectively the stress finished that system our we of like our BNY's major XX% our The this, us couple cycle. and to to model first and buffer our services, services, remains capital stress the to at by preliminary combination confirmed $X.XX requirement share clients and powerful company we and are decades. more

digital significant was under premier this were selected and custody services, We deliver an in our awarded quarter, management. fund As past treasury global mandate $XXX asset services ability assets a example, to billion manager by Pershing. servicing, ETF a fund BNY with based over and on

specialized technology BNY a its operations, In will Group, another create a Pan Asian management AIA Life example, with their has will announced ecosystem Aladdin BlackRock's as investment they future platform. BlackRock Insurance investment services offering implement to with to support collaboration new strategy. AIA Our AIA, and evolving holistic data company's the and power growth the transforms BNY's scalable activities. and connected announced that investment

firms Finance, on as in for to top Pershing's with portal, a aligning client's We solutions, Wealth enhancements a the them Services adding June, to advisers help interest set named in new Wove from efficiently Wove XXXX. will we one wealth data, as to innovations of Awards at pleased financial client annual annual Insight, objectives cloud of one-stop of Conference and data advisory wealth portfolio for a Global of a platform designed a our investor, recently that the flagship a to global researching At be them Wove growing platform, products, X financial and continue platform, announced its Wove. more investment Innovators all portfolio. platform the management part risk move the suite solutions professionals

clients, Wove and platform leveraging the we have for clearing lives advisers, comprehensive Pershing from interoperable We to products, a also and package, introduced management services a clients custody BNY enables to of XBNY tax new accounts BNY for including multiple and offering selection, solutions, advisers and wealth managed access manager easy asset easily our that allocation make investment capabilities points. proof unified breadth the customized platform,

[indiscernible] management, a and recently fast-growing direct banking. clearing example, regional and private private they also to indexing cash For [indiscernible], Persing full-service selected bank provide are services, adopting advisory, custody but

many our said clients our company our better. and and for we've As people culture are times, more running critical being a of part

see that actions pleased us to to graduates be destination are experienced talent We leaders our enabling alike. a top recent are and for

the team. join Chief September, us halfway welcoming ever building through X,XXX how also pleased chosen [indiscernible] well Engineering. total in in progress of wrap leadership investments to Head year, Jose and our several in performance classes, June. Russell And we're of will Global us our from announced People appointments a both largest and the summer, it's over we're analyst have individuals over internal Officer Chief as new Officer, to Hobbs, us join This that our joined applications. with September new Shannon up, made will financial date BNY's lead, our as and we Information in Leanne we as reflected XXX,XXX recently To momentum. wealth.

founder, who to One of my our favorite to genius, famously success Hamilton, Alexander attributed said quotes his hard he that comes from work. but not

foundation. hard and have work, laid We a at been solid we've

demonstrate power operating execution of as clients our Our starting we're With for that, and to over team our is XBNY franchise of the and you, in to shareholders. our full mode, and Dermot.

and the Picking everyone. with morning, investment I'll Fee up year-over-year, X% client growth up trillion assets management was market quarter. on higher new start values. good results up market billion financial services X%. reflecting presentation, X% $X.X of of fees net This fees and year-over-year. activity. year-over-year, of higher X% were Robin, [ management revenue trillion X% $X values, of were AUCA Firmwide and up Investment the $XX.X back in primarily you, Total under the flat. on performance Page consolidated and business for revenue includes our of was ] X up were Thank higher

exchange driven Foreign XX%, by increased revenue by higher volumes.

higher this year-over-year, mix, higher an severance reduction year-over-year up primarily And year in sheet in equity Investment in client revenue-related changes offset There quarter, savings The was and primarily quarter partially rates. and benefit largely a other company expense. assessment, were provision was on basis income offset efficiency year. running by of a trading from interest income which included in increases second interest expenses prior was partially primarily reflecting reported the for quarter. the the and X% no decreased in and items, the net losses the merit offset FDIC X% balance down excluding notable was increase on by from Expenses the expense $XXX employee Notable better. from revenue higher our in by credit strong special million by items business. our of back fixed in X% investments, activity

equity and XX% earlier, of tangible margin we a highlighted pretax Robin up XX% a of $X.XX, of earnings on year-over-year share per [ As common reported XX%. ] return

X% up Pretax return items, margin notable year-over-year, Excluding $X.XX, common was on were XX%, was tangible our per earnings equity XX%. and share

liquidity Turning X. to capital Page on and

X assets by quarter generated was returns increased shareholders. sequentially growth, partially back offset capital common leverage Our by on earnings X% to by deposit sequentially, ratio primarily the for increased X Tier reflecting of Average capital Tier capital and through X% X.X%. the

Our risk-weighted sequentially. risk-weighted quarter-over-quarter end increased reflects by quarter And at the at increase in the the assets CETX improvement end lower was off capital CETX X% coming XX.X%. of the The of assets previous the temporary quarter. ratio

ratio Over second dividends shareholders $XXX buybacks. to our XXX% the our a common of million common earnings returned course capital of representing shareholders, payout over Year-to-date, of of to quarter, returned [indiscernible] through we and we XX%. the

stable liquidity liquidity. was to consolidated XXX%. was consolidated funding and our ratio Turning The ratio coverage XXX%, net

Page and and maturing was primarily balance in $X decrease income X% The sheet trends down down on interest quarter-over-quarter. offset reinvesting X% sequential of balance securities benefit changes by mix Net was fixed-rate X. interest the driven net alternatives. year-over-year higher-yielding partially billion over sheet by the Next, income of underlying and

sequentially. assets balances increased declined by quarter-over-quarter. Interest-bearing were noninterest-bearing the X% grew quarter. Average deposits up X% by in deposits X% deposit by and Average X% interest-earning

and securities portfolio X%, investment our balances Average X%. were loan average balances X%. cash up by Our reverse repo and increased by balances increased

new net to investment Servicing, Asset In services Investment Services reported reflecting values of $X.X primarily starting on segments, business. by year-over-year. revenue business flat fees X% fees Services our billion, higher X. X%, market year-over-year. total up and a Turning Page Total Securities were grew

ETF well up to in continue of market more over This XX% year-on-year ETF manager. growth serviced funds than over leading year-on-year. see both from large global in mandate and We as $X asset higher strong values of momentum as trillion, with servicing reflects XX% included Ireland up which a a number inflows, client AUCA the

quarter markets. fund Now continue launches in alternatives activity for the private to

fruit. Investment the up business of X%, reflecting were We're Issuer existing normalization in growth and fees Trust investments pleased our digits, mid-single Trust second In particularly partially actions receipts, Services new Services Corporate corporate Corporate up for platform Services, in net the into receipts reflecting both new bear both and leaders the were elevated year. clients. fees see Investment across quarter last and associated alternatives of depository offset to new beginning depository from by to with fees

about of XX%. share were backdrop a pretax year-over-year, market foreign and the XX%. months, merit the in the the and points expanded Expenses savings, was revenue-related by X% income billion X% we've reflecting increases in to exchange efficiency as $XXX trustee to up year-over-year down higher was net percentage interest up issuance second year-over-year CLO over In recent XX% down quarter. XX% our expenses. employee by segment, increase million, the higher a investments, was partially offset X $X.X moving and margin income pickup of for and past ranks months XX Against revenue CLOs significant improved been in Pretax

Wealth ongoing offset Net were partially revenue X. quarter, of $X.X were Market billion, impact deconversion and reflecting Services year. In Services X% prior and fees Market reported Next, for the fees on and year-over-year. of the lost values up Wealth lost Pershing, X%, up Page investment market client X% in Services year-over-year. up total negative business Investment were services the higher billion aforementioned the new business. $XX the assets activity, of reaching by Total

for agreement the XXXX, providers second management renewed annualized supported a of help the company drive $XX proud Wove Pershing in and continues on The client [indiscernible] track strategy additional come. we growth growth in deconversion, are quarter, pipeline with realized meet are $XX nation's its be for agreements. to Excluding the net to of since largest grow multiyear quarter, saw signed its we to [indiscernible], founding one we new Client in to continues and to demand XXXX. approximately years to XX and million has the million solutions. wealth we the strong. asset In X% of revenue our goal we

a reflecting treasury continuum And segment XX%, drive deepen those Clearance and investment collateral we institutional X% year-over-year. clearance financing management, strong solutions about volumes Services can do clearance, Collateral efficiency by fees growing volumes. seeking and supported by clients the to Management, clearance activity. U.S. client throughout fees relationships Net opportunity business more are self-clear and primarily and management In a the clients. to in and interest also with income primarily higher across Pershing's securities allows through our but Having This higher choice offer services as quarter, new as segment clearance for XX%, that market and services, higher clients of the and down fees we for up net collateral not continued realigned revenue a business active for those growth. only Investment even and trading. to operational was solutions excited have us were settlement And reflecting capital overall remained [indiscernible]. increased well

XX% $XXX were expenses, $XXX at savings. up X% employee income a X% revenue-related and of year-over-year, higher reflecting higher partially Pretax up offset merit investments, by pretax Expenses million efficiency increases was million, margin. year-over-year representing

Wealth was flows mix Investment and and market in the product revenue Investment in Wealth our In Management, increases reflecting by of values. X% lower revenue to values, were down lower to X% business, changes AUM on partially million, gains, in up fee higher Page increased higher mix. of on total X. and of year-over-year partially Expenses our partially higher reflecting equity revenue Wealth capital drive Management revenue-related Moving offset $XXX Management Investment year-over-year. primarily merit market work by and efficiency Management income offset and And X%, savings X%, by investment by million expenses, offset investments. $XXX down reflecting employee reported

representing pretax million, was a up income Pretax $XXX XX% year-over-year, XX%. margin of

assets offset In net the earlier, $X saw strategies. with trillion fixed year-over-year. mentioned saw partially we strategies equity net billion outflows LDI, index into while from I and income of $X X% multi-asset management we net outflows As from net increased continued in of quarter, strength $X billion strategies under inflows strategies, by and of and of short-term outflows billion active by in long-term active $X

of half a $XXX on shows comments values close billion Wealth segment. X% of X [ the we Management had and higher client full market Page NII, in assets interest-bearing reflecting for the decline deposits better the Starting couple I'll with of we decelerate, I'm saw inflows. that grow expected with by report in year year Other of outlook than the continue cumulative as we slightly the deposits. ]increased the year-over-year, net first results came to pleased to and XXXX. our noninterest-bearing

year will we we outlook for While summer year-over-year. unchanged, we we XXXX low the remain into the for head humble XX% therefore now, seasonally cautiously months. NII our as And optimistic, are down keep full

notable our for the expenses to goal roughly full keep expenses, XXXX, flat. year Regarding remains excluding items

we're in As embracing us. execution the of ahead BNY mode work is Robin put it hard and earlier,

year expect and return lastly, to be we dividends our through effective between of XX% XXX% shareholders and more tax to We XX%. XXXX earnings for to the continue to our rate continue or XXXX buybacks. And full to expect

continue Board our under for Our repurchase third of program. the common Directors share common quarter, declared XX% to and dividend increased plan our shares we existing repurchasing

the capital macroeconomic we the always, environment buybacks our balance management size as As rate considering the well of targets, our calibrating as are our such factors pace various and as sheet. interest of

NII year date solid in operating for to the we With operator, which drive positive Q&A. continued entered a incremental of to second open fee gives us performance XXXX. expense that, better-than-expected our up, and of wrap leverage To growth, ability back you line on confidence half the can please in the discipline,

[Operator Instructions]

Our Usdin from question Jefferies. Ken is with coming

in that just mentioned? things other humbleness And I Dermot over just seems have the maintain in like including been first far so base that to for held pieces your don't up expectations? about down what given go you you so NII NII might balance ask think through that in the NII, relative would a I quarter case second be half. that what Can your the ramp guide which to meaningful sheet pointed the the walk still seasonality the be well out, expect us how in seemingly the moving earning any you as to you just has is would

some Thanks Ken. a in question off in the strong us. answer for last where again of way back the little the and foot is we bit best year clients their then I a QX, lower ways, the terms QX for back seasonally up QX. pick look to, taking question, in guess gas quarters to at typically summer quarter, activity typically months QX,

saw turn in out And space, Trust, part the you've overall, performance this the large numbers in activity called that's in in Corporate and seen half, we're where CLO underlying very quarter's the due and core remarks, which to my first first we -- deposits. expectations activity for like from outperformed I we've guess drives we've the as within pleased businesses. Now particularly half I with our elevators our

performed has that impact of have. businesses in they've deposits number we doing core that well, a well, all knock-on the are our when So which

look rest time and that, the for first the at the in expectations And the market roughly of calling the so guidance I we our of gave when cuts. X XX% rate outperformed that out January, when we Notwithstanding half. in was at year down

Now a we're We slowdown in the middle summer. yesterday. had of in inflation the print

Let's now, guides potential a September and levers, changing point of of -- in those and say, no at kind Jackson the for kind out call. we rate just all October speaks take guidance guidance see in into he again Jay me how on But of Monday and Hole change or how next we to cut. there's September of

optimistic. cautiously we're So

March the in used I a year last think I word skew.

we're So and be but we that's change quieter expect we seasonally best the guidance. why playing didn't for do to somewhat QX outcome our

Okay. on -- just follow deposit. And then just you up can the that size the of

So like just the the expecting base just Or it to is of deposit understand that what it mix? would just decline? you're the pieces of size seasonality? given to revert Or trying

think of deposits is plan. -- where components One when about X to plan, it. So we are I deposits, outperformed where kind there think we interest-bearing NIBs I outperformed I

showing we've much gather deposits our growth And a ecosystem. liquidity where of our which really in good clients the mode liquidity And with different between a balance so And so and but of us showing $X.X fueling we that pleased talked previous to reflects shown more think and calls, and thing, a GLS to way and Treasurer, that the up in of offense a of in this loans. third sheet, number with positive do is on really Solutions Global in CIO team has a collaboration I've we're strength about Liquidity been platform, teamwork And way, up the good. really allowed that, quarter. and different times managed friendly as way our and our really trillion very clients, our about this us, then we've with kind the up

come consequence, here question, So is it's overall And from I the terms balance the driver would little of grind I the both of as will down. a specifically a I lower, to NIB in main change. bit think NII your expect think which to

is ISI. question coming Our Schorr with next Evercore from Glenn

Thanks very much.

just winning higher clearance model. thoughts just clients forward active parse could new business quarter clearance if might the is active volumes. versus or just I'm growth. It the to how of curious and that second you help are organic for and management being on the collateral alluded and out, You go much how more the and higher more

Thanks, Glenn.

I think it's a combination of both.

for QX see. So for clients doing there was more. to sure volatility rate in all are

feeds as So market, volumes. activity the a and treasury more treasury issuance which more consequence, in

able activity. very volumes, scaled overall, high-margin So healthy level from a have business, of benefit that to we the and which increased was platform

Also, did call, for we said our innovate we market. international year, as the I products innovating and for our teams new clients are is us last a January also think business and developing to clients growth And as domestic for continue opportunity we solutions in our key and on internationally. the

And about do factors And I clearance a for the up continue on so for it's think I think that near to us we've a calls, and of kind nice in previous I showed trend that of this all talked expect combination the as collateral tailwind management, quarter. term.

is now? just big settlement? runoff it it remarks, free net help interest, you, my into the couple of, cost come not curious helping just in in there capital helping does the talked you now quickies is. that what that the of T+X picked spread You in it's lower built, that impact that rate, -- enough and curious does a you frequent up with is the I'm with all all market more but it's coming run now Or clients. opening for about of T+X I'm a

really I describe minimis. this Glenn, pretty for time the the of part sort years. raw your is question, of preparing past P&L de second bunch of is couple the impact, like course it a We would of terms which the in spent of over of

process creates to the and hump closer there's like it. inflection opportunity it like a biggest treasury us, really time. wasn't that. the significant was some is help this most sort the work to the to the of I clients. in in uncertainty and for big they It So is order of we're think It but it. associated with there was cost for curve something ahead navigating like But T+X over need clients. do this, gives We X market to is example going another looking worked get it of How opportunity our ones, our clearing us good whenever

good And combination with say example. can the lend overall, treasury continue things for uncertainty of I clearing types And into that so macro would market the improve And really assistance changes market, being types into these of and things us. those need is a that. for Again, We'll of opportunity we've changes. leaning efficiency the risk create market, reduce things another in that more create that efficiency. in the

Sure, great, which, they our and a I the effectiveness beneficiary the just improve think efficiency do sometimes for is more And call it's also of but on good products market time, solutions, of over a we're operation. of also that. thing course, and market to

next is from with America. coming of question Poonawala Ebrahim Bank Our

will Maybe NII. Fed guess policy sheet an the to how we cuts, XXX question, of how us come impact. in and response in Remind should decide just rates on for to talked Ken's bps believe balance about I XXX, get the you the that follow-up, having and September if positioning balance Fed Dermot, backdrop? you that NII us remind we of sheet cut the does about think

question. the for thanks So

So one, unchanged roughly believe quarter-over-quarter, a I feels perspectives cumulative to of really will give is, fairly that like of couple basis our priced. on are different be which I book kind a

We institutional. are in book shape. so cumulative our remember, pass betas and rates good the largely will on is you As

sterling euros and high XXs. XXs, for for XXs, So range. roughly then in the the were portfolio, And dollar low low XX

roughly of at year. kind beginning range We're the of roughly scenarios. And And -- do of flat. a the so positioned we're we

the the basically So that again, much. and of cuts it Chairman really general in market. Powell is doesn't cuts impact NII, if okay, then view which book kind I the of guess, September we're

in positioned So for we're small well expectation. of moves, terms

maybe I revenue for you about that separately, at fee momentum using you terms And Robin, guess, in elsewhere. and the just of Understood. talked

stable thinking might a us NII market about sort we lower outside where positive of world a revenue what that sort outlet. around the medium-term on just think in pure outlook should think give to be the about activity we drivers of drive fee of on fees be could as momentum we the as sense Just

volatility, around, given income year because, is course, but strategy moves volumes rates, our revenue markets, market-dependent all Look, fuel exist to but able of fixed to be equity try of they any to Sure. interest can been, of our just course, growth company, stuff also in position organic somewhat that as growth the respond in to to businesses markets. to that as growth the well tailwinds has

to positioned answer the that in think to around growth is we've be on in the U.S. market. question able what from market, a earlier activity so And the secular treasury business treasury benefit we to in

a yes, benefiting that's the investments place where also detailed. Dermot from from So the market, benefiting, we're that

model off into the the which now practices, really prepared client true we our solutions the fact for then growth, more XBNY Chief of our go targets about for And Officer coverage, last clients. our as ago. getting in Commercial and talked the through what into joining as talked XBNY commercial we fact that into new products that about quarters And can solutions, next into and remarks, into our a movement in what's lot the campaign referrals individual we're January and bundle started sort about we integrated a our fee we quarter talked we of operationalizing and more

be we've a macro build of space, lot advantage are that to there through growth, to levers the on So able in business the on to very been fee take but in also momentum going and market. to things our position working methodically the plan of

Thank you.

next question coming Wolfe with Chubak from Steven is Research. Our

really on big It's on more questioning, investor build wanted but activity. of So that earlier area repo to line I I been of focus. a focusing guess

like benefit potentially [indiscernible] You've certainly recent factors benefited about activity from term, quantify the you recent are what that the the strength on just and hoping longer And your the of from I you're repo strength? some thinking elevated the of view. side. repo was could And durability supporting repo how

Stephen. question, for Thanks the

NII say of about game It's its us today. of the cleared a kind makes about in overall overall it's our is would changer -- totality, repo of year-on-year in NII a not a it X% terms story. not I So up year-on-year activity, of for in terms

last we're want clear I a would innovating. follow-on [indiscernible] specifically, Robin's Clients we're top it's liquidity meeting the terrific repo $X.X in we're in answer terms trillion X come runs does the think This the they from a for I be, echo product. of job business ecosystem. just them where us to our under question to a that provider. us business, want

have products we client large so cleared are can installed for we base with repo them who a looking product. meet our And and

And toolbox. tool another our in so it's just

clients. and we investing. And we're I we're can would positioned, We're scale player a provide for say, solutions our again, automated

continue business So to year-over-year change. question, that year-over-year to to a not I terms the grow, of material of but expect the do specific it's driver your in

offer, a real new the breadth clients we in meeting sales in collateral a folks Stephen, tool, world the add terms we're appeal and remember can for just we on States. I other call. Europe they in of the help of things product, to There's a referred are. space the margin is provider There's management to scaled in collateral seamless also in to the one clients the scaled be because in tool in only do. repo phrase it, he solutions. this provide to a in the able that thing that Asia. really innovation what United as earlier these our the and world an real and looking we're the connectivity of global context again clients in use we're about the investment here We're which Dermot's the where solution repo appeal between opportunity creating business, And that to but would are navigate to where at connectivity whole

business in as another there the going are there's others participate market, of have opportunity with macro is as example, saying many innovating. And in we're so clients to we're front-footed as so a along the we U.S. and with treasury as evolution long on, our this but long that and

to strength And organic client growth perspective some the the been look hoping give Pershing what on just some core our is of was at business some obscure the know comp? those can What trends I departures. the business. on for how degree like that this Or of of that my platform follow-up like headwinds some I looks remaining core the given large some on has by you offering? Love and still in that And the there business? some point? lock we pipeline pressure excitement do the recent underlying in

Okay.

deconversion say So to ongoing the clients to happier is come see end. the to I would nobody an of

So be out the we to QX. that fully by portfolio of expect

on previous in life. our I've As through said ability calls, happens earn we in deconversion. that believe It our to way

several In of And year has so resilient through [indiscernible] and the way talked contracts. I about very the think been on in earning it prepared remarks, terms growing. team I a resign of my their

very pleased we're that. about So

we've You we Insight XX Wove. you a take months where ago, and the later, we just XX a in step at were new we products came where support look Wolves suite announced announced back months Florida conference off to the of

year. this so The revenue I've tech of And far XX then the guidance player wealth signed to quarters, trillion for number guided just reiterated broker-dealers, prepared momentum the for a And of previous that $XX $X this through mid-single remind in digits We have remarks RIAs. I'll my clients We kind Wove. us. X kind with on $XX underlying of top we're year one, clients with million like core about -- is growth of the in million space, building, I cycle. you the

to we and a quarter, continue good and that, better. good any believe We be what on very in large we're shape, in or may a But there market, very, believe very player. we're given is it momentum is notwithstanding big slower

Brennan coming UBS. from Hawken with is Next Question

so we in beta saw euro quarter. does deposit you market your how what expectations costs rates rate your inform terms impact the about experience maybe know of reaction and in a this other cut your customer And in while in exposure that for currency. around base. saw Curious that Robin the Dermot, huge And is and that for deposit on and ECB you currencies? cuts I behavior

and well So talk positioned as overall, think range prepare the is question, loss. sterling of of To dollars, euros euros, I curve roughly for in We forward XX% for us. to I'll is outcomes answer the feel a very total portfolio. say, we're that the the we implying about we earlier it

up, way securities we I is still so the feel CIO set a amount higher-yielding rolling reasonable kind of currently assets. like into where book have off of the And

sterling And of where terms high low combination our XXs in of kind book I room betas grow. again like feel reiterate deposit the for is to So euros, to dollars, the just and XXs. book our CIO of still

terms rate cut on rate -- on of of in book, the we're cuts position side. so And how kind we of symmetric terms broadly the in

do of think I it volatile think he move rates wants to telegraphing I when it's the in going Powell how a a be to happens. Chairman So so don't it to job market done has

and get time he's right and So allowed position to place. manage the into us

where I think I feel good So very about at. overall, we're

trying Yes. I cut that through? actual -- the like that? the the asking But I did I euros, actual was appreciate beyond said What hold what actually you did the XX% in to was think experience when -- with was in And beta, Did to expectation. marketplace that. understand the experience went XX% you I

did that, we behaved as So specifically, expected. experience up. yes, held and It it

Services for that. that. Issuer I appreciate Excellent. you very Thank solid.

some in be gains think the market I which fees, about home maybe that, You full saw the and to then business line that understand attributed the volume, of would move in to solid you receipt trust growth the we're flagged to the baseline could and so CLO models? the us how about corporate you way how right depository thinking just much a the help and assume back strength seen that in that's was trustee maybe on of

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Betsy, it's Dermot.

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Mayo Our with Fargo next Securities. from Mike Wells is coming question

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coming question Alex is Goldman Blostein Sachs. from next with Our

I touch leverage. operating wanted and expenses to on

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Alex. Thanks,

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coming from RBC. Cassidy Gerard Next question with is

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range and we've wide sheet to and And our a withstand proactive taken make of liquid balance steps scenarios. to of durable a so lot

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Our from with is Deutsche Brian next coming Bedell question Bank.

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how that's thing together And so the for comes whole the company.

is Bhatia Morningstar. from Our final question with coming Rajiv

question XX% asset that my Yes, on the And margin? of management have getting wealth margins wealth some investment for you side and management on management versus side? a business are quick is, I back do the margin progress to guess there timeline your was the plus the different

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concludes today's closing for Robin will I time, At additional back This conference question-and-answer the session. or remarks. to turn this

BNY. thanks, operator, for We today. time you, appreciate certainly everyone, in your your and interest Thank

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

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