“And we do expect, and I talked about this at the last conference I was at, we do expect that to grow in excess of 30 plus percent over the medium term.”

In context

“stments that we're making, especially in Pershing X, as Todd alluded to, but we are making investments across the firm. So I would say a bit higher there and - but the rest kind of in and around the average. Betsy Graseck: Got it. Okay. So not that much differential outside of the call-out on Pershing? Todd Gibbons: Yes. But I do think, Betsy, we will see the operating margins in our Securities Servicing business. Those are depressed right now, and I do think you'll see those expand, both combination of greater efficiency and revenue mix. Betsy Graseck: Okay. Q2 rate is also a little higher there? Todd Gibbons: Yes. Exactly. Emily Portney: Yes. We do - I mean just further to Todd's point, Securities Services, the margins there are depressed. They're in a little over 20 - 21% for the year. And we do expect, and I talked about this at the last conference I was at, we do expect that to grow in excess of 30 plus percent over the medium term. And as Todd alluded to, part of that is certainly profitable growth and, of course, efficiency. And the other part of that is obviously just more normalized rates. Betsy Graseck: Okay. Thanks so much Todd and Emily. Appreciate it. Todd Gibbons: Thanks. Operator: We'll go next to Jim Mitchell with Seaport Global Securities. Jim Mitchell: Hey, good morning. Maybe just a follow-up on the expense question, I guess this is about the second year in a row close to 6% growth. Just how do you - and I understand all the inflationary and other moving pieces. But how do we think about longer term, if you're doing 2% organic growth, hopefully doing better. Is the notion that you can get expense growth down to similar to the organic growth and then sort of market and other things drive sort of operatin”