“But we are delivering positive operating leverage in 2022.”

In context

“o revenues? Emily Portney: Sure. So I think you're getting at operating leverage, and we're always incredibly focused, obviously, on operating leverage and delivering positive operating leverage. And next year, we are expecting, just based on my guidance, to grow revenues more than we're growing expenses, so that's good. And when we think about the future and just the expense spend, we do see that ultimately moderating in 2023 and 2024. So you'll see that coming down a bit in 2023 and 2024. And of course, we have - we'll continue to see an uptick in rates, and higher NIR will recoup probably the remainder of our waivers. That, plus, the additional organic growth that we also will be delivering, we feel pretty confident that we'll be delivering even higher operating leverage in 2023, 2024. But we are delivering positive operating leverage in 2022. Todd Gibbons: And let me add something to that. We're doing something that's a bit unusual for us. For example, with Pershing X, we're making a very significant investment here that's probably got a 2 year payback. We've also been continuously investing in resiliency, and I think we're getting - we're starting to get in front of that. And the inflationary pressures, hopefully, this is just a onetime kind of step-up. But those will have to - the market will have to play itself out. So we do think that we're spending a little faster than we would in a more normal environment. And we do expect that we will get more leverage out of our business model as we just continue to make it more scalable. Jim Mitchell: Right. Okay. That's all very helpful. And just as a follow-up, if you're expecting d”