“I'll reiterate my prior point on the revenue though, which is we don't expect to have a meaningful drop to the bottom line on this thing, I said at the time, for a couple of years.”

In context

“into Pershing X as well, which has been quite helpful because it's quickly augmented the number of engineers, an extra 150 engineers into the mix. And so we've had hands on keyboards writing code for the past three months on that. We feel we're very much on track. And we're expecting to launch a very early minimum viable product with a very small select group of clients by the end of the year on the business, which will be helpful. And we've been taking a lot of client advice along the way and have had a lot of client engagement, which is helpful not only to make sure that we're building exactly what clients want, which, as you know, is the origin of the product, but also, of course, helps us with the early presale of the whole conversation. So we're excited about the direction of travel. I'll reiterate my prior point on the revenue though, which is we don't expect to have a meaningful drop to the bottom line on this thing, I said at the time, for a couple of years. That was a quarter ago. So we're still on that same track, notwithstanding, the fact that we're going to be starting testing the MVP at the end of the year. And it's a multiyear endeavor for us and we remain excited about it. In terms of organic growth, more broadly, I will say that that comes in a couple of different forms. Of course, we've got the interesting initiatives like Pershing X, like our investment in RTP. We've also got it in the form of the margin walk that we've walked you through before in Asset Servicing, which includes top line activity as well as the bottom line as we do all of that. But – so we've got all of those initiatives, those contribute to organic growth. But we also think that, to my conversation earlier on about One BNY Mellon, that there is blocking and tack”