“So for us, obviously, some of the impact made the loss that we took on Russia, and in Ukraine are just some CC business in that region. But then that is offset by organic growth, but still 50 odd â is expected to be between 50 basis points to 100 basis points.”

In context

“fee revenues would you say are tied to values with their variable rate price for your customers versus a fixed price? Emily Portney: It really depends by line of business. But, for example, when you think about Asset Servicing, it’s about 50%. Gerard Cassidy: Very good. And then – yeah, go ahead. I’m sorry. Go ahead. Emily Portney: So I was going to say, just to give a bit more color just in terms of unpacking that fee guidance because I think it's probably helpful. So when about now the year-on-year change of flat to slightly up, about 5% of that is coming from the abatement of waivers. That is more than offset, call it 5% to 6% from what I would call market factors, and that is market levels, as you just suggested. It's also currency as well as the impact of geopolitical factors. So for us, obviously, some of the impact made the loss that we took on Russia, and in Ukraine are just some CC business in that region. But then that is offset by organic growth, but still 50 odd – is expected to be between 50 basis points to 100 basis points. And really, we have very strong fundamentals across Asset Servicing, Treasury Services, CCM, and even in Pershing and Corporate Trust, which are lapping some lost business from last year, the fundamentals and the pipelines are strong. Gerard Cassidy: Very good. And maybe for Robin, obviously, disruption is going to create opportunities for some companies over the next 6 to 12 months to make acquisitions. Can you give us your thoughts on what you think you can add if you need something to the product set that Bank of New York has? Robin Vince: Sure. So I think about this pretty similarly to the way that Todd and Emily have described this before. It is largely for us, at least as we sit here today, Gerard, an opportunity to acquire capabilities. As you can imagine, a large and transformat”