“we talked to you about improving our pretax margin in security services to 30% over the medium-term”

In context

“arly close look at our priorities. While I'm still reviewing everything, it's apparent to me that while we've made good progress in a number of areas over the last couple of years, there are also clearly opportunities to further enhance BNY Mellon's performance for our clients and shareholders alike. First, I see exciting growth opportunities and numerous examples of innovation like Pershing X, the reimagining of our collateral and custody platforms, digital assets and real-time payments that we need to continue to invest in and execute on with great discipline and urgency. Second, we're not just reviewing the top line. We are also closely examining our cost base and margins. I'm questioning how we do things and I'm of the view that our margins should be better in some areas. For example, we talked to you about improving our pretax margin in security services to 30% over the medium-term. More broadly, we are also going to be looking for efficiency opportunities as we drive our operating model transformation and will be very determined to see them through. And third, while we have been providing more holistic solutions to clients that we believe our unique collection of businesses is better placed to deliver, we have the potential to do a lot more. I touched on this on the last earnings call, but I continue to believe that the opportunity to deliver the whole firm through a more unified One BNY Mellon is meaningful. As we continue to work through and bottom out all of these opportunities in the coming months, we will be regularly providing you with progress updates along the way. Moving on to the quarter, I'll start with some broader perspectives before I run through a fe”