“So I think I've mentioned and we still believe that NIBs will ultimately revert to what we saw pre-pandemic, which would be about 20% to 25% of our total deposit base. We actually think that, that might happen here in the fourth quarter.”

In context

“like transfer agency, fund accounting, et cetera, which are businesses that are highly manual in nature, and we do have programs to make them more efficient, and we'll come back to you when we finish the planning process. Steven Chubak: Thanks for all that color. It's really helpful perspective. And maybe just for my follow-up on the deposit outlook, Emily, you noted that the non-interest-bearing outflows have been tracking better so far this cycle. And as a percentage of total deposits, it's still fairly elevated at 28%, I believe, last cycle at trough somewhere around 22%. What's your expectation in terms of the pace of non-interest-bearing outflow, what's driving the better outcome this cycle? And where do you expect NIBs to ultimately trough this cycle relative to last? Emily Portney: So I think I've mentioned and we still believe that NIBs will ultimately revert to what we saw pre-pandemic, which would be about 20% to 25% of our total deposit base. We actually think that, that might happen here in the fourth quarter. In terms of why they've held so-so steady, I think some of that is probably risk-off behavior. Some of that is just our businesses are a bit bigger. And ultimately, what I would say is that we have seen when we look at our deposit trend overall, and this is very important, irrespective NIBs or IBs, the runoff we've seen thus far has been largely non-operational in nature and that's actually good. We're seeing the right runoff, and I think very much due to our very statistics -- what's become much more sophisticated pricing across clients and segments and businesses. Operator: We will now take our next question from Ken Usdin from Jefferies. Please go ahead. Emily Portney: Ken, we can't hear you. Operator: Please enter your mute function is turned off to allow your single to reach our equi”