“kind of net-net, putting it all together, when you look at the margins for Securities Services overall, they're going to be lower than what we printed in Q4, but certainly higher than the full year level.”

In context

“ities Services because that's really what we've been talking about and a very critical KPI for us. So -- and I think Robin already said, we are very committed to a 30%-plus margin over the medium term. You'll see we printed in the fourth quarter, margin of about 27%, for the full year that was closer to 21%. In 2023, we will benefit somewhat from NIR. So, higher rates will be partially offset perhaps by a modest decline in NIBs. Also, we are absolutely extraordinarily focused on executing against the revenue growth as well as the efficiency initiatives that we have been talking about. When you think about Securities Services though, I'd also just mention, there's going to be some nonrecurring activity that we enjoyed in 2022 that we won't have in 2023 in Issuer Services in particular. So, kind of net-net, putting it all together, when you look at the margins for Securities Services overall, they're going to be lower than what we printed in Q4, but certainly higher than the full year level. So, we're making progress. Steven Chubak: And just the expense growth, on a firm wide basis, whether the exit rate for '23 should reflect some of those additional efficiency benefits that you had cited? I'm just trying to think about the cadence for how we should think about the expense trajectory over the course of the year. Emily Portney: Yes. So, I'm not going to kind of give too much detail on what we expect quarter-on-quarter. I mean, the only thing I would say just and all of you guys know this is that for the first quarter, staff expenses are typically a bit higher due to long-term incentive comp associated with retirement-eligible employees. And of course, the actions we're taking, they're front-loaded, but you'll see that over the course of the year. So, I think, I would just go”