“And then we go into Investment and Wealth Management, which 11% margin is a bit -- to be honest, it's probably a bit disappointing. But 18 months ago, that was a 30% margin business. And we don't see any reason why we can't get back there with a lot of hard work.”

In context

“h them as best I can. So, if we kind of zoom out for a second and look at the firm, yes, a 28% margin with a 20% ROTCE, the highest in three years, okay? So margin good, always want to improve. And then you double click into that and you go Security Services, 26% going to 30%. The positive in there is Emily was the CFO for a number of years, and now I get to partner with her figuring out how to drive that margin higher. And so we have a plan, you will have noted that we committed to half the expense growth year-over-year. We're off to a good start and that will have -- that will -- that segment will be a beneficiary of that. Then you double click into the next segment, which is Market & Wealth Services, which is a 48% margin, which I have no problems as CFO with that long may it continue. And then we go into Investment and Wealth Management, which 11% margin is a bit -- to be honest, it's probably a bit disappointing. But 18 months ago, that was a 30% margin business. And we don't see any reason why we can't get back there with a lot of hard work. There were quite a number of headwinds going into that last year, lower market values, a significant strengthening of the dollar. And some of our clients wanted to do a bit of a mix shift from equities to fixed income, and that was going from higher fee to lower fee, but the important point that I would draw to you there is the clients stayed in our ecosystem and that's the key message. Clients are in our ecosystem and just mix shifting, and we're working with our clients to deliver good outcomes for them. Operator: And our next question will come from Alex Blostein with Goldman Sachs. Alex Blostein: I was hoping we can zone in on fees in Investment Services, particularly within Asset Servicing and Pershing. At a macro level, it feels like a lot of things have gone your way, markets were”