“So we feel overall pretty good about NIBs as a percentage of total deposits being in the 20% range.”

In context

“oint of puts and takes between the natural organic flow versus our kind of surge deposits leaving. So we feel the pace of decline has slowed. We feel like we hit the trough in August and we've seen modest pickup in deposits in September and into October. So overall, that and when you take the asset side of the balance sheet and how liquid we are on the asset side and how that's rolling down, you might want to know that as the balance sheet continues to roll down, we have a yield pickup of 200 basis points to 300 basis points, which kind of gives us a lot of confidence in our estimate for the year and outlook into 2024. As it relates to NIBs, we always said that it was going to be 25% to 20% through the cycle. The trough happened during the summer months and has stayed in the 20% zip code. So we feel overall pretty good about NIBs as a percentage of total deposits being in the 20% range. Steven Chubak: Very helpful. And just for my follow-up on the expense outlook, you've spoken about the commitment to improve operating margins. You've cited a number of efforts, Robin, to deliver efficiencies across the platform. As we look out to next year, given a lower NII exit rate relative to the first half for you and for some of your industry peers, I want to get a sense of how much flexibility is embedded in your expense plans and your ability to drive expenses lower potentially in a more challenging revenue backdrop. Dermot McDonogh: Steven, I'll start. So, look, we've said on every call this year that bending the cost curve is a very important strategic objective for the firm. And we're attacking structural expenses in a number of different ways. And that's just continuous execu”