“So there are a lot of things happening underneath the hood that give us a high degree of confidence that we'll be able to continue to bend the cost curve into 2024 and beyond.”

In context

“ective for the firm. And we're attacking structural expenses in a number of different ways. And that's just continuous execution, day in, day out, blocking and tackling. The result of all that blocking and tackling has caused us to outperform the 4% guidance that we gave in January. And we're determined to push that number closer to 3%. But we don't believe the work is over this year and we're now in the middle of budget season and we are determined to bend the cost curve into next year and to continue to deliver that positive operating leverage. And we kind of go at it in a number of different ways, rationalizing vendors, rationalizing locations, remixing our kind of headcount on how we hire. This year was our biggest campus class ever, double last year, and we continue to build on that. So there are a lot of things happening underneath the hood that give us a high degree of confidence that we'll be able to continue to bend the cost curve into 2024 and beyond. Steven Chubak: Very helpful, Dermot. Thanks so much for taking my questions. Operator: Our next question comes from the line of Ebrahim Poonawala with Bank of America. Please go ahead. Ebrahim Poonawala: Good morning. Just maybe following up on the discussion around deposits. I think Dermot, you used the word trough multiple times. Just give us a sense of it. Obviously, you called it right this year in terms of how things have played out. But just give us a sense of, is it about the mix or the granularity of your deposits or the client behavior that you've seen that gives you confidence that this 20% of what you saw in August was a trough? And if we are in a period through next year where there are no rate cuts, it's higher for longer, like, where does the negative surprise come from, if”