“We expect that to happen over several quarters, Ken. I think the important point, so it happened over both quarters.”

In context

“e got our treasury services business, which has yet a different set of drivers. And of course, we have our asset servicing business as well. So that breadth and diversification just creates for different outcomes and I think you've seen that over the course of this year. So we're not sitting here today giving guidance for next year, but the fourth quarter NII is probably a pretty decent place to start as you think about the world. Kenneth Usdin: Okay. Got it. Thank you. And just one question on Pershing, it's great to see the wave start and the good commentary you have about the momentum. Just wondering, we know that there was going to be a client deconversion coming out of that as well. Did we see that in the third quarter result or is that still a pending yet to happen? Dermot McDonogh: We expect that to happen over several quarters, Ken. I think the important point, so it happened over both quarters. I think the second quarter was a little bit more than the third quarter, but we do expect that to work its way through over the next several quarters. I think the important point I'd leave you with on Pershing, in addition to the Wove developments, is the fact that we added $23 billion of net new assets in the quarter, and the underlying strength of the business and our ability to provide solutions to our clients in that space is really, really terrific to see. Kenneth Usdin: Yes, and that's what I'm hoping for that you can offset that with the organic growth. That's what I'm getting at. Dermot McDonogh: Yeah, we believe we have the confidence to earn our way out of that over the next several quarters. Kenneth Usdin: Okay, got it. Thank you. Operator: Our next question comes from the line”