“we're currently projecting $30 million to $40 million of incremental revenue from Wove in 2024.”

In context

“deliberate investments without compromising profitability. I'll start with Pershing, our company's second-largest line of business. As the number-one clearing firm for broker-dealers and a top three RIA custodian, Pershing benefits from a strong position in one of the fastest-growing segments in financial services, i.e., the US wealth market. Notwithstanding near-term headwinds from the events of 2023, we are confident that our investments in the core platforms and client experience will drive further market-share gains in the attractive market segments after growing $1 billion-plus RIAs and hybrid broker-dealers. And our Wove platform continues to gain momentum. As we're capturing business from existing clients and new opportunities to deliver the platform, data and investment solutions, we're currently projecting $30 million to $40 million of incremental revenue from Wove in 2024. In Treasury Services, we're benefiting from a strong position with financial institutions and we're one of the top-five US dollar payment clearers in the world. Leveraging the strong position, we are selectively expanding our reach by targeting new client geographic and product segments. For example, we've been adding bankers to drive growth with e-commerce and NBFI clients and the completion of a multi-year uplift of our payments platform is expected to drive an increase to our swift market share through growth in several geographies. Additionally, by joining forces with our markets business, which provides FX solutions in over 100 currencies, Treasury Services will enhance the FX capabilities that it can provide its clients. Rounding out the segment, Clearance and Collateral Management.”