“We want to be able to expand the pre-tax margin in the business to over 25%.”

In context

“g thesis there. And so we don't think we've properly capitalized on those benefits in the past and so our strategy is let's -- let investment management stretch its legs in that new approach. And we see some early signs of progress on that. We've been joining some dots. I mentioned a couple of things in my prepared remarks, both in terms of us having a broader distribution platform that actually can attract other investment managers who maybe don't have the benefit of our distribution and they want to come join our platform rounding out our offerings and essentially making our distribution platform more complete but also being attractive to them, so they don't have to build their own. If you will, they're building their business on one of our platforms. And so we've given you our targets. We want to be able to expand the pre-tax margin in the business to over 25%. It's not for nothing that we didn't grow expenses in that segment or in security services for that matter because we're really focused on the margin in those businesses and we have had some growth. And so this is about really working that set of opportunities and we'll see over the coming quarters how we do. But this quarter was one where we felt, we took an important step forward. Mike Mayo: All right. Thank you. Operator: And our next question comes from the line of Glenn Schorr with Evercore ISI. Please go ahead. Glenn Schorr: Hi, thanks very much. [Robin] (ph) mentioned it, so maybe it wasn't that big of a deal, but T+1 starts at the end of May. I'm curious if it was a big expense lift that we get some relief on going forward? And then related to that, are there any headwinds on NII a”