“So you take all those discrete elements together and you add it together, you kind of go, okay, fee revenue is going to kind of incrementally grind higher from here with the tools that we're deploying and executing.”

In context

“ss, but are very important in terms of how we run the company internally or the pillars and how we show up in terms of behaviors every day. The platform operating model, which we've laid out a page for you, page 22, really is the mechanism by which we kind of drive the three pillars. So I do really believe quite strongly that the platform operating model will drive incremental topline growth, will make the topline growth more resilient, but also will allow us to run the company better and become more efficient with that. And that then in turn, we used the words over the last couple of years de-siloing, bringing our businesses closer together and that really speaks to on the topline side, the launch of the commercial operating model that we kind of went out with in the middle of last year. So you take all those discrete elements together and you add it together, you kind of go, okay, fee revenue is going to kind of incrementally grind higher from here with the tools that we're deploying and executing. Dermot McDonogh: And, Ebrahim, I'd add one thing to it, which is just this concept that we've talked about before on the call about short, medium and long term and we have consistently been investing both for the topline and also for expense efficiency with all three-time horizons, and we've been trying to do that pretty consistently over the past two years and that's relevant for your question because it isn't just a '26 story, it's actually going to be a '27, '28, and '29 story as well in our opinion, because some of what the platform's model enables is really a foundational point that then allows us to do other things. Retiring systems comes after that. We've retired some, we can retire more. Being able to do more solutioning for clients, we've done some, but we can do even more. So it”