“I think under a wide range of situations for '25, with the expect -- with the -- on the rate curve, we're good.”

In context

“I'm looking at the deposit in the SKU NIB IB, I thought in the past NIB were thinking that might move down towards $44 billion. And is that the case still or not? And if that changed, why? Dermot McDonogh: So we were a little bit higher than that. And so our current we kind of believe that that's -- it's going to roughly hang into the ZIP code that it's currently in, may moderate a little bit from here due to some cash sorting. But we don't expect any meaningful change on it, and that kind of feeds the 5% guide. Betsy Graseck: Okay. And then you mentioned if the Fed cuts 50 bps tomorrow, there's no NII impact. What should we be keeping an eye out for that would drive an NII impact? Is it flattening of the curve, sharp flattening? Anything or you're good in any situation? Dermot McDonogh: I think under a wide range of situations for '25, with the expect -- with the -- on the rate curve, we're good. Obviously, if something happens materially with levels of balances and mix shift, that would impact it. But we've done a lot of analysis. And so we feel reasonably good under a wide range of scenarios. The NII is okay for sure. Robin Vince: And that was a deliberate strategy, Betsy, because we really wanted to take the risk of 2025 sort of out of things, and that was work that the team did last year because NII is obviously a very valuable contribution to our firm, and we appreciate it as part of our overall operating leverage. But as Dermot said earlier on, positive operating leverage is the North Star, and we have other levers around, of course, fees. Now market is a variable. But it's -- remember, our fees aren't only about market because they're also about volumes activity levels. Wov”