“we resume that path towards 25% which is going to further fuel organic growth at the enterprise level.”

In context

“erve, which is able to help us drive the organic growth because we're able to compete more effectively to win our share of business. So that would be point number one. Point number two, to Robin's points about the commercial model, now we're in the early stages of a product model. Which is joining with the commercial model, and that's been led by Carolyn Weinberg, where she's able to see in between the scenes of our various businesses to create new products that clients want. So lots of opportunity to come there. And the third point I would make is when you look at the firm overall and you have to think about the enterprise, it's a 37% pretax margin. Diversified business model. And so when you look at IWM, which is now hovering around the 19%, it's upside from here for their enterprise as we resume that path towards 25% which is going to further fuel organic growth at the enterprise level. Mike Mayo: And I guess just one more follow-up on the talk about acquisitions, and I heard you, it can be a powerful tool if it made sense. You're not going to do anything stupid. I hear you. As you've gone and the art of what's possible. Since you are talking about a different type of not your parents' The Bank of New York Mellon Corporation because you are more diverse in terms of your offerings. What's the realm of possibilities for acquisition? Clearly, traditional trust businesses or sub-businesses are always possible. Going back to the big merger. But what other areas would you consider maybe buying? Robin Vince: So it's an important question, Mike. Again, you know, focus our primary focus is on driving the growth. But there are many different pathways on this thing. So we, you know”