“You are correct in anticipating that we’re also looking at non-compensation expenses and taking some actions there as well to slow the rate of growth and reduce certain components of our non-compensation expense.”

In context

“f of the year, we’ve taken compensation expense down significantly, $3.5 billion less comp expense in the first half versus the first half last year. And at the same time, we did see some increases on the non-compensation side of the equation. As we look forward into the second half, as we indicated, yes, slow velocity of hiring, decreased replacement of attrition, probably reinstating our annual performance review of our employee base at the end of the year, something that we suspended during the period of the pandemic for the most part and just being much more disciplined and focused on utilization efficiency of our human capital resources, given overall environment. And you’re right, some of that will take time to reflect itself through the P&L. So I think that’s the right expectation. You are correct in anticipating that we’re also looking at non-compensation expenses and taking some actions there as well to slow the rate of growth and reduce certain components of our non-compensation expense. Some of them are – dovetail well with investments that we’re making to grow the firm. And some of those activities will obviously look to continue. We may slow the pace, but we will continue to grow the activities that support the growth of the firm. And there are other items in non-compensation expense, occupancy as an example or travel expenses, where we actually see the impact of inflation, impacting on the overall level of expense. And so that’s just going to require us to work harder to manage towards our overall efficiency target, which is I think the comments and references that both David and I have made with respect to our orientation on the expense front. Brennan Hawken: Okay, great. Thanks for that color, Denis. Appreciate it. And for the second question, I am curious, we have”