“We will not necessarily hit that target each and every year. This is probably one of those years.”

In context

“d one is on the Consumer pivot, but I feel like we need a break. So let me just add the other one first. You guys -- how should we be thinking about the efficiency ratio this year? The last six months have been tougher revenue-wise. And so the medium -- we've been above your medium-term target of 50 -- 60%, sorry. Non-comp expense is a little sticky. You guys laid out some of the things that you're trying to do there. But do you think that -- do you fully expect that you'll be hitting your 60% ratio target this year on the efficiency front? Denis Coleman : Brennan, I'll take that for you. Thanks for the question. As David indicated earlier, we remain very committed to our firm-wide targets, and we're going to look to achieve them over the medium term. The efficiency ratio is one of those. We will not necessarily hit that target each and every year. This is probably one of those years. It's not been a top quartile environment for performance. But that being said, we are pulling the levers that we can pull. You'll note that our compensation and benefits on a year-to-date basis is down 21%. And we're going to make sure that we size that to account for our performance in line with our pay per performance orientation but also with respect to our targets. And finally, remaining mindful that labor markets remain tight, and our talent is important to our franchise. But you can see the movement we're making in our compensation year-to-date as a component of the overall efficiency ratio. And then on the non-compensation side, that remains very much a focus, and we will look to continue to make progress on non-comp with the goal of driving towards the efficiency target. David Sol”