“I don't think it's the right run rate. I think there's a combination of things that we expect over the next 12 months in terms of growth in revenue, composition of the clients as well as ongoing efficiency with respect to expenses. So I think we should be outperforming any type of run rate analysis.”

In context

“them because the financing is important to them. And so as we continue to finance sponsors, I think it strengthens ready, very strong position with the sponsor community. Devin Ryan: Understood. Thank you. Operator: We'll move to our next question from Dan Fannon with Jefferies. Please go ahead. Daniel Fannon: Thanks. Good morning. I had a question on Platform Solutions. So for the quarter, if we exclude the write-down, is this a reasonable run rate for expenses? And as you think about achieving your target of profitability in this business, is this going to come more from the expense side or revenue growth? And if you could also just give an outlook for Transaction Banking, just given revenues are down both sequentially and year-over-year. Denis Coleman: Sure. Thank you for the question. I don't think it's the right run rate. I think there's a combination of things that we expect over the next 12 months in terms of growth in revenue, composition of the clients as well as ongoing efficiency with respect to expenses. So I think we should be outperforming any type of run rate analysis. I think on Transaction Banking, we've tried to explain the strategic focus for us for that business, which is to grow a higher-quality client business over the long term. We had grown quickly. We're now focused on growing with high-quality clients, high-quality deposits. As you note, the revenues and the deposit balances were down slightly sequentially, I think, reasonably in line with the industry, given some migration to other higher-yielding opportunity sets. But we did grow our client count. We remain committed to the business and we think that it works very well with our overall Investment Banking franchise and footprint, and we think it could be a good value unlock over the longer term for Goldman Sachs. Daniel Fannon: Thanks. And as a follow-up, you mentioned in terms of alternativ”