“We've said clearly that we believe that we can bring the platforms to breakeven or profitability in 2025 and we're executing against that.”

In context

“on we're very focused on making sure that we execute appropriately and that it's not just top-line growth that it delivers profitability. It's something that sits in our client franchise and adds to the portfolio of things that we can bring to our clients. I think some of the ambitions might have been too broad in terms of our ability to execute immediately. And so we've narrowed that, but we remain committed, focused, and growing. And I think this is a medium and longer-term project that we will deliver on. It's small, but I think we've got the right focus. We made a hire to bolster the expertise in the leadership and we're moving forward on that strategy. And with respect to the cleanup, we continue to narrow and cleanup. The after-tax loss from the platforms was less than $100 million. We've said clearly that we believe that we can bring the platforms to breakeven or profitability in 2025 and we're executing against that. Mike Mayo: Just to follow up on the transaction banking. You said some ambitions were too broad. Again, it's better to have profitable growth than just growth. So, point acknowledged. But what happened? I mean, where were you kind of underestimating expenses or the build-out costs or what was more difficult than you had anticipated? David Solomon: Well, I think there were a number of things, Mike, that came together. I think when you're building new businesses, you give authority to the people that are building those businesses and you create metrics and you hold people accountable as you advance. And I think there were things where we thought we could do more globally and candidly when we really looked at the cost of executing and delivering, there was more friction in that context. And”