“We had given you previous guidance of $200 million that we expected to see as an incremental fee positive over the course of the year as those waivers went away because rates came off of that zero-bound. We stand behind that guidance, and you’ve continued to see that flow into the numbers.”

In context

“fee waivers coming off on the money market side. So as you think about mix and client behavior going forward, how do you think about the fee rate in that business longer-term? Sharon Yeshaya: It’s a great question. I am sure you will see the disclosure also that will come out in the Q specifically for this business. But just to give you a sense, the fee rates themselves haven’t changed. What changes – what has changed is the mix of the actual flows themselves. So we’ve seen a decrease over the course of the last two quarters in some of those equity accounts, for example, which, as is disclosed, could be higher – can have higher fees. But what we have seen is an increase in balances. In things like liquidity, we’re now not seeing the fee waivers since we’ve moved off that zero-bound floor. We had given you previous guidance of $200 million that we expected to see as an incremental fee positive over the course of the year as those waivers went away because rates came off of that zero-bound. We stand behind that guidance, and you’ve continued to see that flow into the numbers. I think, though, what is important is, obviously, where could you see things change, is the liquidity balances, right. It’s a rate time balance question, as I said before. And the balance is in this case, I think, is a testament to the amount of time and the investment we’ve put into this business to find relationships also across the integrated investment bank where we’ve worked with partners in Institutional Securities, for example, to help forge relationships that will help bring in some of those deposits into those money market products. Dan Fannon: Great. Thank you. And then just as a follow-up, given the backdrop we’re in where revenues are a bit more challenged or uncertain. As you think about non-comp expense, and you highlighted being focused on this area and being efficient, but”