“I don't think the announcements won't translate into revenues in Q4, but they will in Q1, Q2 next year.”

In context

“othing structural has changed. If anything, the firm's got stronger, we've been investing a lot. I mean, this E-Trade deal was, you know, it was a lot of investment to get that integration done. We decided to keep investing through the cycle on the funnel and wealth, because we think over the next 10-years that's going to pay monster dividends. The integration across all the Eaton Vance platforms, they were never really integrated as one platform across the different, you know, Atlanta, Calvert, Parametric and Eaton Vance and now sorting through all of that, which Dan has done a great job of doing. And then frankly, banking has been really weak. I mean, under a billion dollars is evidence of a very weak calendar and very weak M&A. And the pipeline we saw this quarter was really strong. So I don't think the announcements won't translate into revenues in Q4, but they will in Q1, Q2 next year. So just on the math, I think if we're running about $2.2 billion we'd have to generate about another $700 million net a quarter. Just on the expense management, we could do things on expenses easily, more than we've done. And you could get a couple of hundred million from that. And then on the revenue side, as banking recovers, some of the transaction stuff we just talked about and Sharon pointed out, these assets moving into a pneumatized product. And then I think Fed will move up from this point. You pretty easily get to the 20%. So I appreciate the question and I'm not concerned about that long-term outlook. I think it's -- as it has happened and will happen again and frankly won't be that long. Operator: We'll go Next to Glenn Schorr with Evercore ISI. Glenn Schorr: Hi, thank you. Sha”