“In addition, I'd say even with those savings, we would expect transaction expense to grow next year.”

In context

“ings like our footprint, looking at our consulting spend. And we're cutting all of that back as we focus. And so we feel really comfortable with the investments that we're putting in. It's really important that we continue to invest in the business. But at the same time, be able to take out a tremendous amount of cost to be quite efficient. Gabrielle Rabinovitch: Yes. Maybe I would just add, in terms of the $900 million of identified savings this year and the $1.3 billion next year, nearly 50% of that really comes from transaction-related expenses. And as Dan mentioned, really sort of benefiting from the scale we have and the ecosystem. So I wouldn't think about that as cuts to the way we do business, more really benefiting from the scale that we have and the large platform that we have. In addition, I'd say even with those savings, we would expect transaction expense to grow next year. And that's really just from the strong growth of Braintree that continues to impact our mix. And so we don't expect year-on-year for TD to come down. The other point I would mention is some of the savings are really not an insignificant amount, as Dan mentioned, really do relate to headcount. And we recalibrated our headcount plans to really be balanced with our growth plans on the year. So some of our expectations around the top line have come in. The way we thought about growing [indiscernible] has really adjusted. And so that's an important driver of the savings as well. Daniel Schulman: Yes. Well, I don't think we'd be seeing the incremental revenue growth. I mean, we've gone from 7% in April to north of 14% in July revenue growth. A piece of that has been the eBay lapping for sure.”