“So we have the opportunities that I mentioned, and then we have the opportunity after multiple years of allowing spending to grow relatively quickly to do a step back and evaluate it overall. And our early work gives us the confidence to say that it is meaningfully higher than the remaining synergies, but I don't think we're ready to quantify it yet.”

In context

“ets? Walt Bettinger: Yes. Thanks, Mike. So I don't think, at this point, we're going to quantify the extent that we believe that we can generate ongoing expense saves beyond the $500 million to $600 million that we have committed to and have remaining in the integration, but we think it is substantial. And yes, it's important to keep in mind that, as we approach this integration, one of the decisions we made was that getting the integration right was our #1 priority. And therefore, we were willing to spend quite aggressively along the way to ensure that there was nothing that got in the way of ensuring the integration went as well as smoothly as it could possibly go, even if it meant ratcheting up spending to a level that was much higher than maybe we would have thought several years ago. So we have the opportunities that I mentioned, and then we have the opportunity after multiple years of allowing spending to grow relatively quickly to do a step back and evaluate it overall. And our early work gives us the confidence to say that it is meaningfully higher than the remaining synergies, but I don't think we're ready to quantify it yet. The one thing I will make clear though is, as we have done in the past when we made moves around expense that were significant, we will protect the client experience. So we will not be looking at impacting the parts of the organization that build relationships with clients that serve clients and that deliver that client experience. Operator: The next question is from Bill Katz with Credit Suisse. Bill Katz: Also appreciate you tightening up the window between this and the earnings. Super helpful. Walt or Peter, just a question, as you think about lessons learned from this cycle versus prior cycles, and I appreciate you're consistently running the franchise, but should we be assuming a higher core deposit beta all else being equal to avoid these kinds of dynamics we've all experienced in t”