“Over the course of this year, we'll continue to capture some of the remaining expense synergies related to the Ameritrade integration with the expectation that we'll have fully captured those on a run rate basis by the end of this year.”

In context

“p the topics a little bit. Peter just coming back to expense guide for a moment. Q1 tends to be rather seasonally strong just given FICA and sort of payroll increases, et cetera. The 2.8 sort of annualized out to just over $11 billion, but just given head count reduction year-to-date and seasonal dynamics, how should we be thinking about the sort of full year bogey right now and the incremental margin on revenues? Peter Crawford : So Bill, we'll provide an updated expense outlook in our July update. As I mentioned in my prepared remarks, we're targeting flattish expense growth. We've definitely taken steps to limit our expenses and have been very disciplined in terms of the hiring and so forth. And that's why you've seen our overall labor equivalents come down from the end-of-year levels. Over the course of this year, we'll continue to capture some of the remaining expense synergies related to the Ameritrade integration with the expectation that we'll have fully captured those on a run rate basis by the end of this year. I'm not going to get into sort of exactly timing around sort of when in the year we're going to capture those expense synergies but that's certainly our expectation. So we're targeting flattish expense growth. As you know, Bill, from following our company for a while, there are some expenses that grow and fall with levels of client engagement, things like trading. There's trading pass-through expenses that are aligned with revenue. There's third-party expenses that go up and down based on equity market valuations. There's, of course, our bonus funding, which goes up and down based off of our financial performance. So those are a little bit harder to gauge. But again, if they're going up that's certainly good from a revenue standpoint. But our objective right now is -- and continues to be”