“if the market you know, continues to decline from where it is today, you'll see less revenue-related expense particularly in wealth and investment management.”

In context

“ing my questions. Maybe just a follow-up to the discussion around the fee outlook, maybe within expense lens or framing it with an expense lens, just given the better core expense outcome in the quarter versus the quarterly run rate implied by the full year guide, and some of the headwinds you cited just on the fee side from various impairments or negative AUM marks. I was hoping you could speak to the expense flexibility in the model if the fee outlook or backdrop continues to deteriorate further? Mike Santomassimo: Yeah. Sure. Look, I think there's always a degree of flexibility as you go through as you the year. We want to try to make sure that we stay consistent and execute on all a lot of the core investments we're making. But, you know, if you start with, like, the easy ones, right, if the market you know, continues to decline from where it is today, you'll see less revenue-related expense particularly in wealth and investment management. The IB, you know, comp will be a function of sort of activity and revenue that we see throughout the year, and so there's flexibility obviously there depending on sort of where revenues you know, come in. I think, you know, we've seen really good performance in the quarter on operating losses. So we gave you an estimation there. That's obviously running below sort of the run rate. So there's hopefully, that will continue as well. And so I think it's an active it's you know, we're actively managing that, you know, as, you know, each week, each month, each quarter as we have now for the last, you know, four, five years. And so you know, we'll take action if we think this is gonna be sustained in some way. And but while we protect some of the core investments that we need to make. Steven Chu”