Because we have so much coming on the expense initiative side, it would then give us the flexibility to phase and time some of the investments in a way that gives us control and allows us to manage that. Obviously, we'd like to make the investments and investments that are high return, low marginal cost income ratio is the direction of travel, but that gives us sort of additional levers.

Jul 26, 2023 / receipt, needs a key / other, CFO | earnings call 2023-07-26 | transcript 82c29942-c715-4c4d-9b42-a49616dbe03a | chars 51436-51826 | segment 53

We also saw a normalization of travel and marketing expenses.

Apr 27, 2023 / receipt, needs a key / James von Moltke, CFO | earnings call 2023-04-27 | transcript 8f4ad66d-33e2-4d38-8cc0-017bc10f6879 | chars 18713-18774 | segment 19

And I think it's important to emphasize we were able to travel through, you know, a difficult quarter and especially March while maintaining and, in fact, improving liquidity both ratios, liquidity coverage ratio and net stable funding ratio.

Apr 27, 2023 / receipt, needs a key / James von Moltke, CFO | earnings call 2023-04-27 | transcript 8f4ad66d-33e2-4d38-8cc0-017bc10f6879 | chars 47580-47822 | segment 48

You know, the direction of travel is clearly up. We called out items in the second quarter. and now in the third quarter that we're sort of, I'll call them one-offs. It's often a noisy line item. Last quarter, it was more related to TLTRO and sort of technical accounting things. This quarter, it had to do with the buybacks. You know, we wouldn't expect a repetition of that, but I would expect, given the tailwinds we have now into Q4, that we would grow over and probably still increase our NIM in Q4 relative to the 147 we showed.

Oct 26, 2022 / receipt, needs a key / James von Moltke, CFO | earnings call 2022-10-26 | transcript dbfbaf66-3ab4-47ef-a49f-9f851d1891ca | chars 37391-37925 | segment 38

Adjusted costs excluding transformation charges declined by 9% in the full year and in the fourth quarter, reflecting lower allocations, disciplined expense management, and FX translation benefits.

Feb 4, 2021 / receipt, needs a key / James, CFO | earnings call 2021-02-04 | transcript 4befad76-d61d-43d6-9f3c-9d64b963d52c | chars 21334-21531 | segment 21

And as you say, we've been trying to indicate not linear, meaning of the $2.8 billion distance that we need to travel between 2020 and 2022, of course, less of that is achieved, you know, call it a billion in 2021 than is in 2022.

Feb 4, 2021 / receipt, needs a key / James Rivett, CFO | earnings call 2021-02-04 | transcript 4befad76-d61d-43d6-9f3c-9d64b963d52c | chars 38347-38577 | segment 39

The reduction in costs was driven by lower variable compensation and ongoing efficiency initiatives, combined with a reduction in certain operating costs due to the reduced travel and marketing activity as a result of the pandemic.

Feb 4, 2021 / receipt, needs a key / CFO, CFO | earnings call 2021-02-04 | transcript 4befad76-d61d-43d6-9f3c-9d64b963d52c | chars 27860-28091 | segment 28