Non-compensation expenses were up only 5% versus last year as an increase in transaction-based and technology expenses was largely offset by a decline in litigation and travel and entertainment expenses, as well as lower expenses related to our consolidated investment entities.

Apr 14, 2021 / CFO / receipt, needs a key / Stephen Scherr, CFO | earnings call 2021-04-14 | transcript b6e2e6a2-b6c5-449a-af74-a7ef393a9251 | chars 25672-25950 | segment 26

Growth was partially offset by efficiency savings and lower travel and entertainment costs due to the circumstances of COVID-19.

Jan 19, 2021 / CFO / receipt, needs a key / Stephen Scherr, CFO | earnings call 2021-01-19 | transcript 4d9def42-2d1a-4214-b4df-3be950af6f5b | chars 43698-43826 | segment 44