For the last couple of fiscal years, our adjusted non-compensation expense has grown significantly as we invested heavily in real estate, technology, our bankers' return to travel post-pandemic, and we experienced inflation across all of our non-comp categories.

May 8, 2024 / receipt, needs a key / Lindsay Alley, Chief Financial Officer | earnings call 2024-05-08 | transcript 1da00657-82b0-4003-86ae-c72ebef2f6c5 | chars 9384-9646 | segment 9