As I've been signaling, we're moving away from an expense growth target and instead focusing on positive operating leverage, which is our North Star. We want to maintain the flexibility to opportunistically invest in growth initiatives when top-line growth is more favorable and dampen expense growth when the market environment is more muted. But generally speaking, I can assure you that the direction of travel for expense growth will be down.

Jan 22, 2026 / receipt, needs a key / Dave Fox, CFO | earnings call 2026-01-22 | transcript c1f97e4b-e475-478d-a7da-dd8c1b34c1d2 | chars 20550-20996 | segment 20

So think travel marketing. That was actually up $8 million over third quarter. That's likely going to stay elevated.

Jan 19, 2023 / receipt, needs a key / Jason, CFO | earnings call 2023-01-19 | transcript 4fbcbbba-eb15-4d2c-9b11-7d15cc8c1629 | chars 55367-55483 | segment 57

The third theme I'd call out is call it a return to normal approach. And that's going to touch on occupancy and then travel, which hits in other operating expenses. We're going to be on the road more often, and that'll hit that line item. And we're not going to likely get to pre-COVID levels by the end of next year, but that'll be significantly higher.

Oct 20, 2021 / receipt, needs a key / Jason, other | earnings call 2021-10-20 | transcript 6fc6a0c8-2a1b-45ed-87e6-2839e4d315fb | chars 28092-28446 | segment 29

So obviously, you know, travel and business promotion is lower than it was pre-pandemic.

Apr 20, 2021 / receipt, needs a key / Mark, other | earnings call 2021-04-20 | transcript f6bb22af-c14d-4224-bb05-bbb04f49c0fc | chars 42559-42647 | segment 43

The year-over-year comparison was impacted by lower expense related to business travel, partially offset by higher mutual fund co-administration fees, as well as higher costs associated with supplemental compensation plan expense within staff-related expense.

Oct 21, 2020 / receipt, needs a key / Jason, other | earnings call 2020-10-21 | transcript f3f4f6e3-6407-4fb7-931b-73fced4fa3b0 | chars 16080-16339 | segment 16

Other operating expense of $86 million was up 12% from one year ago and up 39% sequentially. Both of the increases were driven by higher staff-related expenses and higher charges associated with account servicing activities, partially offset by lower business promotion expenses due to reduced business travel.

Jul 22, 2020 / receipt, needs a key / Unattributed Executive (likely CFO), CFO | earnings call 2020-07-22 | transcript 9b88b312-3b56-4815-9200-633bd81e7634 | chars 17358-17668 | segment 17

And then business promotion, travel entertainment, those are the big buckets I think about for other operating expense.

Jul 22, 2020 / receipt, needs a key / Mark, other | earnings call 2020-07-22 | transcript 9b88b312-3b56-4815-9200-633bd81e7634 | chars 41695-41814 | segment 42

As we've discussed on previous calls, through our Value for Spend Initiative, which we started in 2017, We've been realigning our expense base with the goal of realizing $250 million in annualized expense run rate savings. With our results this quarter, we surpassed that goal. While we've exceeded our goal of $250 million, our efforts around our value for spend and overall productivity will broadly not cease, and we further embed a culture of sustainable expense management across the company.

Apr 21, 2020 / receipt, needs a key / Executive, other | earnings call 2020-04-21 | transcript 456ec81c-ed9d-4310-a266-01e8b32b2455 | chars 16981-17478 | segment 17

ended June 30, 2026 Compensation and Benefits expense, the largest component of Noninterest Expense, increased compared to the prior-year quarter and prior year period, primarily due to the current quarter severance charge of $51.0 million, higher incentives, the $33.1 million Invested as One equity grant to eligible employees, annual base pay adjustments and an increase in pension expense.

filing / Jul 30, 2026 / receipt

$51.0 million severance-related charges recognized in Compensation and Benefits

ir_statement / Sep 15, 2026 / receipt

$61.5 million software dispositions recognized in Equipment and Software

ir_statement / Sep 15, 2026 / receipt

Excluding notables1, noninterest expenses were up 5% vs. 2Q 2025

ir_statement / Sep 15, 2026 / receipt

Disciplined expense management while continuing to invest for growth

ir_statement / Sep 15, 2026 / receipt

Accelerating hires in critical producer roles to fuel growth

ir_statement / Sep 15, 2026 / receipt

Marketing qualified leads up 50% in 1H, broadening acquisition across segments, geographies, and digital channels

ir_statement / Sep 15, 2026 / receipt

Client-centric capability model delivering efficiency gains

ir_statement / Sep 15, 2026 / receipt

Moving into next phase of firmwide A.I. strategy

ir_statement / Sep 15, 2026 / receipt

$9.5 million FDIC reserve release recognized in Other Operating Expense

ir_statement / Sep 15, 2026 / receipt

$51.0 million severance-related charges recognized in Compensation and Benefits

ir_statement / Aug 25, 2026 / receipt

$58.8 million severance-related charges

ir_statement / Aug 25, 2026 / receipt