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