Yeah, so maybe on the personal bank as it relates to the efficiency ratio, I think the team has done - Very good job of just general expense management control. You saw that reflected in the results that we have there. So in addition to the HSBC synergies, we're seeing, you know, good cost discipline as we think about balancing both the growth that's necessary in the platform and driving that growth and the spend that we need to drive that growth, but as well as making sure that we are disciplined in our costs.

Aug 27, 2025 / receipt, needs a key / Matthew Lee, analyst | earnings call 2025-08-27 | transcript 14aaabb9-f8ce-473c-91b6-ae2483f96cbe | chars 58845-59361 | segment 59

We don't We don't have that. What we liked about Bruin Dolphin, frankly, is the direction of travel for the business model is one that fits with consumer duty. It's very much advice-focused, planning-focused with the client. You know, we'll make some tweaks around fee scales to make absolutely certain that everyone is getting consistent treatment across the different channels, the different target market segments. We're quite comfortable. And from an asset management perspective, On the Blue Bay side, there's less acute focus there. It's now fully integrated with the rest of global asset management. So over the last 12 to 18 months, there's been a fair amount of heavy lifting, which we haven't really highlighted externally, to get systems integrated, to get teams integrated, to create a more scalable, leverageable infrastructure around both operations and distribution. And so that's really been the focus at Blue Bay, and the consumer duty piece is much more on the distribution side, on the advice side.

Feb 28, 2024 / receipt, needs a key / Wells, other | earnings call 2024-02-28 | transcript be7b7d96-8ef1-4a69-b971-612e48fb918b | chars 41549-42566 | segment 42

So, as we think about the rapid growth we've gone through in City National, the return to profitability has a couple of factors. One is The absence of the write-down of the non-core assets obviously has a significant benefit. Two, we executed a reduction of over 5% of employee layoffs in Q4, and you'll start to see the cost run rate of that 5% reduction. And those severance costs, which are absorbed within the businesses, we don't call them out there. So I think from that perspective, that provides a tailwind opportunity Continued expense management, we still have a very high expense ratio for a business of this size compared to peers. So with the new management team under Greg Carmichael, they have a clear focus on how to drive a competitive for a $70 to $100 billion bank productivity ratio. So that's very much in our focus to do that as we look at streamlining the organization and the benefits of some of the technology investments we've made.

Nov 30, 2023 / receipt, needs a key / Dave, CEO | earnings call 2023-11-30 | transcript aec87ef3-8cdb-4caf-aa68-ff3c6b9c21b8 | chars 42223-43181 | segment 42

Dave and Nadine, as I go through your presentation, it appears that the steps the bank is taking to address expenses, they seem incremental in my view, like taking FTE down another 1% or 2%, talking about marketing and travel.

Aug 24, 2023 / receipt, needs a key / Mario Mendonca, other | earnings call 2023-08-24 | transcript 302f0803-7cf5-4ee3-be42-fd2170229a3c | chars 49508-49734 | segment 51

So in terms of when you look at the bucketing, I would say on the investment in people, we've obviously ramped that up quite significantly over the latter half of 2022 as we were investing for growth and you see that with our strong volume. So that was one of the buckets I commented will start to taper off as we absorb some of that hiring that we've seen early part of the year. I would say also when you look at the discretionary and other, David commented that that is also a bucket that's being impacted in inflation. And that's one area that if we start to see any headwinds coming from the economic downturn, that we can pull back on that. That's primarily driven off of not only increase in terms of marketing, but also travel business development that has started to pick up, particularly given where we were on the lows from Q1 in 22.

Mar 1, 2023 / receipt, needs a key / David, other | earnings call 2023-03-01 | transcript 72abb521-7790-4250-bdf8-49abb45c9972 | chars 56751-57595 | segment 58

In contrast, credit card balances were up 13% year-over-year, largely due to higher client spending, particularly in restaurants and travel.

Mar 1, 2023 / receipt, needs a key / Nadine Ahn, CFO | earnings call 2023-03-01 | transcript 72abb521-7790-4250-bdf8-49abb45c9972 | chars 6057-6197 | segment 6

Inflationary pressures combined with costs to support client acquisition and relationships resulted in higher marketing and travel costs.

Nov 30, 2022 / receipt, needs a key / Nadine Ahn, CFO | earnings call 2022-11-30 | transcript 6d9fa957-6b58-4d1e-840b-949de7f0a10c | chars 19544-19681 | segment 20

We've also seen an upward trend in revenue-related business development costs with this travel, as we look to meet the complex needs of our clients across our businesses.

Aug 24, 2022 / receipt, needs a key / Nadine Ahn, CFO | earnings call 2022-08-24 | transcript a8423c6b-56f0-4dde-ba7b-065ee373b13c | chars 17240-17410 | segment 17

The normalization of marketing and travel costs compared to low levels last year drove another 20% of the increase, as we continue to meet the needs of our clients as economies opened up.

May 26, 2022 / receipt, needs a key / Nadine, CFO | earnings call 2022-05-26 | transcript d6fd70df-4047-421b-9a7b-ab1579b49105 | chars 16574-16761 | segment 16

We also saw an increase in marketing and travel costs compared to levels in the first half of 2021.

Feb 24, 2022 / receipt, needs a key / Nadine Ahn, CFO | earnings call 2022-02-24 | transcript 467df526-91e6-4f98-8b9f-1520cecb510e | chars 16398-16497 | segment 16

The other component of that, I would say, is part of that is also the support groups that also travel with the frontline staff. And so there also we're looking to drive optimization through a number of programs such that for every dollar of cost, we generate that much more dollar of revenue.

Feb 24, 2022 / receipt, needs a key / Nadine, other | earnings call 2022-02-24 | transcript 467df526-91e6-4f98-8b9f-1520cecb510e | chars 28348-28640 | segment 28

And while we look to accelerate our growth momentum, we remain focused on expense management and effectively deploying capital to continue delivering value for our shareholders.

Dec 1, 2021 / receipt, needs a key / Nadine, other | earnings call 2021-12-01 | transcript 25c6d362-8124-406a-ac35-069251b8d4bd | chars 23988-24165 | segment 24