go out of order here because I think it's really important to acknowledge that we've got a small group of people really led by Brennan, who you know well, Mike Zaremski, Tom MacKinnon, and Andrew Bauch, who took some personal risk in setting this up. I always think about when you do something for the first time, it's like you're hosting a party, you send out a whole bunch of invitations, and you really don't know who's going to show up. I have huge respect for the four of them for sticking their necks out and helping us create this event. They really reflect the deep investment and commitment we have as an organization to leading content, insight, and advice.
That's really how we think about our franchise, and there couldn't be better examples of the quality of work that that group provides to our investor clients and internally for us that help really drive our franchise. So congratulations to the four of you. Obviously, the teams around them that make this happen and everybody that makes these events possible. I also feel like this is such an interesting moment in time to be hosting an event like this. As you think about the various companies that will be presenting and that you have the opportunity to meet with in one-on-one sessions today, you have asset managers, insurance companies, market participants, payment companies that see so much of what the economy is producing today and is impacted by geopolitical events, market events.
I t's a confluence of so much that's going on in our world, all kind of hits these companies on any given day. So I'm really excited to hear from the speakers today and the various interactions, what they're seeing, feeling, and hearing about such a dynamic moment in time for markets and for our industry. So really appreciate all of the corporate participants who are here to share some of those perspectives. I also want to thank everybody for taking the time and investing in the one-on-one sessions. For context, we have 450 one-on-ones that are being set up in the room next door. So lots of really amazing interactions.
Lastly, please take advantage, as with all of these events, I already know that when I get back to New York on Wednesday, I'll be thinking about the conversation I had at the bar on Sunday night. There's every opportunity at an event like this for people to interact in a more casual way. So please take advantage of it. Thank you very much for joining us at our inaugural event. I know it will be very insightful and impactful, and congratulations again to the team.
With that, I'm going to pass it over to Brennan.
All right. Well, thanks everyone for joining. I am Brennan Hawken. I am Head of Diversified Research here, Diversified Financials Research here at BMO Capital Markets, and I am really happy that you are all here. Very, very pleased to welcome Dermot McDonogh. Dermot is the CFO of Bank of New York, now known as BNY, rebranded. Really, BNY has been on a remarkable run. You came in, you were part of the new management team, and the regular question that I get from investors is, "BNY has been so great. The stock is rather expensive for good reasons, especially versus its history. Can this keep going?" By the way, that started happening like two years ago.
The multiple has done nothing but go up, which is what I typically remind them. I said, "We had the same conversation six months ago. We had the same conversation 12 months ago." To me, it is not a reason not to own a stock. The reason is the momentum behind the actual business. You get back to fundamentals, you get back to earnings revisions, which have all been great. I totally disregarded my written preface, by the way.
Just checking.
When you think about what you and Robin have achieved, it has been really pretty remarkable. That is the issue that is fundamentally challenging to me. The pre-tax margin manifestation is what really manifests all of this. With Investment and Wealth Management segment, that is the only one where that is still below your guys' target. How long do you think we need to get that full year margin to above the 25% that is your target for that business? Are there any lessons learned from the other segments that you can apply for that business?
Okay, so for those of who are dialed in, even the birds are interested in this session. There is one flying around the room. You said a couple of things there in your opening remarks that I would like to pick out. One is team, the other one is expensive, then I will get to your question. It really is about the team. Robin took the reins as CEO on September 1 of 2022, and priority number one was assembling a team. Over the last four years, the team has changed and adapted. People have been promoted, people have moved from one area of the firm to another area of the firm.
We broadened out the leadership team, and really, I would say, if we look back on the last four years and what are one of the pillars of success, it has really been about 46,000 people aligning to a vision and a strategy that Robin set out. For those of you who are new to the stock and are considering investing, I would recommend asking your AI agent to give you an executive summary of the last three years of shareholder letters, because you see the strategy, you see it how it has been unfolding, and we believe our best years are ahead of us. I respectfully push back on the expensive. It is all relative to the past, but may not be relative to the ambition of what we have for the company in the future.
We are about building a scalable, diversified set of businesses that could withstand a wide variety of scenarios, and we feel like there is a lot of work to do to continue to achieve that strategy. We are very ambitious for the future, and we are excited about what we have in front of us. As it relates to the specific point on IWM, I think in Q3 was a signpost. We do not think of quarters as years and years as means to an end of themselves. We are taking a long-term view. IWM had a 24% margin in Q3. You saw green shoots. Newton and the fund performance within that active equity complex is above benchmark, having good returns. We are beginning to see inflows. Feel very good about Dreyfus, our cash management business.
Even this morning with Insight, we have just been awarded a billion-pound mandate in the U.K. Jose and the leadership team there is really beginning to crank through the work and beginning to get clients and AUM flows back in. It has taken longer than the other parts of the firm, and I would say the main answer, the reason for that is, it was more siloed, more technologically distant from the rest of the firm. It has probably, if I am honest, taken us a little bit longer to get it closer to the firm. But again, a $2 trillion asset manager, a broad set of businesses within that, working through the expense opportunities within that business, but also working through the top line and what we can do for clients.
We were traveling in Asia a couple of weeks ago, and you can see our distribution platform there is beginning to deliver successful outcomes for clients. And then also the cross-sell in terms of into our Wealth Solutions platform and our Asset Servicing platform, where we do zero today, or negligible.
Close to zero.
Close to zero. The opportunity there is quite significant. So, I am cautiously optimistic, or as I say in other fora, I am a risk-adjusted optimist. So, I feel good about the forward for what Jose and the team are doing there.
Yeah. Got it. It is a little-known fact, but I got out of college in 1995, Dreyfus was my audit client, actually.
Okay. Well, it just shows you, we're still around. We're here for the long term.
Yeah. The lion.
242 years and fighting.
It was in the MetLife building, you know?
Okay.[crosstalk].
Coming up. Long-term efficiencies and the platform operating model. The platform operating model has actually been so successful that I've found that competitors are beginning to imitate the term, even though I doubt they actually have implemented what you guys are doing. At this point, all the employees at BNY are on the platform, right? With the latest additions expected to mature in 2027 and 2028, it takes, I think you said, 18- 24 months. You spoke to shifting focus to multidisciplinary teams, integrating the solutions, coming to market faster. Is that the next leg of the journey, and what benefits have you seen from the teams that were earlier adopters to the platform operating model?
I guess you have to go back and understand what is the platform operating model. Some people think it's a piece of technology. Some people think it's a different way of working. Some people don't know what it is. Really, if you were to think about it, right? If you were in Robin's shoes and you're laying out the strategy for the firm, you need and you have the strategy, and you know what you want to achieve, then what are the foundational pillars that you need to achieve that ambition? The platform operating model is one of those foundational pillars in terms of it's a mechanism by which we were able to de-silo the firm, bring the firm closer together, eliminate duplicity, create accountability, create capabilities that are common in one place, and then drive the strategy.
Platform operating model, we have client platforms, which deal with the clients of a particular business. The people there are just very, very focused on delivering successful outcomes and partnerships for clients. We have enterprise platforms, which are delivering capabilities to the client platform. Enterprise platforms can service more than one client platform, so therefore you're getting the benefits of scale and synergies and efficiencies, and you can see how to prioritize. From a CFO's lens, in terms of budgeting and planning, this is music. This is really good stuff because you can see it in a very transparent way. The last complexity I would sprinkle in there is we have practices, which are basically communities of skills, like an engineering practice, an operations practice, a cyber practice that kind of go across. You kind of have that matrix of alignment.
Underpinning all that, you have metrics and transparency and information flows that tell us what is happening in the company. With that, efficiency to me has a negative connotation. It means cost-cutting, and we are not really about cost-cutting. We are about getting value for money, investing our dollars wisely, getting higher ROIs for the investments we want to make, and then tracking the progress and the accountability so we are delivering good outcomes. Now that we are in the platform fully, 100% of the firm is there, we are all speaking a common language. We all understand how it works. You can see, we did it in five waves over a period of years, so you can definitely see maturity between wave five and maturity between wave one. Each one in wave one is showing up in a different way.
A lot of people in the use of AI now as well, everybody is talking about KYC and onboarding and et cetera, et cetera. That was one of our first waves, our whole KYC onboarding process. The difference between that platform now versus four years ago is the difference between night and day in terms of how we invest our money, how we service clients, how we develop talent, and how we are using AI to further that and accelerate it. That platform is a real example of, I would say, entrepreneurship and intrapreneurship within inside the firm. It is really good, I have to say.
The other one I would highlight to you is our loans platform, which was again the first one. As a bank, we do loans all over the firm. We do it in markets business, we do it in our Wealth business, we do it in our Asset Servicing business. But they were all running their businesses separately, different tech stacks, different ways of doing it. It is now under one executive platform owner. He has the tech stack for the whole firm. He invests the dollars for the whole firm, and everybody knows how it works. The visibility inside the firm as a result of this is quite incredible.
If you just think, we just finished putting everybody in. Actually then the NPS scores or people's enjoyment being in the model, they are closer to the action. They see what is going on. They know what they are rooting for, their North Star for the platform. In terms of culture and how our teams feel around the world as a result of being in the model, I think again, the difference is night and day.
Yeah. That is actually helpful to try to understand. The lending example is really interesting.
Yeah.
N ow you have a commercial model. In addition to being complicated to try to understand what the platform operating model is, now we have to internalize what a commercial model is. We have this intersection now. I do think I understand what you guys are trying to do and the idea here, but now all the employees are on the platform operating model. The focus is now to drive the top line. Can we talk about how that ultimately manifests? You have spoken to 10% of the wins coming from new clients, so how does that compare to a year ago, and is there a goal you have when you want to drive that metric?
A gain, not to push back on you a little bit, but.
Push back.
Yeah. I do not think we are trying to do it. I think we are doing it.
Give the verbiage.
Yeah. We are humble about where we are on that journey. We realize, again, that there is a ton of work to do. A ton of work has gone into what has happened over the last couple of years. Again, we have ambitions to be much better than where we are today. If you take a step back just to go to the siloed nature of the company, it is not a right or a wrong or a criticism of what happened before, we just want to do it in a different way going forward. Again, we always pay tribute to those who have gone before us because they gave us a great set of businesses, and we want to leave our kind of strategic imprint on the business in a way that creates enduring change for the company.
One of the analysis that we did was, well, we are not joined up as an organization in how we deliver the company in all of its businesses to clients. A lot of clients were only buying from one line of business. They would be onboarding to that line of business. If you wanted to do another piece of business with another part of the firm, then you had to go through and show your passport again. It was like you were dealing with two different companies, albeit under one umbrella. There was a lot of what you might call client friction in that process, both internally and externally. Clients were feeling the friction.
Internally, people weren't joined up. Robin made what I would say quite an important strategic decision to create the role of Chief Commercial Officer, which is the first time BNY or Bank of New York has had that. She's kind of set about over the last three years, again assembling the team. Rebranding into BNY has helped that. We delivered a unified approach to clients, explained to clients what we have and how we can partner with them. That's a very important word, how we can partner over a long period of time to deliver their needs and their solutions. Again, over the last three years, I think through Q3, we've 15 consecutive quarters of year-over-year sales growth. Q1 and Q2 were both record sales quarters, 10% new logos last year, again, roughly consistent with that this year.
To be cheeky about it, if 242 years, you would think we've kind of knocked on the doors of most clients at some point in our history. Actually, we believe there's a lot more white space out there, A, to existing clients, and B, to new logos who are beginning to learn what BNY can do for them. Again, I would say really optimistic about what we can do in the future in this space over the medium and long term.
Yeah. The trivia fact around BNY is it was founded by Alexander Hamilton. Personally, one of my favorites in the founding fathers.
Again, if you ever have an opportunity to visit our headquarters, there's a couple of fun facts there. One is we have all the ledgers. My favorite one is the clock. It was Alexander Hamilton's clock. It was gifted by the family to us. It's in working order. It rings every hour on the hour. Then we have our CTOC center, Cyber Technology Operations Center, which really shows how we run the firm today. 20% of the world's investable assets flowing through our pipes, and it's all up there on the screen and how we manage it. Then if you stroll into Robin's office, he has a little sign there, "Alexander Hamilton is not coming back," because he said on the way off to the duel, he said, "Don't do anything until I come back." He's not coming back.
Yeah, unfortunately. Yeah. Father Time still undefeated.
Yeah.
Thinking about the other side of that 10%, right? For the 90% of wins that come from existing clients, where are your penetration rates there? You've spoken to a 60% increase in clients buying three or more lines of business. This is actually really remarkable because, again, personally covering BNY for a really long time, I think everybody always thought that you guys, the opportunity was so much greater than what had been achieved before, and you guys have really been able to do that. But where does that stand, the three or more lines of business, where does that stand as a percentage of your customer base? What are the benefits of that penetration? I could see lower churn working out as one of them, right?
Sorry?
Lower churn in your customers, right? Customers that are using multiple lines of business, it's harder to replace you inherently, right? Therefore, lower churn in that business, which is part of the rub with your core business. That's, I could see as one of them, but maybe what are some of the other ones?
Okay.
A few questions, sorry.
Yeah, I know there were a few there. I think important fact number one is, like, we deal with a lot of the world's companies, and the median is only one product, right? You can do a lot more with existing clients. All of this just can't happen in a day or in a night, and the cost of changing within some of our business is quite high. It's not like you're doing a capital markets transaction and you can switch easily. "I don't like dealing with you anymore, so I'm going to sign an ISDA over here and start doing my derivatives over here." The friction of moving is high, so it's a positive and a negative.
The positive is, you have durable recurring revenues that are there for a long period of time, and when you do multi-year deals, people are in you, and if you can service those well, then you have clients for life. The negative is the contracts don't come up that often because then you're in. I wouldn't say it's a negative, it's just the nature of the business, but there's always stuff happening. The positive does outweigh the negative, I think, in that regard. Then if you kind of take the collection of our businesses, I won't be definitively precise on this, but say we have roughly eight specific businesses within our three segments. I think there's only one company that does business with all eight.
If you kind of think, "How can I increase that? More companies doing more. The white space by product, by geography is quite important, and that's a big piece of work that we're doing now to actually do, where are our product gaps, where are our geography gaps, where are our talent gaps, to really kind of cause and effect, fill in that white space. We say this on earnings calls, we have a lot of market-leading businesses. We're number one and number two in a lot of things at the macro level, but when you double-click down by specific product or by specific region, we're not necessarily always number one or number two.
I know you've covered BNY for a long time, and a lot of people will have I'd like people just to kind of take a fresh look at, because you're going to go, "Oh, wow, BNY, formerly known as BoNY. Middle office, back office. If that's what you think you're investing in, that's not what BNY is anymore. That's really, really important. Two is if you kind of go, "Oh, dear, there's been a big run-up in the stock over the last few years. We've missed it." The transformation is largely complete. Again, it's not a transformation, it's a reimagination. We have a collection of diverse businesses which we are reimagining for the future in a world of AI.
What better leader to have at the helm to do that than Robin Vince, who's also on the board of OpenAI? When you do the numbers on BNY and assess the business, you have to look at it through a different lens, not the lens of the past.
Right. Often that's what I'll talk to clients about, is the fact that this is a totally different company. The number one thing investors love to do is looking at the 10-year average of the PE. Sometimes that can cause you to miss it.
Yeah. Look, the other thing I would say, just to fill in there a little bit, is a lot of analysts focus on organic growth as a metric. If you look at 2022, it was - 30 basis points. 2023, it was largely flat. 2024, I think it was 2%. 2025 was 3%.[crosstalk] First six months of this year, 4.5%.
What about 9%? We got through October 2031. We got 9%, 2030.
That is another indicator of small micro changes underneath the hood at BNY that are delivering the reimagination for clients and for our people, because ultimately it comes back to the culture and the people. If we have 46,000 colleagues around the world who are aligned to a strategy, they are going to satisfy the three pillars of be more for clients, run our company better, empower our culture, and that is going to deliver happy clients, and happy clients tend to do more business. We had one particular client in Europe that we were working really hard with over the last three years, very digitally forward, started with one line of business, and when we actually got to the time of transacting with them in a partnership kind of way, they ended up doing business with four different platforms. That would not have happened three years ago.
Right. No, there is no way. As an analyst who has covered the space for a while, over a decade, one of the regular discussions is around pricing. What is really interesting around BNY is that pricing pressure has gone from a perennial headwind, effectively, to borderline non-event. How are you able to change that conversation with your customers? What level of pricing aggression are you seeing from competitors?
I think with all businesses, we like competition because it makes you better.
Sure.
Clients should have it. Clients should have choice. I agree with you. It was particularly, again, the pricing pressure was really talked about in the context of Asset Servicing. That's And look, it's our biggest business, I understand, but we have several other businesses where that wasn't the conversation we would have with the clients of those businesses. When again, Asset Servicing is a little bit of a microcosm of the reimagination that's happened at BNY over the last four years. We've invested into the core. A lot of significant technology dollars have gone in there to get back to basics, take the business back to the studs, as it were, and how can we deliver better client service, better solutions, more streamlined processes to our clients.
Then talent, and the team has changed, the infrastructure has changed, and clients are beginning to feel that experience. If you have a happy client and you're giving superior solutions and outcomes, the price isn't the point of contention because it's a 10-year partnership. You want to be fair, you want to do it competitively, but at the end of the day, clients are not treating us like vendors. They're treating us like partners. How can you help me with my strategy and my company over the next 10 years? I would say that's a really important change. We're showing up to partner with clients to deliver their strategy over a long period of time. When you're having that kind of C-suite discussion, pricing becomes not the central point of the discussion.
Right. Yeah, for those not familiar, servicing is basically core custody. It's a very commoditized business, and pricing becomes a big lever.
Look, I said it on the earnings call, 50% of the mandates that we won in Q3, another part of the firm was also awarded part of the mandate. Asset Servicing is really a storefront into the rest. When you think about, to your first question, think of all the clients that Emily and the leadership team of Asset Servicing have, what Jose in IWM can do for those clients with his $2 trillion of manufacturing capacity. Opportunity is quite significant.
Right. For sure. I'm going to jump ahead a little bit because I don't want to sit down here on stage with you and not talk about digital assets, because it's really[crosstalk].
That's unfortunate.
Maybe for both of us. Your early comment on the digital asset space, they've begun to bear fruit because you guys have talked about this for a while. How do you see digital assets scaling from a strategic differentiator into a meaningful recurring revenue contributor over the long term? What's the size of the digital asset platform at BNY? I regularly get this question because I think when investors ever think about digitization, they always think about the downside to it, right? Inherently, it's going to You guys benefit from, this is saying it simply and it's probably incorrect, but it happens with me a lot.
You make money on inefficiencies in the system, right? It takes time for a trade to settle. You hold the assets during that period, and that provides some benefit. Therefore, inherently, when you digitize that process, that'll wring some of those inefficiencies out. Investors tend to focus on the downside, but I think they miss the possible upside. Could you talk to us about how you're thinking about that process?
Again, we're not about inefficient. Again, just to be precise about the words.
I described it incorrectly, I'm sure.
Yeah. That's okay. Digital assets been around, let's pick eight to 10 years, it's kind of started to appear in the lexicon of financial services. blockchain, DLT, digital assets, tokenized assets, verbiage is used interchangeably and can mean different things to different people. It has a stop-go start to it depending on the regulatory environment. There's the technology, then there's crypto around. There are a lot of pieces under that puzzle. When we take a step back from it as a leadership team at BNY, I think we believe both can coexist. The most important thing is to give clients choice. To illustrate the example, I'll just break clients, let's say they break into two blocks, right?
Traditional and digitally native. If you're a digitally native, we provide a lot of thought leadership, and to be blunt about it, G-SIB grade infrastructure, in terms of the traditional rails to digitally native clients. We saw this in the regional bank crisis in 2023, where we were the port in a storm for digital natives to place cash with us. They saw the safety of our balance sheet, et cetera, et cetera. Then they want to partner with you to kind of unlock how we're going to do digital assets in the future. We have natives doing traditional stuff with us while we reimagine the future.
Then you have traditionals who are like, "Hey, BNY, what's all this digital asset stuff? Am I missing something? What should I do?" We still have people who send us faxes every day. You know what I mean? We cover the whole spectrum of what people do. What we want to do is give people choice. Stablecoin, think of it as cash. Tokenized deposits, it's deposits. Money market fund, tokenized, money market funds. It's just how do you want to move it, store it? The thing is, coexist, the market is moving towards always on, and we are delivering G-SIB grade rails and infrastructure to meet the demands of clients who want that service.
Over time, everybody talks about the disintermediation risk and the disruption risk. It's not clear to me that what people think on the downside is going to happen because it hasn't been seen yet. We're preparing for the future, but at the end of the day, we're supporting clients and giving them the choice. We'll meet clients where they want to be. That's our strategy over the next several years. So far, we believe it's working, and we've assembled a great team to provide strategy, thought leadership, and serve clients.
You talked. I just want to clarify something to make sure I understand. You talked about the fact that you've got digital native assets that come in into some of these traditional businesses. Is the profitability of those clients, does it look similar to other clients across the business, or is there a degradation in profitability around some of these?
There's no degradation.
Lovely. Thank you. I just wanted to be clear. We're just about at between five and 10 minutes. I want to give a chance for the audience in case there's a question. I have plenty more, so it's total non-issue if there are none. Outstanding.
Okay. Let's talk about Market and Wealth Services growth. This is one of the most profitable businesses that you guys have. Net new assets saw a nice rebound. It's a big metric for these businesses. We saw it get back to the mid-single digit annualized growth rates here in the third quarter. You had some headwinds from off-boarding in prior quarters, so suggest that's in the rearview. Just want to confirm if that's fair. What are your expectations for growth in this business? Robin recently spoke to clients changing perceptions around Pershing as a provider versus BNY.
Is that a point of competitive differentiation? What are some of the examples of popular other BNY products for those clients?
Okay. Again, you're banging in three questions into one.
Fortunately, you got them ahead of time, so you know.
So Market and Wealth Solutions, that is a segment, right? In the segment, there are three businesses. You are talking about specifically Wealth Solutions. Pershing within that. The other two businesses are Global Payments and Trade and Clearance and Collateral Management, which are very big, meaningful, important businesses in that segment that, if you look at Clearance and Collateral Management, 8.3 trillion on the platform. We settle the U.S. Treasury market every day. Just think about the flows that would have happened in the last four weeks in both of those things, given what is happening in the market.
It is important to understand the economic drivers that kind of lead up to our revenue. You think Treasury, you think BNY, because every time a Treasury is touched or traded or moved, it touches BNY. So, you just see a lot of flows with the dynamic operating environment that we are in at the moment. So switching to Wealth Solutions, formerly known as Pershing.
The artist formerly known as.
Yeah. So look, four years ago, when I started at BNY, if I went to Pershing or Wealth Solutions, and we have a Jersey City office, and a lot of people are based over there, and I asked, "Who do you work for?" And they would not say BNY. They would have said, "I work for Pershing." That's just the way it evolved at that time. Robin said about wanting to change that, because it's better for the employee experience, and it's better for our clients. We can deliver more capabilities from BNY to the clients of that platform than we could previously.
Clients are now beginning to understand and are happier that they're interacting with a broader firm and can access broader capabilities, whether it's clearing, whether it's a markets business, whether it's advice from another part of the firm. It's like, "How do I tackle my AI?" Because these are a lot of small companies who are grappling with. The last time I was in Florida was SaaSpocalypse week, and so that's February. A lot's happened in the world since then.
Yep.
A lot of these mid-sized firms are like, "How do I navigate this? BNY, I think, is a differentiator in that space. We have over three, nearly $4 trillion on our platform. We're kind of a heavyweight in that industry with real ambition. Adam Vos, who's just this year taken the reins of that business and putting his imprint on it, which is another really, I would say, micro thing that's going on under the hood at BNY in terms of leadership mobility, fresh look, different perspective, do things differently, shake it up, all with the outcome of, how do we serve our clients better?
We believe in our fundamental right to win in that business. It's good margin. As you say, we had a good quarter. Net new assets, I think, was up 9% year-over-year. We've previously guided mid-single digit growth on net new assets. Absent, we've had deconsolidation over the last couple of years, and that was largely as a result of M&A.
M&A, yeah.
Feel very optimistic about that and the reimagination that we're going to do in the months and years ahead.
We got a couple minutes left. Here we are in the middle of the quarter, so I'd be remiss not to ask this question. What trends are you seeing so far in the quarter? You talked about just the last week and the level of volume. What impact does that have on your updated 2026 expectations? Obviously, there's not a ton of time left in 2026, so hard to move the needle in a meaningful way, but what's the mark to market there?
Marius, who's our Head of Investor Relations, sitting in the audience, and we do a debrief with the firm after earnings. We kind of reflect on how tough you guys were on us, and what the outcome was. I think another I feel very optimistic about BNY, and another signpost for that is on our earnings call.
A few of these annoying questions you got.
That was a tough call, actually, this time. 12,000 of our employees around the world dialed into the call. We have watch parties at BNY, and people come for coffee, pastries, and we have people who kind of say, "Oh, this is what this means." We're bringing the firm along on the journey. To me, that's a really powerful cultural message, that everybody's on the train and we're moving along on the journey. I think we were very pleased with last quarter. I think the market was pleased. But as we say, these are just medium-term targets, are milestones, not endpoints. Quarters are milestones, not endpoints.
There's a very, very strong leadership team, both at the executive committee level, the extended leadership level, the MD community. It's all about investing in the talent. I think internally, the trust, the collaboration, the strategic cohesion around the firm has never been stronger, and that showed up in Q3. As Robin always says, we're taking a decade-long view. At some point, we're going to get close to that 10 years, so we'll have to start rolling it out a bit. We're not in it for like, how do we deliver this quarter or this year? It's about, how do we create a durable business model for clients that will withstand a variety of storms?
You have to kind of, if you reflect on the last four years, the only thing that's constant in our life at the moment is change. My first earnings call was the regional bank crisis, and now we are where we are. This time four years ago, ChatGPT still hadn't been launched, and now we are where we are. I think if the past is a predictor of the future, BNY as a leadership has successfully navigated those storms, and we're very ambitious about what we can do for our investors and our clients in the future.
Elegant non-answer. Thank you, Dermot. I appreciate it. Thanks.
All right.
Thanks a lot. I appreciate you coming down.