State Street Corporation (NYSE:STT) Q2 2023 Earnings Call Transcript

And we think that, that journey has more to go, and you’ll see that and we’ll report on that quarter after quarter. What we also talked about, though, is that there’s some tactical things that we can do and should do just given the kind of outlook that we’ve described to you. And those would be less about reengineering and more about how do we think about short-term things like consensus and those things.

Eric Aboaf: And just to round that out, we’ve got to pay for performance. So when we have larger — we deliver larger sales, we’ll pay for that when it’s a little lighter. As you saw, we’ll reign that in, and that’s part of the execution mines that we have. We’ve also just given some of the evolution on salary increases and that we’ve all worked through over the last couple of quarters over the last year. We also feel like it’s time where we have enough staff and so we’ve put in place a hiring freeze because we need to contain our staffing costs. So we need to make sure as we reengineer, we actually redeploy our folks to, say, new business areas or to growth areas and actually pair down others. And the way to do that in a more emphatic way tactically, right, is to be particularly disciplined on hiring, and freeze that or just limit it. And so given the short-term performance, we’re doing that as well, which gives you a sense for our willingness to bend the cost curve.

Brian Bedell: That’s great color. Thanks very much, Ron and Eric.

Operator: There are no further questions at this time. I would like to turn the call back over to Ron O’Hanley for closing remarks.

Ronald P. O’Hanley: Well, thanks, operator, and thanks to all in the call for joining us.

Operator: Thank you, ladies and gentlemen. This concludes today’s conference. Thank you for your participation. You may now disconnect at this time.