Cash And Deposit TrendsTotal transactional sweep cash, including BDA, declined by $3.0B month-over-month.
Earnings And Financial PerformanceRecovery likely takes longer, with slower EPS recovery driving estimate 5% to 6% lower in 2025 and 2026, below consensus.
Strategic Direction And LeadershipChange in bank strategy injects confusion into LT strategic vision; new CFO could = more investment spend; rich val. vs. banks.