Cash And DepositsTotal transactional sweep cash, including BDA, declined by $3.0B month-over-month.
Earnings And Financial PerformanceEarnings recovery likely takes longer than expected, with slower EPS recovery driving estimate 5% to 6% lower in 2025 and 2026, below consensus.
Net New AssetsRecent net new asset results have been disappointing relative to expectations, with growth rates well below management's long-term target.