Goldman Sachs at Bank of America Conference

Harvey Schwartz – EVP and CFO

Client connectivity feels super strong

“So the client connectivity feels super strong. I think the world is a little bit uneven obviously but I would say that again the client feels quite good coming into the US elections as is the case in a normal election environment, sort of a bit of a decline in activity levels, that is to be expected. And then obviously as you would expect post the election which I think came as a surprise to obviously all the pollsters and everyone, a big uptick right alongside the election. Now we are only talking about several days but I think that institutional clients, corporations, investors are all reassessing what do these things mean in terms of the long-term forward profile for activities. So we are seeing some of that adjustment.”

Hoping that we can get back to a more normalized environment

“I think in terms of the growth, the numbers in some of the data have looked better but yet large parts of the world have been in negative interest rate territory for a while and in very low rate policy. And so as we talked about many times, we don’t want to view that policy globally or locally certainly as normal and so to the extent to which we can get back to a more normalized rate environment when we are normalized economic growth globally, that should positively correlate for us. And we root for growth. So I think we will see over the next several months and years the extent to which the policies are supportive of growth, it should translate quite well.”