David Solomon

It's not as black and white as people in, people out.

So I do think the pace of change is quick.

I think you will see some constraining of some of the entry-level jobs in these professional services platforms.

It'll be more amplified in certain businesses rather than others.

But I don't think it's going to be as disruptive in terms of the need for really smart people to work collaboratively to serve clients as some of the narrative around it.

But we're very focused on it.

We're giving our people the tools at an accelerated pace to

We're reimagining processes very quickly.

And the reason I'm excited about it is not because it takes people out.

It frees up people to allow us to invest in other parts of the business that really do scale with people.

You know, for example, ultra high net worth wealth really scales with people.

And so, you know, at the end of the day, we've been constrained in some of the places we can invest.

We see enormous productivity opportunities and you move people around to different places.

The firm today has 12,000, 13,000 engineers.

If you go back 20 years ago, we had a fraction of that.

My guess is we're going to have more leverage for coding and engineering with fewer people, but that will free up capacity to invest in other areas where we still need people to scale some of the work that we need to do.

So it's a very interesting time with change, but not as binary and linear as I think a lot of people are talking about it.

My guess is the growth trajectory of the overall headcount of the firm will flatten for a period of time.

So if you want to say 36 months, you know, it'll be a flatter trajectory for the next three years than it's been for any other three year period.

You know, going back, you know, three, six, you know, nine years, it'll be flatter.