Bending the cost curve It is critical to note that surviving and thriving means being reflective There’s no denying that and open to treating the crisis as an opportunity, including: many companies will struggle through these times, and many players Creating a within the global capital Serving customers Delivering products competitive cost and partners in and services that and operating markets industry will face new ways. drive market advantage from significant revenue and differentiation. challenging cost challenges. situations. This is a real opportunity to innovate your business operating model and to fundamentally bend the cost curve to emerge stronger, faster and better than before. Capital markets are inherently flexible, dynamic and resilient, and firms can be too. What we are seeing is something beyond separating noise from signal. It is the very nature of signal itself. Loud and resounding, it reinforces the pervasive nature of digital engagement, advanced technology and analytics, and it delivers a simplified and cost-effective core operating model. 8