“Based upon what we know today, we expect headcount [in operations and account services] will trend down by about 10% over the next five years or so, even as the business grows by another more than 25%. So total productivity of above 40%. But I would take the over on this projection, and I'll bet we will deliver even more as the tools and capabilities just keep getting better.”

Five-year horizon from May 2025; resolves against JPMorgan's disclosed operations/account-services headcount around 2030.