A restructuring charge of $39 million ($29 million after-tax), comprised of $27 million of severance and $12 million of compensation expense for accelerated vesting of previously granted deferred compensation awards, was recorded in the second quarter of 2025 in connection with an initiative to modify the Company's organization to fit more closely with strategic priorities.

The table below presents a rollforward of the Company's restructuring liability for the six months ended June 30, 2025, which is included in other liabilities on the condensed consolidated statements of financial condition.


(in millions)	Six Months Ended June 30, 2025
Liability as of December 31, 2024	$	—
Additions		39
Accelerated amortization expense of equity-based awards		(12	)
Liability as of June 30, 2025	$	27