Piper Sandler Companies (NYSE:PIPR) Q2 2023 Earnings Call Transcript

Chad Abraham: Yes, I mean, what I would say about the cost structure is, I think, we’re watching it very carefully. We did take a charge, we did some small headcount reductions in certain areas where we’re not seeing that rebound. The reality though is we still have what I would say is a couple of hundred employees more than we had at the 2020 level. And frankly, non-comps are higher now than where they were back then. So, I think, it’s something we’re watching very carefully, being very, very careful about new hires, obviously watching attrition, obviously managing out underperformance and productivity of some of our producers. But I think we’ll continue to watch that and be very careful there because when we get — if we’re only getting marginal revenue improvements the next couple of quarters, we’re going to want to get more leverage on the bottom line.

Mike Grondahl: Fair enough, guys, Thank you.

Operator: Thank you. With no other questions holding, I will turn the conference back to Mr. Abraham for any additional or closing comments.

Chad Abraham: Okay. Thank you, operator and everyone that joined. We look forward to updating you on our third quarter results. Have a great day and weekend.

Operator: Ladies and gentlemen, that will conclude today’s conference. We thank you for your participation. You may disconnect at this time.