In the fourth quarter of 2023, a restructuring charge of $61 million ($46 million after-tax), comprised of $47 million of severance and $14 million of compensation expense for accelerated vesting of previously granted deferred compensation awards, was recorded in connection with initiatives to reorganize specific platforms, primarily Aladdin and illiquid alternative investments.

In the fourth quarter of 2022, a restructuring charge of $91 million ($69 million after-tax), comprised of $58 million of severance and $33 million of expense related to the accelerated amortization of previously granted stock-based compensation awards, was recorded in connection with an initiative to modify the size and shape of the workforce to align more closely with strategic priorities.

The table below presents a rollforward of the Company’s restructuring liability for 2023 and 2022, which is included in other liabilities on the consolidated statements of financial condition:


(in millions)
Liability as of December 31, 2021	$	—
Additions		91
Accelerated vesting expense of deferred compensation awards		(33	)
Liability as of December 31, 2022		58
Cash payments		(58	)
Additions		61
Accelerated vesting expense of deferred compensation awards		(14	)
Liability as of December 31, 2023	$	47