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 the three and six months ended June 30, 2024, and 2023 which is included in other liabilities on the condensed consolidated statements of financial condition.


	Three Months Ended						Six Months Ended
	June 30,						June 30,
(in millions)	2024			2023			2024			2023
Beginning liability	$	14		$	24		$	47		$	58
Cash payments		(12	)		(19	)		(45	)		(53	)
Ending liability	$	2		$	5		$	2		$	5