Question-and-Answer Session
Operator
(Operator Instructions). Your first question comes from Reed Anderson – D. A. Davidson.
Reed Anderson – D.A. Davidson
Couple of questions, I had to jump off the call for a little bit, so I may have missed this and I apologize if that’s the case, but first of all in terms of the cost reductions, Ed you talked about that they were I think you said 30% more than you anticipated or laid out for people. Was that more a function of timing or was it also a function of obviously seeing more opportunity once you got inside there?
Edward J. Bramson
It was a little bit of each, Reed. When it actually, if you look at Exhibit C on the back of the release. We did accelerate the timing somewhat. We also actually have increased the total amount we're looking for. I think at the end of the second quarter, we’d said $58 million and with a little more work, we’re now looking for $64 million. And we did in fact take a little bit of extra restructuring charge to get there. So we did do it sooner, but we're also doing a little bit more than we originally said.
Reed Anderson – D.A. Davidson
And the additional saves is that more at the people level, is that where you would see that or is it somewhere else?
Edward J. Bramson
There are some people it’s some more facilities savings it’s really all across the board.
Reed Anderson – D.A. Davidson
And from a timeframe like when we last, when you first rolled it out, I think the anticipation was we’d get most of this kind of in place by the end of March or first quarter. Does that still make sense for the additional amount you’ve identified as well?
Edward J. Bramson
Yes there’s a little bit of run over into Q2 but by far the majority of it will still be done by March.
Reed Anderson – D.A. Davidson
One other question I had was on, I’d seen you’d renegotiated or amended the deal with HSBC. And I’m, just curious to what extent that, obviously that played a part I would think in how, the revenue decline in the direct business in the third quarter. But can you, any thoughts you can give us Ed or Bill on how that can, the amendment can help you going forward or if there’s elements of that you could call out? Any detail would be helpful.
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