“And we also expect our effective tax rate for the year to be approximately 19% (ph).”

In context

“by 650 basis points. Wealth Management grew by 10%, primarily driven by higher market value. Assets reached 307 billion of 16% year-on-year. shows the results of the other segments. I will conclude with a few remarks about the outlook for the remainder of the year. Our guidance on NIR based on the current forward curve remains down 14% compared to 2020. Also, using the forward curve, we expect fee waivers in the fourth quarter to be roughly in line with the third quarter. With regard to fees excluding waivers, given growth in the third quarter exceeded our expectations, and given the continued momentum across the franchise, we now expect fees ex-labors for the full year to be up closer to 8.5%. On expenses, we continue to expect the full year to be up about 5%, excluding notable items. And we also expect our effective tax rate for the year to be approximately 19% (ph). And then lastly, with regards to buybacks, given we ended the quarter of 20 basis points above or management target from Cherilyn leverage. The fact that we continue to have excess deposits that we expect to recede you over time, and based on our expectation for continued strong capital generation, we intend to once again return capital well in excess of 100% of earnings to our shareholders in the fourth quarter. With that, Operator, can you please open the line for questions. Operator: Yes. As a reminder, we ask that you please limit yourself to one question and one related follow-up question. Our first question comes from the line of Steven Chubak with Wolfe Research. Steven Chubak : Hey, good morning, Todd. Good morning, Emily. Emily Portney : Good morning. Steven Chubak : Wanted to s”