“This reflects our expectation for a sequential step up in expenses, excluding notable items in the fourth quarter, with seasonally higher business development expenses, as well as discrete increases for professional services and occupancy.”

In context

“creased by 14% year-over-year, reflecting higher equity market values and cumulative net inflows. Page 10 shows the results of the other segments. I will close with our current outlook for the rest of the year. Based on market implied forward interest rates at the end of last month, our net interest revenue outlook for the full year 2023 remains unchanged for 20% growth year-over-year. Moving to expenses. We are making good progress on bending the cost curve by protecting our important investments to accelerate growth and deliver superior client experiences. Where we sit today, I am confident that we will outperform the target of 4% expense growth, excluding notable items that we communicated in January, and we remain determined to drive that growth rate down to 3% for the full year 2023. This reflects our expectation for a sequential step up in expenses, excluding notable items in the fourth quarter, with seasonally higher business development expenses, as well as discrete increases for professional services and occupancy. And finally, we expect continued stock buybacks at a pace consistent with the second and third quarter. This is inline with our full year outlook to return 100% of earnings or more to shareholders over the course of 2023, while maintaining our strong capital ratios, mindful of the significant uncertainties relating to the operating environment. In conclusion, our financial results this quarter highlight the effectiveness of our balance sheet management and tangible progress on our journey towards higher operational efficiency and scalability. While we have more work to do, our teams around the world are embracing change and our pace of bringing innovative new client solutions to the market gives us confidence that revenue growth will follow over time. With that, operator, can you please o”