“That means we continue to expect full year 2025 NII to be up mid-single-digit percentage points year-over-year.”

In context

“d income and LDI strategies. Wealth Management client assets of $327 billion increased by 6% year-over-year, driven by higher market values and cumulative net inflows. Page 9 shows the results of the Other segment. I'll just note that in this segment, the sequential improvement in both revenue and expenses reflects the absence of net losses on sales of securities recorded in the fourth quarter as well as lower severance expense in the first quarter. I'll close with a few comments on the financial guidance for 2025 that we provided on our earnings call in January. While it is clear that the outlook for the operating environment has become more uncertain, our financial guidance and with it our determination to drive positive operating leverage in a wide range of scenarios remains unchanged. That means we continue to expect full year 2025 NII to be up mid-single-digit percentage points year-over-year. We continue to expect some fee revenue growth, of course, market dependent. And we continue to expect approximately 1% to 2% year-over-year growth in expenses, excluding notable items. We also continue to expect our effective tax rate for the full year 2025 to be in the 22% to 23% range. Considering our 20% tax rate in the first quarter, that means approximately 23% to 24% for each of the remaining three quarters of the year. And we continue to expect to return approximately 100% plus or minus of 2025 earnings over the course of the year. I'll repeat what I said in January. We continuously manage the pace of our buybacks, considering macroeconomic and interest rate environment, balance sheet growth and many other factors with a conservative bias. To wrap up, BNY posted another set of soli”