“And we continue to expect to return approximately 100% plus or minus of 2025 earnings over the course of the year.”

In context

“r 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 solid results in the first quarter, which demonstrate our consistent execution and delivery. On the back of our strong balance sheet, we are focused on supporting our clients in navigating the crosscurrents of this uncertain operating environment, all the while continuing to drive at unlocking the opportunity embedded in our company. With that, operator, can you please open the line for Q&A? Operator: [Operator Instructions] First question will come from Ken Usdin with Autonomous Research. Ken Usdin: Hey, Robin, Dermot, good morning. Another r”