“And we continue to expect solid fee revenue growth in 2025, of course, market dependent.”

In context

“ten shows the results of the other segment. For this segment, I'll just note that the sequential decrease in revenue primarily reflects the net losses from investment securities activity I mentioned earlier, while the sequential decrease in expenses reflects lower litigation reserves and severance. Turning to page eleven, I'll close with a midyear update of the financial outlook for 2025 that we provided on our earnings call in January. As you can see on the slide, The Bank of New York Mellon Corporation is entering the second half of the year with great momentum amid elevated geopolitical and policy uncertainty. Based on where we sit today, looking out to the balance of the year, we now expect full-year 2025 net interest income to be up high single-digit percentage points year over year. And we continue to expect solid fee revenue growth in 2025, of course, market dependent. We now expect expenses excluding notable items for the year to be up approximately 3% year over year. We continue to expect our effective tax rate for the full year to be in the 22% to 23% range. Considering our 21% tax rate in the first half, that means approximately 23% for the second half of the year. And we continue to expect to return roughly 100% plus or minus of 2025 earnings through common dividends and buybacks. Following the release of the Federal Reserve's annual bank stress test, our Board of Directors declared a 13% increase of our quarterly common stock dividend, and we plan to continue repurchasing common shares under our existing share repurchase program. As always, we consider macroeconomic and interest rate environments, balance sheet growth, and many other factors with”