“We continue to expect expenses, excluding notable items, for the full year to be up approximately 3% year over year.”

In context

“y early stages of unlocking the growth opportunities associated with investment and wealth management, security services, and Pershing truly pulling in the same direction, we are encouraged by the progress over the past few months. Page nine shows the results of the Other segment. For this segment, I'll just note that the year-over-year decrease in revenue was primarily driven by higher net securities losses, and the sequential increase primarily reflects gains realized on the sale of real estate. For the remainder of the year, I'll close with our financial outlook. On the back of a strong third quarter, we expect net interest income in the fourth quarter to be approximately flat sequentially, which would ultimately result in full-year 2025 net interest income to be up 12% year over year. We continue to expect expenses, excluding notable items, for the full year to be up approximately 3% year over year. We currently project our effective tax rate for the fourth quarter to be approximately 21%, which would bring our effective tax rate for the full year into a range of 21% to 22%. And finally, we expect to continue returning capital at a pace that is consistent with a total payout ratio of 90% to 100% for the full year 2025. To conclude, our results reflect the disciplined execution and collective effort of our teams around the world. We're encouraged by our progress and remain focused on delivering consistent long-term value for our clients and shareholders. With that, operator, can you please open the line for questions? Operator: We'll take our first question from Mike Mayo with Wells Fargo Securities. Mike Mayo: Hi. My question is how much of this growth year over year would you attrib”