“Regarding full year expenses, we continue to expect expenses to grow by 7% to 8%, excluding divestiture related impacts.”

In context

“by higher net revenue from the investment portfolio, partially offset by the mark-to-market on certain derivative transactions and expenses were down. On slide 16, I will briefly touch on our full year 2022 outlook. With one quarter remaining in the year, we continue to expect full year revenues to be up in the low single-digit range, excluding divestiture related impacts. And within that, we continue to see a shift with higher net interest income offset by lower non-interest revenue. So, for the fourth quarter, we expect net interest income excluding markets to be up in the range of $1.5 billion to $1.8 billion year-over-year. Clearly, where we land within that range will be a function of a number of factors, including rates, loans and deposit volumes, deposit betas and currency impacts. Regarding full year expenses, we continue to expect expenses to grow by 7% to 8%, excluding divestiture related impacts. In terms of cost of credit, it will be a function of the evolution of the macro environment, normalization that we continue to expect in the cards businesses and loan growth. And keep in mind that loan growth tends to be higher in the fourth quarter versus the third given typical holiday spending. Before we move to Q&A, I’d like to end with a few key points. We continue to execute on the strategy that we laid out at Investor Day. We are seeing solid momentum in the underlying drivers of the majority of our businesses. And as we said at Investor Day, the financial path will not be linear, but we are confident we can achieve our medium-term targets in a variety of scenarios. And with that, Jane and I would be happy to take your questions. Operator: Thank you. [Operator Instructions] Thank y”