“We fully recognize this suppresses our returns in the near-term, but we are deliberately taking the tough strategic actions and the investments necessary to reach our medium-term return targets and to create long-term shareholder value.”

In context

“icularly in the card space. We will make further progress on our international consumer exits, enabling us to simplify the firm and reduce our cost base. And we will, of course, focus on our clients, deepening relationship and bringing on new clients in line with our strategy. We will continue making disciplined investments in our franchise, including the investments in our transformation and controls. However, we will pace some of our business investments to reflect the operating environment. Looking further out, we will begin to bend the curve of our expenses to deliver against our medium-term targets. We will do so through a combination of our divestitures, realizing the financial benefits of our transformation and further simplification and Mark will cover this in more detail shortly. We fully recognize this suppresses our returns in the near-term, but we are deliberately taking the tough strategic actions and the investments necessary to reach our medium-term return targets and to create long-term shareholder value. We are carrying not just our momentum, but our determination into 2023. Despite the macro headwinds, we are very much on track to reach the medium-term return targets we shared with you on Investor Day. We intentionally designed a strategy that can deliver for our shareholders in different environments. We are running the bank differently with a relentless focus on execution and we will continue to transparently share our proof points with you along the way. With that, I’d like to turn it over to Mark and then we will be delighted as always to take your questions. Mark Mason: Thanks, Jane and good morning, everyone. We have a lot to cover on today’s call. I am going to start with the fourth quarter and full year financial results, focusing on year-over-year comparisons, unless I indicate”