“Now turning to the NII guidance for 2023, we expect both ICG and PBWM to contribute to NII growth as we grow volumes, particularly in cards, and we continue to get the benefit of U.S. and non-U.S. rate hikes in our services business.”

In context

“20, on the right side of the page, we show our revenue for 2021 and 2022 and our expectations for 2023, excluding the impact of divestitures. In 2023, we expect the revenue growth I just mentioned to be driven by NII and NIR. In TTS, we expect revenues to grow but at a slower pace, driven by interest rates and business actions. And for Security Services, we expect a bit of a tailwind from increased market valuation and onboarding of additional client assets. We also assumed somewhat of a normalization in wealth as lockdowns in China and market valuations start to rebound. And we expect investment banking to begin to rebound as the macroeconomic backdrop becomes more conducive to client activity. As for market, we expect it to be relatively flat given the level of activity we saw in 2022. Now turning to the NII guidance for 2023, we expect both ICG and PBWM to contribute to NII growth as we grow volumes, particularly in cards, and we continue to get the benefit of U.S. and non-U.S. rate hikes in our services business. As a reminder, the guidance for revenue includes the reduction of revenue from the exit and legacy franchises that we closed in 2022, and we expect to close this year in 2023. Turning to Slide 21. In 2023, the increase in expenses that I just mentioned reflects a number of decisions that we’ve made to further our transformation and execute on our strategy. And the main drivers are, first, transformation as we continue to invest in data, risk and control and technology to enhance our infrastructure and ultimately make our company more efficient. Second, business-led investments as we execute against our strategy. Third, volume-related expenses in line with our revenue expectations. And fourth, elevated levels of inflation mainly impacting compensation expense, partially offset by producti”