“Net credit losses in cards should continue to normalize in the remainder of the year with both portfolios reaching normalized levels by year-end.”

In context

“Corporate Other for the second quarter. Revenues increased, largely driven by higher net revenue from the investment portfolio. Expenses also increased driven by inflation and severance. On Slide 16, I'll briefly touch on our third quarter and full year 2023 outlook. We are maintaining our full year revenue guidance of $78 billion to $79 billion, excluding 2023 divestiture related impacts, although the mix has shifted somewhat. We are increasing our net interest income guidance from $45 billion to slightly above $46 billion for the full year, excluding markets, offset by lower noninterest revenue, largely driven by investment banking and wealth. We're also maintaining our expense guidance of roughly $54 billion, excluding 2023 divestiture-related impacts and the FDIC special assessments. Net credit losses in cards should continue to normalize in the remainder of the year with both portfolios reaching normalized levels by year-end. And we now expect the full year tax rate to be approximately 25%, excluding discrete items and divestiture related impacts. As it relates to the third quarter, we expect continued momentum with clients, including fees and benefits from US and non-US rates on NII. We also anticipate a sequential increase in expenses, driven by continued investments in transformation and risk and controls. Net credit losses in cards should continue to normalize in line with expectations. And our effective tax rate for the quarter should be approximately 25%, excluding discrete items and divestiture-related impacts. And as it relates to buybacks, we will continue to make that decision on a quarter-by-quarter basis. Before we move to Q&A, I'd like to end with a few points. We continue to execute on the strate”