“Having said that, based on what we've seen play out year-to-date in terms of U.S. and non-U.S. rates and lagging non-U.S. betas, we now expect net interest income to be slightly above $47.5 billion for the full year, excluding markets.”

In context

“Mexican peso appreciation, higher interest rates, and volume growth. Ex-FX, Mexico revenues were up 16%. Expenses decreased 3%, primarily driven by closed consumer exits and wind-downs, partially offset by separation costs in Mexico and Mexican peso appreciation. And expenses in Mexico were up 27% and but ex-FX expenses were up 11%. On Slide 15, we show results for Corporate/Other. Revenues increased, largely driven by the absence of mark-to-market impacts on certain derivative transactions in the prior year. And expenses decreased, largely driven by lower consulting fees. On Slide 16, I'll briefly touch on our full year 2023 outlook. With one quarter remaining in the year, we continue to expect full year revenues of $78 billion to $79 billion, excluding 2023 divestiture-related impacts. Having said that, based on what we've seen play out year-to-date in terms of U.S. and non-U.S. rates and lagging non-U.S. betas, we now expect net interest income to be slightly above $47.5 billion for the full year, excluding markets. And we are maintaining our expense guidance of roughly $54 billion, excluding 2023 divestiture-related impact and the FDIC special assessment. Net credit losses in cards should continue to normalize with both portfolios reaching pre-COVID levels by year-end. And as it relates to buybacks, we expect to do a modest level of buybacks in the fourth quarter. Before we move to Q&A, I'd like to end with a few points. We're executing on our strategy and delivering topline revenue growth of 5% year-to-date. We continue to invest for the long-term with discipline while remaining on track to deliver our expense guidance. We're focused on simplifying our organizational and management structure, which will further support our speed of execution. We're managing our capital in a disciplined way in light”